The mix of challenges facing FX and global payments players makes it vital to strategically invest into improved customer experiences. Smooth and friction-free customer journeys are a legitimate differentiator in an increasingly competitive environment, especially for high touch/high service FX and payments firms. A flawless customer experience (CX) can increase customer loyalty, reduce costs, empower the front office and dramatically increase revenue. But how does the business experience factor into the equation?
Front Office Business Experiences (BX) Impact Customer Experiences (CX)
Key customer journeys range from onboarding and transacting to pricing and problem solving. To successfully manage the cross-functional, end-to-end nature of customer needs, the front office should be armed with the rights tools. Tools that facilitate an enhanced business experience for your front office team will support them to continuously provide optimal customer experiences. For an FX broker or global payments firm, enhanced BX can mean:
- 360-degree view of the customer:
All relevant customer data is made easily available to front office staff, including live balance and statement reporting of internal wallets or external virtual IBANs, FX trading history, price configuration, risk profile and customer limits.
- Visualizing Data:
Client-specific visual dashboards, charts and graphs provide front office staff with valuable insights that can significantly enhance customer interactions, especially during volatile FX markets.
- Realtime Data:
Consistent live pricing across channels (online, API and desk) that is readily accessible to the front office. Additionally, the front office can have on-demand access to a central platform where they can visualize client interactions across all channels and be alerted through dashboard or email when necessary.
- Validation Engines:
Straight-through-processing (STP) payments that are error-free and compliant with country and currency rulesets are a key deliverable to good customer experiences. Payments that do not STP materially degrade CX.
Front office performance can be propelled with workflow automation, notifiers, reminders and task management. Addressing customer needs in a proactive manner is a win for CX.
Equipping your front office team with the right tools can be the missing piece of the puzzle in your customer experience game. The right tools can mean an enhanced business experience. With a better BX, the front office team is able to deliver friction-free customer experiences that help increase customer loyalty, reduce costs and increase revenue.
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