Case Study: Generate Record-Breaking Revenue With CXI's Proven Foreign Currency Exchange Services
Grow your foreign currency market.
This is a privately held, FDIC registered federal savings community bank located in the Northeast. The bank has approximately $10 billion in assets and over 100 full-service locations in multiple states. Their primary focus is to serve their customers enthusiastically with the highest ethical standards.
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 enhance the buying and selling of foreign currency while increasing their revenue.
The bank needed to partner with an experienced provider with an extensive track record in the foreign currency industry.
The Foreign Exchange provider needed to offer a streamlined platform with robust functionality that would allow the bank to safely and securely grow the business. This would give the bank the ability to provide a high-quality customer service experience for their clients.
The bank chose to partner with CXI in 2014 to begin offering foreign currency services to their clients. Upon implementation, CXI provided the institution with its complimentary foreign currency platform that allowed the bank to easily place foreign currency orders and buybacks.
CXI quickly set up the online foreign exchange platform within three weeks and customized the system to match the workflow requested by the bank. Immediately after rolling out, customer activity spiked and feedback both from clients and staff was exceptional.
Bank personnel confirmed the process to buy and sell order foreign was very simple and took minimal time to complete transactions. These are the solution specifics that were implemented for the customer:
1. Complete access to CXI’s online platform (CEIFX) to exchange foreign currency:
- Order foreign currency through an automated platform
- Buy in foreign currency from customers with real-time validation
- Robust reporting capabilities for easy account management
- Numerous compliance components built-in for maximum security
- Exchange currency with guaranteed rates for each transaction eliminating all rate volatility risk
2. Added service for customers and new revenue stream:
- Ability to offer foreign currency exchange to customers in a safe and secure environment
- In a revenue share arrangement, the bank successfully captured significant revenue while offering their clients competitive pricing
3. Initiated marketing solutions:
- Partnered with CXI to introduce the foreign currency exchange product to the bank’s clients through various channels
- Developed customized collateral to specifically meet the banks needs and generate awareness
By partnering with CXI, the bank is now offering a service that was regularly used by its clients. This includes many clients which are important high net-worth account holders of the bank.
The bank staff is now confident and pro-active when performing foreign currency transactions. This along with the fast turnaround time has been noticed by clients who have provided very positive feedback about the full experience.
The number of foreign currency transactions has increased significantly for three consecutive years. Prior to 2014, The customer only performed one-off requests on a very limited basis.
In the first year with CXI, the number of transactions reached 763, by year two it soared up to 1,068 and reached 1,073 transactions in the third year. The customer enjoyed a steady revenue stream exceeding $48k on volume over $1 million.
The customer exceeded over 1,000+ transactions annually since switching to CXI
Total volume of $1,092,49.02 with our foreign currency exchange services as of 2016
Total revenue of $48,920.90 from our foreign currency exchange services as of 2016
Increase in revenue in the first year of switching over to CXI’s foreign currency exchange services
Foreign Currency Exchange Transactions Year Over Year
Foreign Currency Exchange Volume Year Over Year
Foreign Currency Exchange Revenue Year Over Year
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.