W&F Issue 10 2018

www.wealthandfinance-news.com 26 Wealth & Finance International - Issue 10 - 2018 From the outset, CurrencyFair was created to tackle the pervading issue of transfer fees in international transactions. For SMEs, travellers and expats, CurrencyFair provides an essential service – a disruptor in a sector in desperate need of disruption. As traditional brick-and-mortar banks struggle to remain at the cutting edge of the industry, new challengers are taking up the mantle, embracing change and driving innovation. By all considerations, CurrencyFair are the heralds a new era in international finance, one informed by a customer-centric approach. Fundamentally, Sylvie understands that CurrencyFair offers a service that few establishments can compete with. As a result, they have seen substantial growth in just eight years of operation: “Since the first exchange on our platform in 2010, we’ve grown rapidly, transacting over €7 billion in transfers for over 100,000 customers. As a fully regulated operator in Europe and Australia, our core markets have traditionally been the UK, Australia and the Eurozone. Following our acquisition of Hong Kong based Convoy Payments, we have an ambitious €20m investment plan to enter multiple Asian markets.” In their own words, CurrencyFair “helps its customers access the real exchange rate”, meaning, on average, they are eight times cheaper than conventional banks. Sylvie takes a moment to explain CurrencyFair’s services: “Our primary product is ‘The Exchange’. Unlike most money transfer companies, CurrencyFair offers customers a choice when it comes to trading currencies; customers can exchange right away at the best available rate, or they can request a higher rate and when it is reached, the transfer will take place.” “In addition, our SME Product is a currency exchange solution specifically designed for the need of SMEs and growth companies who have international payment requirements. This product will be developed to be robust enough to cover all of their needs and offer SMEs the traditional benefits of CurrencyFair plus additional solutions to meet their money transfer needs.” Tying intrinsically into this need to best reflect the demands of the market is a need to stay competitive. In Fintech, a sector defined by vast paradigm shifts, staying ahead requires a proactive, future-centric approach. “We recognize the importance of evolving in an industry born on fast moving technology which is constantly innovating. However, we never want to lose what we believe is our USP: excellent personal customer service, a robust platform and fantastic exchange rates. Five years from now, we envision CurrencyFair being available in not only more countries but, more currencies. Our platform will CurrencyFair are a leading provider of money transfer services to a global consumer and business marketplace. Earlier this year, CurrencyFair were awarded the title of Best Money Transfer Platform in Wealth & Finance International Magazine’s 2018 Fintech Awards. Following this well-deserved achievement, we spoke to Sylvie Mc Dermott, Chief Commercial Officer of CurrencyFair, to find out more about this innovative financial disruptor. Heralds of a New Era in International Finance FIN18014 always evolve to fit the needs of our customers, whilst remaining competitive within the industry. Our business proposition will be improved, allowing companies to make payments quickly and securely along with the delivery of our virtual banking strategy.” Naturally, a key challenge in the Fintech sector is creating an essential element of trust with a client. Too often companies fail on the back of overlooking simple customer service. Conversely, CurrencyFair believes one of its greatest strengths is in its support services: “CurrencyFair has a 5-star customer support team available by phone for that one-to-one, personalised experience, with additional communication via email or through our support centre. Having secured a rating of 9.3 out of 10 on independent review site Trustpilot, our level of customer service consistently resonates with our customers and we continuously strive to deliver this exceptional experience of the customer.” However, according to Sylvie, this is just one way that CurrencyFair aims to differentiate itself from pretenders and competitors, “CurrencyFair began life as a peer-to-peer money exchange service and we are so proud to be the leader in this evolution of online money exchange transfers. Our P2P model fundamentally challenges the traditional banking approach. As our customers become better informed and more trusting of new technologies, they expect more value, more transparency and more ways to save on their money transfers. Differentiation is key in what has become a fast paced and competitive money transfer service. Listening to our customers and understanding their needs will inform our strategy and road map.” Coming to the end of the interview, Sylvie sheds some light on CurrencyFair’s plans for the future. “CurrencyFair’s vision of a world of fairer financial services is part of our global expansion in 2018 and 2019 and to reach into Asia with our innovative services. CurrencyFair is now available in 3 languages and 18 currencies. Our 2018 strategic focus is to increase our geographical spread. We have localised our site for our German and French native speakers and plan on expanding our selection of languages and dashboards.” In a changing and challenging regulatory landscape, CurrencyFair will continue to take our vision of a world of fairer financial services worldwide.