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Money Exchange: 5 Consumer Insights Discovered From Social Intelligence

Sep 2018

Category Analysis – Money Exchange

Regions: Romania

Romanians working abroad sent EUR 2.45 billion to Romania in 2017. This was the highest level after 2010 and the fourth highest level in EU, according to EU’s statistical office Eurostat. This report offers insights into the customer perception and delight drivers obtained based on customer reviews and online conversations.

Methodology

The analysis is based on customer reviews and conversations online in the segment. The analysis results presented are completely unbiased and not based on any subjective judgment.The source data used for the analysis are user conversations available publicly online like public forums and social media

19,927

Total number of conversations analyzed

5 Consumer Insights Discovered From Social Intelligence

Social media intelligence is the process of converting social media data into actionable insights that can be used by brands to create meaningful content and make business decisions across many disciplines. Social media intelligence is gaining popularity as brands are able to make strategic decisions based on insights derived from social media. Merely collecting or reporting on social media data is not true intelligence. It only becomes social intelligence when there is something derived from social media data or when actionable insights are extracted from the data. 

Social media intelligence that gives useful marketing insights goes a long way in predicting your customers’ future choices. By collecting and analyzing customer data, marketers get to know where to focus their time and effort to deliver an extraordinary customer experience. With the help of social media intelligence, marketers focus on building marketing strategies, discounts, promotions, and social media messaging. 

Clootrack analyzed 19,927 customer conversations gathered from social and online mediums. This social intelligence gives deep insights into the customer expectations.  There are several factors that when offered will positively impact customer experience.  The customers using. money exchange services in Romania look forward for certain services.

Here are the top 5 customer perception drivers that leads to overall satisfaction with the money exchange customers:  

 1. Best Rates 

Customers tend to perceive that a money exchange service is best when they are offered the best best exchange rates, best buy/sell rates, forward rates and the best spot rates. Customers want fast updates, rate alerts and low fee.  Customers tend to perceive that a money exchange service is best when they are offered the best best exchange rates, best buy/sell rates, forward rates and the best spot rates. Customers want fast updates, rate alerts and low fee. 

2. Reach of Network and Service

Customers feel that a good money exchange service provider should  offer online and offline services and dedicated account managers.  Customers are happy when they get to make a direct transfer or online wire transfer. Service providers can offer mobile apps that can show customers all the details relating to the exchange rate and service charges.

3Multi-currency capability

A money exchange service that offers wide range in currency transfers, cross currency rates and single account with multi-currency functionalities is mostly perceived to be the best. Money exchange services should extend themselves into multi-currency capability to attract higher number of customers. 

4Payment Mode

Customers are asking for easiness in payment and hence are looking for flexible payment options that allows bulk payment, payment with instructions and payment with standing instructions. 

4. Security and Reliability

Customers tend to perceive that a service provider is best when it is able to offer fund transfers over a secure website or app. They expect confirmations and alerts after completion of transactions. 

 

 

Customers tend to perceive that a service provider is best when it is able to offer fund transfers over a secure website or app. They expect confirmations and alerts after completion of transactions. 

 

 

Top 4 Delight Drivers

There are several delight drivers that enhance customer satisfaction and promoters of your brand. We analyzed and saw that there are some factors that make money transfer a delightful experience when the below are satisfied:

Top 1: Same day/Instant Transfer

Customers are looking forward to transfer their money instantly without waiting for more than 24 hours.

Top 2: Custom Reports

Reports that are customized for each user or a group of users such as the multi-currency reports, historic trends and currency fluctuation reports will delight the customers.

Top 3: App and Website

Customers are expecting services such as special apps to transfer money which can deliver notifications when funds have safely reached their destination. They want to have dedicated customer service with online support.

Top 4: Extra Services

Some features that make the life of customers easier is when they get doorstep services such as currency pick up and drop, allowing standing instructions and longer term forward contracts. 

Detailed Report

For any business to grow and develop, a well-researched business strategy is a must. A major part of the strategy depends on the acceptance of the products by its customers. Social media intelligence gathered from customer data will help brands to identify areas of potential growth. Social media intelligence is used to know what your competitors are doing well (or not doing well), and this information should be used to change your approach towards campaigns and marketing strategies. That’s not all!! If you want to know more on emerging trends, delight factors, consumer beliefs and more consumer insights, you can download the pdf version of the complete report for free.

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