As a customer-centric organisation, OFX is committed to making foreign exchange experiences more simple, digital and human.
With the recent privacy-first changes in regulation, technology and customer expectations, OFX recognised that their customer experiences would inevitably be impacted. By rethinking every step of the digital journey from the customer’s perspective and putting privacy first, OFX aims to innovate how they reach, connect, and engage with their clients.
OFX partnered with XPON as a strategic enablement partner to deliver a “Digital Experience Blueprint” that would help reshape the approach to technology, data and clients in order to build a digital experience that would achieve their core objectives.
Key business outcomes
Increase in annual customer registrations
decrease in cost per acquisition
increase in conversion rate
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Starting with Digital Maturity
In order to first understand the landscape of OFX’s technology and data ecosystem, XPON completed an initial Digital Maturity assessment which identified OFX as “Reactive” on the Digital Maturity curve.
XPON developed a dynamic path towards an effective digital experience with a “Digital Experience Blueprint”, after establishing a thorough understanding of OFX’s current connection and utilisation of data and technology. The Digital Experience Blueprint outlined the organisational and technical processes that would help OFX modernise its marketing and data, which would then guide OFX to modernise the whole customer experience.
Partnering to support an organisational shift
The strategic partnership between XPON and OFX has been crucial in promoting the organisational change necessary to improve OFX’s client experience. XPON worked in partnership with OFX’s Digital and Marketing teams to connect, engage, and coordinate various business departments on the strategic pillars of the Digital Experience Blueprint.
In order to make sure teams are thinking about and making plans for the near future in terms of not just technology but also people, processes, and overall corporate strategy, XPON has adopted a supportive role.
Creating a culture of 1st-Party Data
With organisational alignment, OFX could now start to focus on the technical pillars of the blueprint. Expanding and activating OFX’s owned first-party data was a crucial initiative that would help the company in an increasingly privacy-first world. Additionally, 1st-Party Data was recognised as the key to reaching clients and communicating that OFX enables a secure, fast and expert exchange experience.
OFX quickly 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. With this in mind, XPON collaborated at a strategic and tactical level to ensure OFX had the tools and processes in place to build an effective customer value exchange and in-turn a 1st-party data strategy that would mitigate these privacy risks.
This whole process laid the foundations for the best possible data collection, management and integration to support the strategic vision. The focus was not on the collection of all possible data, but more on identifying and collecting the most important and influential customer data points in a privacy-first way and then making this data as accessible as possible for key decision-makers across the marketing and agency teams.
Creating an ecosystem for rapid first-party data activation
From a marketing lens, tools and processes were implemented to enable OFX to quickly understand who their high-value customers are and, more importantly, be able to rapidly build valuable segments that can be activated in near real-time cross-channel.
This included establishing a connected AdTech and MarTech ecosystem that would enable the first-party data strategy through collection, ID resolution and advanced customer data modelling to create an accurate single customer view.
At the centre of this is The Google Marketing Platform (GMP), where XPON implemented an updated solution design for the full-stack GMP, deployment of GA4, Optimise 360 and Google Ads Data Hub. This was further supercharged via integration with Google’s Cloud Platform to seamlessly enable a scalable marketing data warehouse and advanced analytics.
OFX also uses XPON’s Wondaris Data Activation Platform as a setting to build, manage, and activate first-party audiences and establish a single customer view. Clients were segmented into top traders, loyalists, new clients, prospective loyalists, sleepers, and one-hit wonders using a cluster analysis developed by OFX. After that, OFX could productionise and activate cloud data directly into adtech and martech platforms by utilising Wondaris’ RFM paradigm.
OFX and XPON are now further enhancing this capability through propensity modelling which will further enrich the data with behavioural attributes such as website, digital communications, call centre and customer data. This will evolve again to market data attributes overlaid with first-party transactional and behavioural data, Bloomberg data such as currency pairs, sentiment data such as social reputation, as well as news events.
Continuing the Digital Maturity journey
To date, OFX has seen significant outcomes as a direct result of the strategic partnership, including:
- Growth in digital maturity including progression from ‘Reactive’ to ‘Connected’
- Globally standardised framework for measuring marketing effectiveness.
- Significant media efficiency uplifts in collaboration with global agency network including:
- 27% increase in annual customer registrations
- 21% decrease in cost per acquisition
- 21% increase in conversion rate.
Given the success to date, OFX is constantly striving to improve the value exchange with its clients and the customer experience in partnership with XPON – through technology, partnerships, data, maturity, and a privacy-first approach.
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