FX – CX design model for foreign currency and international payments
Target state customer experience CX design model for foreign currency and international payments
- FX end customer experience CX design business model
- Customers moving to other banking institutions due to a lack of transparency with foreign currency charges
- Unsophisticated product and service offering
- Series of initiatives that are focused on closing out business function gaps and ultimately winning back market share for the organisation.
- A sophisticated end-to-end CX design business model that segmented customers in the correct channel and identified key pain points in the product and services delivery value chain
- A clear view of the Target State Business Operating Model for FX and international payments
Foreign currency exchange is a complicated process. For customers of an
Australian bank, sending money overseas involves foreign banks providing
additional services to ensure the transaction is settled as per customers
One issue was that the bank was unable to provide their customers with
transparency of fees charged for the end to end service. Understandably
customers weren’t satisfied with the service, with some leaving to find
a more sophisticated banking institution with greater transparency and
An end-to-end customer experience view was developed through CX design which identified key pain points by customer type and channel (i.e. banker, branch, online etc.) through to the relevant front, middle and back office support functions. The focus was on customer demand types and how well each of the relevant business processes, technology and people were aligned to support customer needs.
This solution provided the banking institution with a clear view of the Target State Business Operating Model for FX and International payments along with a series of initiatives focused on closing out business function gaps. This regained much needed customer confidence, winning back market share for the organisation.