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Foreign Exchange 2019 outlook

Video transcript

Foreign Exchange 2019 outlook

So, looking back at 2018, this was a year that was characterised by increased political and economic uncertainty, from Trump to trade wars, to Brexit. All of these factors impacted on our clients. In 2018 we launched our FX Direct proposition for our mid corporate clients in the UK. This proposition allows us to spend more time with clients educating them on the factors driving the financial markets, as well as the tools available to them to implement risk management strategies in their business.

Opportunities

So, in 2019 a trend that we will continue to see is a digitisation of the FX business. So, for example, in the case of international payments, we now give clients the opportunity to book their FX transaction directly in the channel where they’re making the payment the rate provided on a live basis from a mid-point within an agreed customer margin. We’ve made the process transparent, consistent, and operationally efficient, and feedback from clients has been very positive.

So, another opportunity we see for clients in 2019 is to consider FX as a differentiator within their customer proposition. So, where our clients have a website, an app or a platform where they have given the opportunity for the end user to pay in their local currency, we’ve seen a considerable increase in the volume of transactions taking place across that platform.

Looking forward

So, 2019 will be a year of continued political and economic uncertainty however, our role is to work with clients to support them through that period and also explore the opportunities that exist for them, in the next year.

End transcript

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