Revolutionising the foreign exchange sector
Moneycorp is a leading global foreign exchange specialist offering money exchange and international payment services to individual and corporate customers. In this highly competitive market, providing customer-friendly solutions is key to retain a high market share. The BIO Agency was appointed to create a new suite of tools that would boost the speed and ease of setting up a foreign exchange account, whilst improving the overall customer experience.
The approach was based on creating brand new intuitive services wrapped around the customer. No existing models meant no pre-conceptions, enabling us to build a highly successful solution that would rapidly increase Moneycorp's growth. The old platform involved a frustrating and time-consuming account set-up and transaction process. The goal was to deliver a simple, quick and elegant solution that combined the ease-of-use of iTunes and the transparency of FedEx, allowing streamlined money transfer across all devices.
Following a thorough evaluation of the initial Moneycorp platform and the analysis of competing offerings, we delivered an intuitive end-to-end solution that had never been seen in the market before. Our solution incorporated advanced user personalisation capabilities and simple yet elegant drag and drop functionality that has revolutionised the foreign exchange sector.
Our new digital roadmap and digital transformation strategy was a key enabler for securing one of Moneycorp's biggest contracts: handling Post Office UK's foreign exchange consumer business throughout their entire branch network.
Following the implementation, Moneycorp has seen an impressive 48% growth in online transactions in 2013 and 27% growth in customer base recorded in 2015.
The scope of success achieved by Moneycorp clearly demonstrates how we can work with clients to deliver profound digital transformation that maximises business opportunities.