Commercial Bank Modernizes Payment Processing Without Disrupting Their Legacy Core
Objectives
Our client, a prominent bank holding company among the top 50 in the United States, envisioned international growth through the establishment of an in-house foreign exchange operation. Their objective was to deliver world-class, personalized foreign exchange services with competitive exchange rates to meet the demands of their customers. To address the challenges at hand, our client sought a solution centered around modern technology, an enhanced customer experience, and increased operational efficiency:
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Revenue loss resulting from outsourcing FX
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Insufficient control over competitive exchange rates in the outsourced model, impacting customer satisfaction
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Inflexibility due to outdated technology used by its network of partner banks
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Customers experiencing difficulties with a clunky and outdated interface
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Missed opportunities for acquiring new customers and deposits due to the absence of a world-class offering
The bank sought a partner capable of delivering a distinctive and flexible experience, enabling them to scale with their evolving business needs. Despite the novelty of cloud-based operations in the banking sector at the time, they were confident that Finzly's FX STAR was the best solution to realize their vision.
In just 3 short months, the bank launched a state-of-the-art, cloud-based foreign exchange platform. The system was able to manage market risk, without the need for traders or manual intervention.
Our solution empowered their customers with competitive exchange rates for international payments and allowed the bank to bring previously outsourced foreign exchange operations in-house. This milestone made them the first bank in the United States to offer cloud-based foreign exchange services with auto trading and seamless processing technology.
Finzly’s solution is easy to learn and stands out in customer experience. We are now able to deliver a client interface that is at par with or better than larger banks. Our clients can get an FX quote anytime and enjoy a great experience.
