’15 million unknown customers’: How Travelex invested in data to transform its business
Travelex’s digital transformation has seen the foreign exchange brand try to bridge the gap between traditional cash bureaus and neo-banking.
You’d be forgiven for thinking cash is on its way to obsolescence, but according to foreign exchange brand Travelex, 70% of travellers still prefer it. At the same time, digital-only neo-banks are becoming a popular choice for spending abroad. However, hidden fees and the risk of cash loss can make choosing one a gamble.
Travelex is undergoing a digital transformation to bridge the gap between traditional cash bureaus and neo-banking. The travel money business is expanding its digital offerings while maintaining its physical cash services, appealing to travellers who prefer the choice of cash or card. The bureau de change serves 15 million walk-up customers annually, but chief customer officer Simon Jackson explains only a few were “known” customers.
“Travelex was slightly unusual because they really hadn’t done any basic form of segment-targeted communications,” Jackson says of his experience joining the business. He recognised an opportunity to put “new building blocks” in place.
