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Benchmarking Banks – FX Services

The Asia Business FX survey from East & Partners measures customers’ perception of the FX services provided by their banks, covering SMEs in Hong Kong, Malaysia, Philippines and Singapore. Here are some highlights to look out for in the ABFX dataset.

Share of Wallet

  • Spot FX services are increasingly spread across multiple banks. The impact of this is that the primary providers are getting a smaller share of revenue from their customers and are at greater risk of becoming just another service provider.
  • Primary spot FX providers who are still growing their share of wallet truly stand out from the pack. They are few and far between and have really found their niche. Customers looking to switch provider should understand who these providers are and why they are bucking the trend.

Satisfaction

  • The trend on satisfaction is that the vast majority of providers are improving. This is indicative of a highly competitive market where service quality is one of the few standout features of the customer offering.

Market Share

  • Market share is obviously a zero-sum gain. Where one bank is increasing market share, someone else is losing. The ABFX model allows for a head-to-head comparison between any selections of FX providers in each market in the survey. This is clearest way to see where gains and losses are being made. When you make the same comparison on the satisfaction metric, the reasons for these changes in market share may become apparent.

Share of Mind

  • Branding is also a key influencer in choosing an FX provider, and is an indicator of long-term recognition. The answer to the simple question “when you think about FX which is the first bank that comes to your mind?” gives a great insight into the resilience of the banking brands in the market.

About ABFX

The ABFX survey is complied from direct interviews with >1,800 SME customers of FX spot, forward and options in the 4 geographic markets noted above. The dataset covers more than 7 years and can interrogated dynamically.

For a short demo of the model, click here.

The annual subscription fee for a corporate is US$ 750.

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