Foreign exchange company moneycorp believes an expansion of its digital business is the key to unlocking a larger share of the exchange market.
The UK business, specialising in international payments and large transactions, is one of the UK’s fastest growing foreign exchange companies with over 9.2m customer transactions in 2014.
Mirroring other parts of the financial services industry however, competition in foreign exchange is growing rapidly as the customer relationship increasingly shifts online.
moneycorp saw the demands of its customers changing and recognized a need for different skills to be able to fully optimise any online customer journey.
Along with strategic partner Qubit, the data-driven customer experience technology, moneycorp has developed an analytical solution to support hypothesis generation in identifying issues that prevent online conversion. Qubit uses this type of analysis to help businesses optimise the sign-up process and understand better the underlying causes of form "fall out", which could be a next step with moneycorp.
moneycorp is now improving customer experience and driving conversion using Qubit’s data-driven platform, which enables it to fully analyse the customer journey and optimise for specific segments at the right time.
Shakeela Bijapur from moneycorp said: “We are now much closer to our customers and able to fully understand their online experience through rich direct feedback. The insights that Qubit can give us into customers’ visitor history and the ability to action an engagement in real time has opened up a clear route to a strong return on investment.”
Qubit has designed an optimisation programme aligned around moneycorp’s business goals, of which increased conversion rates and customer lifetime value are at the top of the list.
This programme enables the business to focus on optimising its marketing budgets and reduce CMS configuration costs.