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Thursday, July 5, 2018

Case Study: Improve Your Foreign Currency Awareness With Your Customers Using CXI's Marketing Solutions

Case Study: Improve Your Foreign Currency Awareness With Your Customers Using CXI's Marketing Solutions

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 federal savings community bank located in the Midwest. They are a large savings bank with over $10 billion in assets and approximately 100 full service locations. Their primary focus is to create solutions that are tailored to meet the needs of each customer. 

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 2015 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 Onserts, 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 Onsert:

  • 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 2015, 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.

During the bank’s first year with CXI, both the number of transactions and volume increased 100 percent. The customer’s revenue reported before CXI was $1,558.39. Since switching over to CXI, the customer generated $15,559.82 within their first year.

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:

 

1,000%

Increase in customers transactions between their first and second year of using CXI’s marketing solutions

99%

Increase in customers volume between their first and second year of using CXI’s marketing solutions

10x

Increase in customers revenue in the first year of utilizing CXI’s marketing solutions

$30k+

Total revenue of $30,446.50 by using CXI’s marketing solutions as of 2017

Foreign Currency Exchange Transactions Year Over Year

cxi foreign currency exchange transactions year over year

Foreign Currency Exchange Volume Year Over Year

cxi foreign currency exchange volume year over year

Foreign Currency Exchange Revenue Year Over Year

cxi foreign currency exchange revenue year over year

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About Currency Exchange International
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.

Disclaimer: © 2018 Currency Exchange International, Corp. All product names and brands are property of their respective owners. The information in this article is for informational purposes only and is subject to change without notice.
Posted By Jacquelyn McMullen at 10:00 AM
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