09/01/2020 | News release | Archived content
The customer is a privately held, FDIC registered community bank located in the Midwest. The bank has approximately $4 billion in assets and 50 full-service locations in the United States.
Their primary focus is to provide their expertise in a range of financial offerings along with personal attention and the main focus on their clients. The company has over 40 years of experience in the financial services industry.
The financial institution previously offered the foreign currency product for clients on a limited basis and decided to cease the service altogether due to a very manual process and low demand.
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 find a simplified way to buy and sell 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 FX 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 2013 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 buy backs.
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:
2. Added service for customers and new revenue stream:
3. Initiated marketing solutions:
By partnering with CXI, the bank is now offering a service that is 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 2013, the bank only performed one-off requests on a very limited basis.
In the first year with CXI, the number of transactions reached 839, by year two it was up to 1,525 and exceeded 1,700 transactions in the third year. The bank now enjoys a steady revenue stream exceeding $39k on volume over $900k.
The customer now exceeds 1,700+ transactions annually since starting with CXI
Total volume of $969,139.84 with our foreign currency exchange services as of 2015
Total revenue of $39,254.42 from our foreign currency exchange services as of 2015
Increase in volume between their first and second year of using our foreign currency exchange services