FinTech innovation, FX payments and customer service

FinTech innovation, FX payments and customer service

Posted on the 7th June 2018
by Amanda Nunn in

Team blog,
SME blog,
Finance

The 9th June marks four years since Money Mover made its first customer payment. It’s fair to say that a lot has changed in that time; both in terms of the business and the FinTech landscape.

So here’s our quick snapshot of what’s changed, how we’ve grown and what we’ve learnt along the way.

Innovating is a journey not a task

When we originally launched the Money Mover application we all breathed a huge sigh of relief that the hard work of developing a product, testing it and getting out to market, was done and we could just get on with running and growing the business.

In reality the innovation hasn’t stopped, it’s just evolved. We’ve continued to add functionality and make changes to the application as we’ve learnt more about what our customers’ ‘pain points’ and what would make our service even more useful for them.

For example, when a few of our customers told us that they needed to send payments to overseas accounts but in the same currency (i.e. without a currency conversion) and were either unable to do so, or found it prohibitively expensive, we added ‘same currency payments’ functionality. Other customers needed to settle numerous foreign currency payments on the same day (either batches of invoices, or overseas payrolls) so we created our ‘multiple recipients’ tool, which enables them to do this quickly, easily and at low cost.

Customer service is at the heart of what we do

As an online business, we carefully designed our website and web application to enable our customers to be 100% self-sufficient. Our view was that, if we provided everything customers could need online, people would neither need or want to talk to us. It turns out that we actually communicate with our customers a great deal, by webchat, email and even good old telephone.

Some people like the reassurance of talking to a real person from time to time and customer service is one area of the business for which we receive consistently positive feedback.

What sets us apart is that, should you call in, you will speak to one of the team (usually the wonderful Carol) rather than a call centre somewhere on the other side of the world.

Who are our customers?

One of the original goals of Money Mover was to give SMEs and individuals access to FX rates that had previously only been available to large corporates. The customer profiling we did in the very early days meant that we thought our customers would typically be owner-managed small business and individuals with international activity. Whilst this is still very much the case, the breadth of our client base has diversified.

Our customers operate all manner of businesses and are often much larger than we ever anticipated. So much so that we were able to support one of our large corporate partners with (we think) the largest ever fintech payment of $52 million earlier in the year.

Aside from that we, have customers who are educating children abroad, repatriating salaries, buying houses, paying their teams overseas, ordering stock and much, much more.

No FinTech is an island

However much we might strive to be a complete solution, there is only so far that we can go alone. For us, working in partnership with other businesses and banks has helped us to reach a much more diverse audience, iron out kinks in the platform and offer an improved user experience.

Ultimately these partnerships have helped us to become a much better business and keep ahead with developments.

As such we are headed to ; a gathering of the world’s leading bank and tech firms, where we’ll be cogitating, collaborating and conversing in order to continue to deliver the most transparent and cost-effective international payments solution. Watch this space..!

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Source

https://www.moneymover.com/insights/looking-back/

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