{"id":14379,"date":"2022-06-01T13:42:39","date_gmt":"2022-06-01T13:42:39","guid":{"rendered":"http:\/\/pulseonline.co\/?page_id=14379"},"modified":"2022-06-27T13:32:28","modified_gmt":"2022-06-27T13:32:28","slug":"deepesh-downloads-a-wealth-of-information-on-our-foreign-exchange-business-for-us","status":"publish","type":"page","link":"https:\/\/pulseonline.co\/index.php\/deepesh-downloads-a-wealth-of-information-on-our-foreign-exchange-business-for-us\/","title":{"rendered":"Deepesh Downloads a Wealth of Information on Our Foreign Exchange Business for Us."},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong><a href=\"http:\/\/pulseonline.co\/wp-content\/uploads\/2022\/06\/DEEPESH-VARMA.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-14389 alignright\" src=\"http:\/\/pulseonline.co\/wp-content\/uploads\/2022\/06\/DEEPESH-VARMA-292x300.jpg\" alt=\"DEEPESH VARMA\" width=\"292\" height=\"300\" srcset=\"https:\/\/pulseonline.co\/wp-content\/uploads\/2022\/06\/DEEPESH-VARMA-292x300.jpg 292w, https:\/\/pulseonline.co\/wp-content\/uploads\/2022\/06\/DEEPESH-VARMA.jpg 351w\" sizes=\"(max-width: 292px) 100vw, 292px\" \/><\/a>In keeping with our theme of positivity, and facing challenges in our businesses\u00a0 in recent times, we asked Deepesh Varma,\u00a0 Senior Vice President-Foreign Exchange, to give us an update on the FX scene in the company.\u00a0 Here is the feedback!<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>How has the foreign exchange business countered the threats of the Covid 19 Pandemic?<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">As soon as the pandemic struck we realised that this was not going\u00a0 away\u00a0anytime soon, and as an organisation we implemented a 3-pronged approach, which was \u2013 <strong>Survive, Revive<\/strong> and finally <strong>Reimagine<\/strong> our business, and the key theme that\u00a0resulted from this exercise was to build Speed, Scale, Service and Skill, and create a contactless journey through digital means for both B2C and B2B customers.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">From a B2C perspective, we set up India\u2019s first Virtual Forex Store, where we equipped our staff to WFH with auto dialers, CRM access, coupled with the capability of digital interfacing with our customers .<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Because of this innovation, we were able to service our customers who wanted to send tuition fees or living expenses to their kids studying overseas. We can only imagine the apprehension and anxiety the parents\u00a0must have gone through during that phase.<\/span><\/li>\n<li><span style=\"color: #000000;\">We could stitch up the entire digital contactless journey for our customers as we have the capability of having our own foreign currency accounts coupled with the fact that we are also a member of SWIFT, thereby enabling a seamless experience.<\/span><\/li>\n<li><span style=\"color: #000000;\">I am happy to say that never during the entire phase were we closed for our customers\u2026it was business as usual, digitally though! As we speak, it&#8217;s become the new normal, where we now have a classic Omni-Channel approach where customers can be serviced without stepping out of their homes.<\/span><\/li>\n<li><span style=\"color: #000000;\"><strong><em>On the B2B side<\/em><\/strong>\u00a0,we had lots of partners, individuals who lost their source of income\/livelihood due to the pandemic. We realised that as an industry leader, we could support them and make this a win-win situation ,and launched an industry first, B2B portal \u2013 called\u00a0 FXMate. I am glad to mention that we have been able to get onboard over 1500+ partners who can promote all our foreign exchange products and services with just a few clicks from the safety and convenience of their homes.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">All I can say is that with these digital initiatives we were able to service our customers during the peak of the pandemic in a contactless manner. This also helped us to build scale.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>What are the consumer trends that we are seeing in the foreign exchange business?<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Undoubtedly, what we are witnessing is a new evolved customer who has adapted to digital medium as the new normal. Customers clearly have become cautious and want contactless options to interact with service providers.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Our recent survey revealed some important inputs and I will list few of them :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">69% respondents said that they were keen to resume travel immediately<\/span><\/li>\n<li><span style=\"color: #000000;\">Personal Health &amp; Safety continues to be a key consideration 70%.<\/span><\/li>\n<li><span style=\"color: #000000;\">66% respondents are willing to increase spends to ensure higher levels of health &amp; safety while travelling<\/span><\/li>\n<li><span style=\"color: #000000;\">50% of our respondents wanted either a home service or preferred a contactless experience through a virtual store or video chat<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Also on the preferred payment options, we are seeing a clear shift for digital options where:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">For UPI (one of the digital payment options in India), is clocking record transactions month on month. Pre-pandemic, March 2020, India had clocked 1.2bn transactions, May 2022 it is at 5.48bn transactions!<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">At Thomas Cook forex, we are also seeing a similar trend where 85% of our transactions are happening through digital means.<\/span><\/li>\n<li><span style=\"color: #000000;\">We have seen an increase adoption of our Forex prepaid card, where currently 80% of our customers carry this card vs 60% pre-pandemic.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>\u00a0What are the key learnings, as an industry leader, that you would like to summarise from the experience especially after the pandemic<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">There has been many but I would like to summarise this in <strong>three <\/strong>key headings :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\"><strong>First would be to Focus on what is in your control \u2013<\/strong>It is very easy to get distracted by all the negativity and things that are not in your control \u2026what is in your control is the right team \/ process\/technology, and a strong governance structure to ensure everybody is aligned to achieve the organisation goals.<\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Second is to adopt an operating model build on speed <\/strong>&#8211; Create a team which is digitally equipped , empowered with multi disciplinary skills which would help to make speedy decisions for your customers .<\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>And Lastly ..we also need to create an ecosystem in our organisation- <\/strong>which establishes a common purpose , is built on trust, creates clear accountable roles , develops culture that empowers employees and provides the technology they need .So I would summarize my learning into these 3 buckets .<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>If you have to do any crystal ball gazing, where do you think the industry is heading in the coming months, and the year 2022?<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Well, Covid-19 has taught us that nothing is certain, expect the unexpected. But if I have to wear that cap, I feel that we will see a steep demand for international travel \u00a0and forex requirement for both Corporate and Leisure customers. As per IATA, the industry losses are expected to decline by 75% from 52bn in 2021, to 12bn in 2022.\u00a0 My expectation is that from a forex perspective we should reach\u00a0 the pre pandemic levels by Q3 2022 (July-Sep\u00a0 2022), and there are few reasons why I am confident from an India perspective :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Due to the efforts of\u00a0 the Government of India in terms of vaccination, very soon ( By the end of this month ) we would be touching over 1bn doses of vaccination . The bulk of these would be our potential travel customers like corporate , leisure and student travellers .<\/span><\/li>\n<li><span style=\"color: #000000;\">Also, with the expected implementation of a uniform international travel policy, like IATA travel passport, it augurs well for international travel.<\/span><\/li>\n<li><span style=\"color: #000000;\">We have already crossed the pre-pandemic level in the study abroad segment since all the key destinations have already relaxed their norms for students.<\/span><\/li>\n<li><span style=\"color: #000000;\">Corporate travel is coming back in a big way, and we have reached 70% of the Pre-Pandemic level .<\/span><\/li>\n<li><span style=\"color: #000000;\">I expect most of the businesses to run in a hybrid model where customers are given a choice to be catered digitally or through brick and mortar.<\/span><\/li>\n<li><span style=\"color: #000000;\">And lastly, during the pandemic a lot of us went through so many anxieties\u00a0regarding our health , jobs\u00a0\u00a0and finance, and this I am very sure will lead to\u00a0 new leadership skills coming to the fore which will be based on soft skills like\u00a0 empathy , transparency, active listening , and empowering your people,which will help\u00a0 your organisation and team to be heard and\u00a0 ready\u00a0 for all the uncertainty .<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>What is you go to market strategy for Forex?<\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Speed to address last minute purchase :\u00a0<\/strong>Forex most times is the last thing a customer worries about when he \/ she is planning for a holiday or a business trip. Hence we were the first Forex brand to introduce 2 hour doorstep delivery to address this last minute buying behaviour, offering customer peace of mind.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Complex documentation &amp; buying process :<\/strong> Forex has always been perceived as a complex transaction involving a lot of paperwork,\u00a0 and branch visits, hence we introduced video KYC where we complete the customer KYC over a video call and get the documentation done at his\/her home, making it convenient and easy for customers.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Easy of purchase and 24 x 7 availability :<\/strong> Apart from having the largest retail distribution network, via our own stores as well as our partners, we also have a customer friendly website and app that allows them to book forex from the comfort of their homes, at any time of the day.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Most sophisticated prepaid forex card :<\/strong> Our borderless prepaid Forex card is one of the most reliable and safest way of carrying Forex, as its chip &amp; pin enabled, allows cash withdrawals from most ATM machines across the world and helps customers manage their money or offer easy\u00a0 re-loads via an app \/ web.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Taking a market owning position : <\/strong>With our latest campaign, India Ka Forex Specialist, we are trying to own the category and become the default choice of every consumer when they think of buying \/ selling Forex.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In keeping with our theme of positivity, and facing challenges in our businesses\u00a0 in recent times, we asked Deepesh Varma,\u00a0 Senior Vice President-Foreign Exchange, to give us an update on the FX scene in the company.\u00a0 Here is the feedback! How has the foreign exchange business countered the threats of the Covid 19 Pandemic? As&#8230; <\/p>\n<div class=\"link-more\"><a href=\"https:\/\/pulseonline.co\/index.php\/deepesh-downloads-a-wealth-of-information-on-our-foreign-exchange-business-for-us\/\">Read More<\/a><\/div>\n","protected":false},"author":19,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages\/14379"}],"collection":[{"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/comments?post=14379"}],"version-history":[{"count":7,"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages\/14379\/revisions"}],"predecessor-version":[{"id":14409,"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages\/14379\/revisions\/14409"}],"wp:attachment":[{"href":"https:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/media?parent=14379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}