In January, a blog post on gobankingrates.com raised an interesting question – where’s best for buying travel money? In fact, the question was more direct: “Are banks the best place for currency exchange?”
Banks usually offer the best exchange rates, but they should not relax.
A comparison was made between banks, airport kiosks, hotels and other tourist locations, plus multi-currency accounts. There was a consideration of exchange rates, the cost of convenience and the quality (and depth) of customer service.
Banks with branches were more favoured for customer service and, generally, banks offer the most competitive exchange rates. This is not to say other routes necessarily have poor customer service; instead, it reflects the re-assurance that comes with banks’ greater expertise and the way they can support currency purchase with other financial services.
However, the advantages held by banks can easily be lost. If banks and credit unions are to maintain or grow their market share, the customer experience must be convenient, seamless, and satisfying.
Real customer convenience requires an easy, seamless process
At Essiell, this has always been a key focus and our white label travel money service, Money 4 Travel has been designed with exactly these factors in mind.
Money 4 Travel enables customers to order travel money online or from a smartphone, then collect it at their bank branch when convenient. Nothing could be easier. Crucially, if you’re a bank, it’s not in competition with your existing services. It’s part of them, as an embedded service in your own website and banking app.
At the same time, it’s fully integrated into your point-of-sale systems. No new hardware is required. Money 4 Travel delivers a seamless solution for travel money purchases. It’s cost effective, easy to use, and has low overheads. Importantly, your customer-facing employees can interact with customers at collection, so they can re-enforce brand values and recommend additional services.
Money 4 Travel supports and enhances an omnichannel approach to service
The omnichannel approach delivers financial services that improve the customer experience at every touch point. Money 4 Travel does exactly that. From customer smartphone access to employee interaction at collection point (and beyond) both customer and bank benefit from integrated services that make their lives easier.
To learn more about Money 4 Travel, watch this video and get in touch.
Heather Taylor’s blog mentioned above can be found on gobankingrates.com
