Forex Assesment For A Major Retail Bank

The Challenge

A UK bank until recently was experiencing a continuous decline across its FX and wealth portfolio and wanted to gain an understanding of what economic, consumer and market forces were driving this decline and secondly what steps could the bank implement to deliver turn the tide and deliver a world class service.

The introduction of cheaper, faster boutique FX providers as well as recent well documented regulatory fines incurred by several UK banks and subsequent decline in consumer confidence had all been attributed to the decline but the bank wanted to ascertain which, if any was the largest disruptor and what steps/processes could the bank implement in order to mitigate any future risk.

Initially the bank selected Consumer Intelligence to provide market and consumer insight which would provide high-level insight into market trends/analysis, consumers buying habits, experiences and attitudes.

Consumer Intelligence approached this initial phase by performing key types research.

The Insight

Working with the bank’s pricing team, Consumer Intelligence presented a key change into how its existing pricing structure was implemented. Specifically, a motion was proposed and enacted to move to a multi-tiered rate configuration, whilst simultaneously significantly reducing transaction fees. The result of these actions was to align the bank’s pricing with market leaders.

Consumer Intelligence reviewed the existing B2C customer journey and restructured the number of steps that it was necessary for consumers to take, as well as the ‘look and feel’ of the bank’s website. The result was a transformation of the customer experience into a simple, intuitive process.

By maintaining an ongoing view of both the market trends and its competitor activity, the bank was able to be more proactive at assessing market risks and trends and FX providers in the UK. With a combination of both live and historical data, Consumer Intelligence were able to analyze fee structure, incent and pricing trends.

The Impact

Using consumer data, the bank was able to shift its focus as a business, from being purely process driven to a clearly customer focused brand. This shift will ensure that any future changes to products and services are reviewed and approved using consumer insight.

In order to allow continued access to and implementation of its data, Consumer Intelligence developed a bespoke portal, allowing easy access to ongoing price benchmarking and market analysis.

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