The Small & Medium Enterprise (SME) business sector has not been traditionally well serviced by high street Banks;
• Due to their relatively low volume and frequency of FX transactions they have been and continue to be subject to inefficient pricing and overcharging;
• This problem has been exacerbated by increased ‘Regulation’, specifically the maintenance of a client’s KYC file and banks’ targets of a minimum revenue per client;
• SMEs, whose volume and level of activity do not meet banks’ criteria will either be subjected to an increased margin to justify their KYC file being kept open, or be jettisoned completely on the premise that the required ‘mark-up’ does not meet the bank’s minimum margin requirement;
• This target audience lends itself readily to our Industry specific approach;
• Assumed competitors such as MoneyCorp, HIFX, Transferwise etc. currently target the retail market with a very generalist approach;
• Although providing efficient pricing, they are in no way industry specific;
• It is clear that in terms of recognition and allegiance, “brand names” such as AviationForex.com, MarineForex.com, MedicalForex.com etc. are readily accepted by companies operating within these sectors;
• Because you are in the same ‘sector’, access to the Senior Management / decision makers is easier, demonstrations are quickly understood and it is easy to show the significant cost savings to their business;
• Because of this ‘inside track’, we have found that referrals are forthcoming and genuine;
• To capitalise on industry experience and secure targeted revenues, our Sales and Account Executives, will be recruited from within each sector and trained to understand the requirements of correctly servicing clients in their Foreign Exchange and transaction requirements;