We have been working with a bank in Pennsylvania since 2014. Considered a leader in innovation, it is one of the 50 largest bank holding companies based in the U.S.
The bank had a vision for international growth and strong leadership to establish an in-house FX operation that would serve customers effectively and efficiently. To transform the international banking experience of its customers, the bank hired a veteran international executive in the year 2013, who had decades of International Banking experience. Immediately upon taking his leadership role, the executive realized the following:
The executive wanted to achieve the vision of his bank with a solution that focused on modern technology, a better customer experience, improved efficiency, and solved for regulatory compliance.
The bank reached out to several foreign exchange vendors. All of them offered an outdated customer experience, with a long learning curve and complex screens. Additional manpower was needed to operate these platforms, and the solutions required were too expensive for a startup department. The executive knew that while the future revenue opportunities were excellent, he had to start small and prove to his leadership team that his decisions were paying off before taking on larger challenges. He wanted to find the right partner who was flexible, provided a differentiated experience and was open to grow with the bank’s business.
Around this time, Finzly reached out to the bank. There was a good alignment of Finzly’s solution to the needs that the bank envisioned and a partnership was forged. The concept of operating in the cloud was still new for banking in 2014, but the bank was convinced that Finzly’s FX STAR was the right product to execute the bank’s vision. Within 3 months of the contract, the bank went live with a world-class, cloud-based foreign exchange offering that auto-hedged market risk without having to employ a trader.
The bank became the first bank in the U.S. to run foreign exchange services in the cloud with auto trading and straight through processing technology.
With the world class international banking product “FX STAR” powered by Finzly, the bank was able to deliver an excellent customer experience and offer competitive exchange rates, while executing its international banking mission.
The bank continues its partnership with Finzly and leverages the following Finzly products and technologies:
“We enjoy a special partnership as we share a common mission to delight bank customers and transform the banking experience. The bank trusts in Finzly and Finzly continues to exceed the bank’s expectations. Finzly is truly blessed to have a such tremendous partner and the results we’ve been able to achieve together have been astounding. We are delighted by the bank’s mission to transform the banking experience, and we look forward to sharing more of our technology.”Booshan rengachari, founder and ceo, finzly