Customer Stories

Finzly FX Helps Regional Bank Achieve a CAGR of 180% Over 6 Years

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:

  • Revenue loss resulting from outsourcing FX

  • Insufficient control over competitive exchange rates in the outsourced model, impacting customer satisfaction

  • Inflexibility due to outdated technology used by its network of partner banks

  • Customers experiencing difficulties with a clunky and outdated interface

  • Missed opportunities for acquiring new customers and deposits due to the absence of a world-class offering

The bank sought a partner that could provide a unique and adaptable experience, allowing them to scale according to their business needs. Although the concept of cloud-based operations was relatively new in the banking industry at the time, they were convinced that Finzly's FX STAR was the ideal solution to bring their vision to life.

In just three months after signing the contract, the bank successfully launched a world-class, cloud-based foreign exchange platform. This platform automatically managed market risk without the need for a human trader.

Our solution empowered their customers to execute international payments with competitive exchange rates and brought their previously outsourced foreign exchange operations in-house. This achievement made the bank the first in the United States to operate foreign exchange services in the cloud, complete 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.

Head of International Banking Services

Results

180%
CAGR in 6 Years
$3.5M
In Annual FX Revenue
0
Instances of fraud