Enabling OFX to rethink customer experience through a privacy-first data strategy
OFX partnered with XPON as a strategic enablement partner to deliver a Digital Experience Blueprint - reshaping the approach to technology, data, and clients to build a privacy-first customer experience that achieves core business objectives.
A "Reactive" digital maturity score in a market shifting privacy-first
As a customer-centric organisation, OFX is committed to making foreign exchange experiences more simple, digital, and human. With privacy-first changes in regulation, technology, and customer expectations, OFX recognised that customer experiences would inevitably be impacted.
OFX needed to rethink every step of the digital journey from the customer's perspective and put privacy first. An initial Digital Maturity assessment by XPON identified OFX as 'Reactive' on the Digital Maturity curve - the starting point for a Blueprint that would guide modernisation across people, process, and technology.
A Digital Experience Blueprint, a first-party data culture, and a connected GMP and CDP stack
Starting with Digital Maturity and a Blueprint
After establishing a thorough understanding of OFX's current connection and utilisation of data and technology, XPON developed a dynamic path towards an effective digital experience through a Digital Experience Blueprint. The Blueprint outlined the organisational and technical processes that would help OFX modernise marketing and data, then the whole customer experience.
Partnering to support an organisational shift
The strategic partnership has been crucial in promoting the organisational change necessary to improve OFX's client experience. XPON worked with OFX's Digital and Marketing teams to connect, engage, and coordinate departments on the strategic pillars of the Blueprint, holding a supportive role across technology, people, processes, and corporate strategy.
Creating a culture of first-party data
Expanding and activating OFX's owned first-party data was a crucial initiative for an increasingly privacy-first world. OFX built a framework that identified the type of disruption, the probability, and the mitigation plan for privacy risks across legal, data, technology, finance, and brand/UX.
XPON collaborated at strategic and tactical levels to ensure OFX had the tools and processes for an effective customer value exchange and a first-party data strategy that would mitigate those privacy risks. The focus was on identifying and collecting the most important and influential customer data points in a privacy-first way - then making them accessible across marketing and agency teams.
An ecosystem for rapid first-party data activation
Tools and processes were implemented to enable OFX to quickly understand who their high-value customers are and rapidly build segments that can be activated in near real-time, cross-channel.
At the centre of this is the Google Marketing Platform. XPON implemented an updated solution design for the full GMP stack, deployment of GA4, Optimise 360, and Google Ads Data Hub, supercharged through integration with Google Cloud to enable a scalable marketing data warehouse and advanced analytics.
OFX also uses XPON's Wondaris Data Activation Platform to build, manage, and activate first-party audiences and establish a single customer view. Clients are segmented into top traders, loyalists, new clients, prospective loyalists, sleepers, and one-hit wonders via cluster analysis - then productionised and activated cross-channel via Wondaris' RFM paradigm.
XPON has become an integral part of the extended team at OFX. They have helped us set up solutions that future proof our digital ecosystem system such as GA4 and Wondaris.Shad HaehaeGlobal Head of Digital Acquisition, OFX
From Reactive to Connected on the Digital Maturity curve, with material media efficiency gains
OFX has seen significant outcomes as a direct result of the strategic partnership - including progression from 'Reactive' to 'Connected' on the Digital Maturity curve, a globally standardised framework for measuring marketing effectiveness, and meaningful media efficiency uplifts in collaboration with the global agency network.
Increase in annual customer registrations
A first-party-data-led, privacy-first marketing stack drove a 27% lift in annual customer registrations across the global business.
Decrease in cost per acquisition
Better audience modelling and a connected adtech + martech ecosystem drove a 21% reduction in CPA.
Increase in conversion rate
Tighter audience-to-message match and improved activation drove a 21% lift in conversion rate.
Additional outcome: OFX and XPON are now further enhancing the ecosystem through propensity modelling that enriches the data with behavioural attributes from website, digital communications, call centre, and customer data - and overlaying market data like currency pairs, sentiment, and news events.
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