Case Study: Implement Proven Marketing Solutions That Are Built For Foreign Currency Success When You Choose CXI
Grow your foreign currency market.This case study is part of our case studies and resources series. For more insights from CXI visit our resources and news page. Contact us now to partner with CXI.
Customer
The customer is a privately held, FDIC registered community bank located in the Midwest. The bank has approximately $4 billion in assets and 50 full-service locations in the United States.
Their primary focus is to provide their expertise in a range of financial offerings along with personal attention and the main focus on their clients. The company has over 40 years of experience in the financial services industry.
Challenge
The financial institution offered the foreign currency product for clients on an as-needed basis without much promotion or branch-wide awareness.
The bank identified the foreign currency service as an opportunity to generate fee income while better servicing its client’s needs. This prompted the bank to seek a partner that could provide strong marketing support that could generate activity at their branches.
Solution
The bank and CXI implemented a comprehensive marketing program to promote awareness about the foreign currency service.
This marketing program was delivered via multiple channels and effectively informed their clients about the service and boosted their local awareness of the foreign currency exchange service.
Solution Specifics
The customer chose to partner with CXI in 2013 to begin offering foreign currency services to their clients. Once the service started, CXI provided the institution with full marketing support. This allowed the bank to easily increase awareness of their foreign currency services.
CXI quickly developed customized marketing collateral to match the customer’s brand style by following their brand guidelines.
Within a month of receiving the brand guidelines, CXI developed the design and copy for the following marketing collateral: Statement Inserts, iPoster, Landing Page, ATM Screen, Online Banking Banner Ad, and Help Box.
After receiving approval on all designs and copy for each collateral and channel, the CXI marketing team collaborated with its preferred printing and distribution partners.
This made the distribution process seamless by delivering all of the marketing collateral directly to the customer. These are all of the marketing solution specifics that were created to generate awareness for the customer:
1. Statement Insert:
- Placed in all the statements the bank currently send to their customers
2. Landing Page:
- Designed layout and created content with keywords to help optimize their SEO local presence online to increase awareness to all of their existing and potential new clients
3. Online Banking Banner Ad (730x100):
- Placed on the bank’s website to target customers when they visit online
4. ATM Screen:
- Placed directly on all branch ATM screens to increase awareness to all of their customers
5. Online Banking Banner Ad (150x250):
- Placed on the bank’s website to target customers when they visit online
6. Help Box:
- Placed on the bank’s website to target customers when they go online to the support area of the website
7. iPoster:
- Placed in all local branches to generate awareness when the customer visits the branch
Results
Since switching over to CXI in 2013, the customer is now reaching a wider audience for their foreign currency services. This includes many clients which are important high net-worth account holders of the bank.
They are now exchanging a significant amount of foreign currency. Overall awareness was drastically improved, along with their volume and revenue. The customer is now benefiting from a significant increase in foreign currency transactions.
This increase of awareness along with the easy foreign currency ordering process has been noticed by clients who have provided very positive feedback about the full experience.
In the first year with CXI, the number of transactions reached 839, by year two it was up to 1,525 and exceeded 1,700 transactions in the third year. The bank now enjoys a steady revenue stream exceeding $39k on volume over $900k.
It’s clear to see why using CXI’s foreign exchange marketing solutions is designed to work. It directly puts the customer front and center to reap the benefits of a dramatic boost in transactions, volume, and revenue with the following results:
1k+
The customer now exceeds 1,700+ transactions annually since starting with CXI
$900k+
Total volume of $969,139.84 with CXI's marketing solutions as of 2015
$39k+
Total revenue of $39,254.42 from CXI's marketing solutions as of 2015
66%
Increase in volume between their first and second year of using CXI's marketing solutions
Foreign Currency Exchange Transactions Year Over Year
Foreign Currency Exchange Volume Year Over Year
Foreign Currency Exchange Revenue Year Over Year
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Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passport’s, traveler’s cheques and gold bullion coins and bars. For financial institutions and corporations, our services include the exchange of foreign currencies, international wire transfers, global EFT, the purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software. Contact us now to partner with CXI.
