Exchange Houses Incorporating Bureau De Change

Exchange Houses Incorporating Bureau De Change

Exchange houses too relied on number of branches and points of presence to build and scale their business. After all, Customers would go to the nearest facility to make their remittances or change their money. But that is changing. Now days it is not uncommon to find three or four exchange houses in the same locality. The emphasis has shifted from purely convenience to customer experience and of course value for money.

Four market shifts are changing the landscape:

  • Exchange Houses now have to compete on better customer experiences;
  • To counter the squeeze in margins, Exchange Houses need to offer additional financial products / services;
  • Banks also offer similar services and other new players are entering the market. Loyalty has to be built quickly on customer recognition and personalization;
  • Transaction costs need to be brought down. Exchange Houses that deploy new technologies will have a cost advantage.

Exchange Houses need data analytics capabilities to build deeper and broader relationships with customers, and know and understand exactly what customers’ needs are in the local catchment area. Product mixes have to be tailored based on this knowledge. Winners will be companies, who are able to maintain and increase spend from existing customers and attract new customers.

The New Rules
of Success

The main drivers of Exchange House transformation have of course to be the customer experience and personalization. Customers nowadays are looking for a smooth and seamless journey when it comes to actually transacting. It is key to understand different types of customers, e.g. offline customers versus online customers. Ultimately, there is also a shift toward self-service – that’s where there ought to be real focus from a technology perspective, albeit retaining the ability to speak to a person and offer the reassurance that the transaction is secure, is critical as it is for any financial institution.

Smart Technologies

For Exchange Houses, technology has several goals:

  • The migration of transactions to self-service and digital channels,
  • 24/7 customer access for most interactions,
  • A personalized and targeted approach to sales,
  • A superior and unified omni-channel user experience, every time, and
  • Reduction in operation and transaction costs.

Multi-branch technology solutions provided by 4POWER enable these goals. Customer Visit Management & Service Delivery Solutions take care of the consistent, personalized and improved customer experience while at the branch, whereas Self Service Machines provide a non-stop and no waiting business environment. Managed Services enable improvement in efficiencies and competitiveness with no capex.

POWERware Customer Visit Management & Service Delivery Solutions

POWERware Intelligent Self Serive Machines – eLobby Solutions (24×7, non-stop – Transactions)

Advanced Video Teller
Advanced Cash Dispenser
Advanced Coin Dispenser
Advanced Customer Recognition
Advanced Information & Service Delivery Kiosk

POWERserve Managed Services

Managed Advanced Security Operations Center
Managed Advanced Document Management Services
Managed Advanced Account Reconciliation Services to Banking specification
Managed ARM
Managed ADS

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