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Issuer: Business&Management
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Technological advancement have made a foreign exchange product line accessible to bank of all sizes. However, in today's economy, bank have to consider the feasibility of offering foreign exchange product and services.
As a fee-based product offering, foreign exchanges service can enhance a bank's revenue stream while meeting a market need. Yet, the cost for creating a FX processing environment can be enormous. It is for this reason that foreign exchange is an area that numerous bank outsource to correspondent bank or non-bank providers in order to compete in today's financial market. Outsourcing FX product and services allows bank to offer an advanced technology solution, industry expertise and superior customer service without the costs of back office investments. Art Gillis, principal of Computer Based Solutions, Inc. in Dallas, Texas, reported, "About 43 percent of America's 9,355 banks and thrifts currently outsources some of their operation." When choosing outsourcing solutions, banks should focus on the services that will allow them to keep overhead cost to a minimum yet enable them to focus on business development opportunities.
Top 10 Reasons to Outsource FX:
Increase revenues and profits derived from fee-based services.
Improve operational efficiencies and productivity level by automating administrative tasks.
Deliver values to customers to enhance business relationships.
Expand services line to capture more business from existing customers.
Achieve more competitive exchange rate through wholesale purchasing.
Control cost. If cash is not tied up in capital expenses, it can be reinvested in interest free/no tramsfer fee credit cards areas offering the greatest return on investment.
Leverage the Internet to streamline and automate product, service and processing of transaction.
Acquire industry expertise and expedite market entry.
Enhance the ability to manage the rate spread on transaction.
Enhance account management through real-time management report on the purchase and sale of foreign currency and the income generated from each products.
10 Questions to Ask When Evaluating a Foreign Exchange Online Systems
1. Is the system networked from the parent bnak to branch bank?
2. Does the system provide flexibility for your bank to share revenues with the provider or to mark up rates and still have
the ability to remain competitive?
3. Is the system integrated seamlessly with your bank's other system?
4. Does the system allow your bank to retain controls over profit margins, processes and account management procedure?
5. Can the bakn rebrand the system for its bank and subsidiary?
6. What capabilities are available to store, track, and send your customer informations?
7. How are investigation handled?
8. What is the security feature?
9. Can your bank create a centralized or decentralized process for managing its foreign exchange transaction?
10. Does the systems enable your bakn to provide customer real-time market informations?
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