Impact of Digitalization on Financial Company

The provided content discusses the evolution of digitalization in the financial industry, highlighting its impact on potential investors through emails and co-owners of the company. The primary data was collected from two potential clients and the co-owner of the company, while secondary resources included reports, online reports, and blogs. Digitalization has created awareness among consumers, helping to increase profit margins for companies by standing out among competitors. The strength of the company lies in its cost advantage and good reputation, but weaknesses include less protection of patents and a high-cost structure that can impact sales. Adopting customized strategies can generate higher revenue, while new technology provides opportunities for innovation. However, threats such as changes in regulations, substitutes, trade barriers, and others can affect the performance of the company. To promote the company locally, local search engine optimization and local advertising are crucial in connecting consumers with the company through digitalization. Future trends include big data, curated content marketing, real-time customer personalization, wearable technology, and new currencies.

Running Head: DIGITAL MARKETING RESEARCH
Digital Marketing Research
A Report
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Table of Contents
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................4
Research Methodology....................................................................................................................4
Target Audiences.............................................................................................................................5
Evolution of digital technologies relevant to the target audiences..................................................9
1. Mobile phones......................................................................................................................9
2. Social networking sites.......................................................................................................10
3. Review websites.................................................................................................................11
4. Internet banking......................................................................................................................11
5. Virtual currencies...................................................................................................................12
Impact of digital technologies on Target Audiences.....................................................................12
1. Impact of mobile phone on Target audience......................................................................12
2. Impact of social sites on target audience............................................................................13
3. Impact of review sites on target audience...........................................................................13
4. Impact of Internet banking on target audience...................................................................14
5. Impact of Virtual currencies on target audience.................................................................14
Digital technologies & its impact on Industry Locally & Globally...............................................15
1. Strength...............................................................................................................................15
2. Weakness............................................................................................................................15
3. Opportunity.........................................................................................................................16
4. Threat..................................................................................................................................16
Local SEO..................................................................................................................................17
Local Advertising.......................................................................................................................17

Future trends which impact the industry.......................................................................................18
1. Big data...............................................................................................................................18
2. Curate Content Marketing..................................................................................................19
3. Real-time customer personalization...................................................................................19
4. Wearable technology..........................................................................................................20
5. New currencies...................................................................................................................21
Conclusion.....................................................................................................................................21
References......................................................................................................................................23

Executive Summary
The FreemarketFX comes within the financial industry and it provides unique scheduled
exchange that helps the consumers to exchange the currency at mid-rate. The company brings
together the consumers in a single exchange window and provides opportunity to match the
currency. The purpose of this paper is to understand the impact of digitalization on the company
and its target audience. The impact will be studied through two research methodologies that
include primary and secondary research. The target audience will be assessed using the primary
and secondary data. The primary data is collected through interviews with potential clients and
co-owners. The secondary data is collected from online reports, blogs and articles. The evolution
of digitalization includes advancements in mobile phones, social media sites, review sites,
internet banking, and virtual currencies. The impact of these elements on the target audience will
be understood. The SWOT analysis has been done to evaluate the internal and external position
of the company. The future trend which impacts on the company includes big data, curate
content marketing, real-time customer personalization, wearable technology, and new currency.
The study has reached to the understanding that the impact of digitization is substantial on the
selected company and its customers. The company needs to take calculated approach in
managing the client using the technology.

Introduction
In this present paper, we will research the impact of digital marketing. The Company name is
FreemarketFX. The paper also describes the research methodology, target audience, evolution of
digital technology which is related to the target audiences, and impact of digital marketing,
digital technologies and its impact locally and globally. The future trends which impact audience
within the industry have been studied. The FreemarketFX provides unique scheduled exchange
opportunity to the client to transact at the mid-market rate and it is incorporated in 2010 in the
United Kingdom (FreemarketFX et al., 2016). The company allows the clients to optimize to
match currency. The company provides exchange at periodic intervals with the one scheduled
exchange at midday. If the exchange is not matched then the buyer gets the benefits from market
buying power. The subsequent chapters ahead discuss the various aspects related to the area
under study.
Research Methodology
The various digital marketing related researchers in the finance industry are described in this
paper. The primary research is used to collect the information through survey and interviews
(Kumar et al., 2005). The data is collected through secondary research from articles, online
reports, and blogs. The data is collected to explain the trends of digitalization in the finance
industry, and target audience of FreemarketFX is identified. The types of research are explained
below:
1. Primary research
Sources used:

The survey is conducted for analyzing the digital trend through the social media page of
FreemarketFX. The total respondents were 30. The Microsoft excel tool is used to calculate
the total respondents of United Kingdom. The interviews are conducted for potential
investors through emails and co-owner of the company.
Topics of investigation:
 Consumer preference towards the service of FreemarketFX.
 Preference of digital and its trends.
 Present digital market strategy of FreemarketFX.
2. Secondary research
Sources used:
 Website of FreemarketFX and social media
 Online reports, blogs, and articles which are related to the financial industry and
audiences.
The sources of research are based on accessing the internet (Kothari et al., 2004). The
implementation of primary methods is done through online sources for example emails and
the online survey. The secondary methods are accessible through blogs, reports, and articles.
The insight of the company is provided by Facebook. The digital technologies in the report
are based on the research of an industry and its primary research.
Target Audiences
The primary data includes interviews of two potential clients through emails and interview of the
co-owner. The secondary data is collected through online reports, website of the company, and
is used to determine the target audience and personas of the company (Eccles et al., 2012)

Primary Persona: Kate
Demographics:
 Female
 38 years old
 Primrose Hill , United Kingdom
Background:
 Business women with sixteen years of experience.
 Interested in making money through a huge amount of investment.
 A resident of India and settled in the UK.
 Either high net worth individual
 Frequent traveler with need to often exchange currency
Goals:
 Exchange money with low exchange rate
 Risk-free money exchanges with security
 Convenience and time-saving
Challenges:
 Select the money exchanger within the respective budget.
 Choose the currency exchange with minimum cost.
 Finding appropriate and secure investment
Digital preference:

 Access internet on mobile phone, tablet and laptop.
 Use social media sites on regular basis.
 Prefer to interact with the companies through online by accessing the review sites,
company websites and others.
 The clients prefer various website for money exchange such as money corp., world first
UK ltd, and others.
Primary Persona: Jack
Demographics:
 Male
 43 years old
 Marylebone, United Kingdom
Background:
 Working as the chief engineer in the reputed company of UK and a resident of Australia.
 Family and children are living in Australia.
Goals:
 Exchange money with less cost.
 Exchange money with security.
Challenges:
 Selecting the appropriate exchange house.

 Appropriate currency pairing.
Digital preference:
 Access internet on mobile phone, tablet and laptop.
 Use social media sites on regular basis.
 Prefer to interact with the companies through online by accessing the review sites,
company websites and others.
Secondary Persona: John
Demographics:
• Male
• 45 years old
• Marylebone, United Kingdom
Background:
• Business user and the company deals in international trade among various countries.
• The business is conducted overseas with the almost every type of company.
Goals:
• Exchange money with less cost.
• Exchange money with convenience and time-saving

Challenges:
• Selecting the appropriate exchange house.
• Appropriate currency pairing.
Digital preference:
 Use social media sites on regular basis.
 Access internet on mobile phone, tablet and laptop.
 Prefer to interact with the companies through online by accessing the review sites,
company websites and others.
Evolution of digital technologies on the target audiences
1. Mobile phones
The mobile phone was first time commercialized in 1947 by AT&T. The service was recognized
as mobile telephone service, and it spread across the towns and cities. The system used half
duplex in which the press to speak system was used to head the other person. MTS was used in
North America till the 1980s. Then the new service of user dialing was established which
eliminate the use of operator forwarding. The first hand-held mobile phone was introduced by
John F. Mitchell and Martin Cooper in 1973 (Ozcan et al., 2014). In 1983, the first commercially
available mobile phone was DynaTAC 800x. The mobile phone reached worldwide subscribers
from 1983 to 2014. The Samsung, Huawei, and Apple were the top manufacturers in the first
quarter of 2016. The service of mobile radio was envisioned in the year 1917. The pocket size
mobile phones were invented by Eric and Finnish in 1917. In 1991, the digital cellular

technology was introduced of 2G in Finland on the standard of GSM through Radiolinja. In 2001
third generation was introduced by NTT DoCoMo in Japan on the standard of WCDMA. Then it
is followed by 3.5G, 3G+ and others which are based on the access of high speed. Till 2009 the
bandwidth of intensive application is overwhelmed by the networks of 3G (Sesia et al., 2015). In
the fourth generation, the technology is come with the promise to improve the networks and
speed. The 4G has two commercially available technologies in the early stage, namely, WiMAX
standard and LTE standard. The various features of mobile phones are available for the
competitors in the mobile industry which helps to differentiate the product in the market.
2. Social networking sites
The evolution of social media can be traced back to 1970s. The way of communication has
changed with the introduction of social media which helps to connect the individuals globally.
The golden era of social media started in 2001. Continued innovation came in the social
networking sites from 2001 bringing in Facebook, that was introduced in 2004 and, Twitter, that
came in 2006 (Ellison et al., 2014). The social networking sites were commercialized through
various online communities for example Theglobe.com, Tripod.com and others. The
communities emphasized on bringing the people together which helps in interacting individuals
through chat rooms and it encourage sharing the personal information through a personal web
page. In the 1990s the profiles of users become the main feature of social networking sites which
allow adding individuals in the friend list. At the end of the 1990s, new methods are developed
with the more advanced features. The emergence of sixdegree.com helps to flourish the social
networking sites which are followed by the makeout club in 2000 then by hub culture in 2002.
Then it became the main component if internet mainstream. The South Korean service was the
first mass social media site which was launched in 1999 by blog based site than new feature were

added in 2001. The sale of virtual goods was done by the company firstly, then after one year
LinkedIn and MySpace followed by Friendster. The most famous social networking service on
the pacific island was Orkut. The social networking sites were rapidly increased in 2005. In 2004
the Facebook was launched which was the largest social media site across the world.
3. Review websites
The evolution of review websites helped the company and consumers to interact with each other
through providing review on the product and services provided by the company. For example,
the development of best international money transfer helps to a consumer to find the appropriate
money exchange company. The techniques by the site are web 2.0 which employ the authors or
professional writers to review the product and services. The early review sites were Amazon.com
and Epinions.com (McAuley et al., 2013). The affiliated links were provided on the review
websites which are enhanced by paying from companies. The growth of affiliated programs has
emerged the review websites which affiliates the review of products. The positive reviews are
written on the review websites which influence the buying behaviors of consumers. The
companies generally pay for the positive review and negative reviews are written by the
competitors.
4. Internet banking
The online banking service was established in 1980. The service became popular in the late
1980s. It started in the US in 1981 with major banks, namely, Citibank, Manufacturers Hanover
and others (Singh et al., 2015). The clicks and bricks hit the market in the 1990s which
introduced the online banking services. It provides various services in the single pack through
online banking service. In 2000 eighty percent of the banks in the US started providing online

banking service which witnessed the consumer growth slowly. For example, the bank of
America took ten years approximately to acquire the customers of online banking. The home
online banking service of United Kingdom is recognized as Home link which was introduced by
the Bank of Scotland. The internet service was introduced in the United States. In 1994 the first
financial institution was Stanford credit union which provides the online banking service in the
United States. The first bank was the presidential bank which provides the internet banking
service across the country. Security First Network Bank opens the virtual doors for the business
through providing national online banking services.
5. Virtual currencies
The concept of digital currency was introduced by Douglas in 1996, and then he manages
approximately five million users till 2009 (McKinney et al., 2015). It is backed by gold, and it
became the most successful venture till the entry of hackers and criminals. The web money was
introduced in 1998 which is used for various purposes. The financial services were provided
through online payments and billing by the mascot based company. It became more beneficial
after the gold coins. It prevents the usage from various illegal activities. It is a digital
representation of money which is not issued by the central banks or any financial institution.
Impact of digital technologies on Target Audiences
1. Impact of mobile phone on Target audience
The evolution of mobile phone has a profound effect on the target audience of FreemarketFX. Its
use of mobile phones helps in exchanging the money electronically. The interviews are
conducted with the potential clients helped in understanding the way they access the internet

through mobile phones, laptops, tablet and others for exchanging the money. According to the
research, 26%, mobile phone is used by the individuals for accessing the money exchange
service over the internet. The 60% consumers are likely to use the mobile friendly site (Mishra et
al., 2013).
2. Impact of social sites on target audience
The social websites help to bring together individuals through connecting them according to their
interest and activities across economic, geographical borders, and political. It helps to show the
brand popularity, product reviews, through investing with the help of social network tools. The
social networking sites help to build the brand image in the eyes of the consumers which helps to
attract the potential consumers. It helps to communicate the brand to the target audience by
giving the brief description about the product and services on the webpage. The cultural,
economic and social phenomena are evolved over the past ten years. According to the research if
Facebook will be the community then it would be the third biggest country in the world (Vogel
et al., 2014). The target audience includes individual, travelers, businessman, business partners,
and others that all are connected socially through social websites, so the brand image of the
FreemarketFX builds through the webpage of the company on social websites which helps to
promote the brand and it impacts on the revenue generations of the company. It creates
awareness about the new technologies which helps to develop the individual by using advanced
technologies.
3. Impact of review sites on target audience
The review website influences the shopping behavior of consumers. It helps to increase the
awareness among the consumers and underlines the word of mouth effect. The reviews are

mentioned by the companies which help to increase the sales volume of the company through
promoting the brand. The review sites help the target audience to select the company by reading
the positive reviews of the company on review websites. It changes the mindset of consumers by
building the brand image in the eyes of the consumers. It provides more choice to the consumers
by reviewing the services provided by the companies in a financial industry.
4. Impact of Internet banking on target audience
The internet banking helps the consumers to provide time-saving and secure banking services
electronically. The target consumers can transfer the money electronically for exchanging the
currency within the short time period. It attracts the consumers by saving the time and efforts in
converting the currency. It increases the satisfaction level of the consumers by providing safe
money exchange electronically (Okiro et al., 2013). The safety is a very important aspect which
is a major concern of the consumers, and online banking has the safety feature which attracts a
large number of consumers. It also reduces the use of offline money exchange with the
expansion of technology. The free online banking account with the protection from frauds and
theft helps to attract the large target audience for exchange the money electronically. The large
corporates, individuals, business partner, travelers and others require money transfer who can
make the money exchange with the internet banking in an efficient manner. It provides various
advantages to the consumers such as mobility, safety alerts, electronic transfer, ease to use and
others. The cyber security is provided on online receipts and payments which help to protect
against the criminals and theft.

5. Impact of Virtual currencies on target audience
The virtual currency impacts on target audience by providing potential benefits to the consumers
such as high speed in making transfer and payments electronically in an efficient manner. It
keeps track of a transaction in large networks which help to provide the benefits beyond virtual
currencies. It eliminates the use of various agencies at the national level because it operates
globally. The various services of Virtual currencies provide secure transactions such as
distributed ledger technologies which eliminate the role of central clearing houses. The Virtual
currencies help the target audience to convert the money electronically within a short time period
(Trautman et al., 2014).
Digital technologies & its impact on Industry Locally & Globally
1. Strength
The business strength of the company helps to build the competitive advantage which enables to
stand out among the competitors in the same industry. The strength of the company includes the
strong brand image in the eyes of the consumers which helps to generate revenue from the
goodwill of the company. The company is having good reputation in the market which attracts a
large number of target consumers for currency exchange. The company also has cost advantage
through proprietary know-how which helps to increase the profit margin (Setia et al., 2013). The
company is also having an exclusive access to a high grade of natural resources and favorable
access to the network of the distribution channel.

2. Weakness
The absence of strength is reflected as the weakness of the company which needs to be converted
into strength for adding a competitive advantage to the company. The patents of the company are
less protected which is considered as the weakness of the company. The weak brand name
globally is the major weakness of the company, and high-cost structure reduces the profit margin
which considers as one of the areas that need to be improved and converted into the strength of a
company. The distribution channel of the company is not very much effective which is
considered as the weakness of the company. The human resource of the company is not adding
effective benefits by making perfect currency matching which acts as a weakness of the
company.
3. Opportunity
The opportunities help the company to expand and earn more revenue by exploring new areas.
The opportunities include fulfilling all the requirements of the consumers which help to generate
more revenue by satisfying the needs and demands of the consumers. Another opportunity is to
change the consumer mindset by building the relationship of trust between the company and
consumers. In the competitive world, the new technologies and innovative skills can be adopted
which helps to attract the target consumers. The loosening of regulations and removal of
international barriers is also considered as an opportunity for the company.
4. Threat
The changes in the external world are considered as the threat because it impacts on the
performance and revenue of the company. The threats of the company include the change in the
taste and preference of the consumers because there are large numbers of competitors who are

providing the same service within the same industry. The emergence of substitute service is a
major threat for the company because it attracts the target audience which directly impacts on
the revenue of the company. The change in regulations also considered as the threat because the
company needs to implement new regulations which impact on the performance of the
company. The increase in trade barriers also impacts the performance of the company.
Local SEO
SEO helps in optimizing the website according to the requirement of search engines and improve
the ranking of the sites on these search engines. The local search engine optimization is defined
as the online marketing which helps to promote the services of the company to the local
consumers by building the brand's image in the eyes of the consumers. The services are searched
by the local consumers in the particular areas, and the search engine optimization helps to find
the company. It reaches to the local target consumers who are willing to exchange the currency
by promoting the company through online marketing which directly impacts on the revenue
generation of the company. It also helps to connect new and existing consumers by building the
brands image through online marketing. According to the research, 64% of the local consumers
use online search engines to find the local business in the particular area (Bonk et al., 2012). The
search engine optimization plays an important role in generating the revenue through promoting
its services in a most efficient and effective manner.
Local Advertising
The local advertising plays an importing role in promoting the services of the company locally.
It is defined as the optimizing delivery advertisement which is created according to the position
of the clients in the local area. It is delivered according to the local area of London which

optimizes its usage by the user through fueling with local search. It helps to reach the nearby
consumers through advertisement locally. It helps to put the business in front of the local users
with easy to use services and its features. It helps to grow the consumer base which enables to
find the target consumers. It helps to connect the local consumers through listing the company on
Bing places for business. It drives the conversation with the consumers through enriching the
business information for example photos, working hours of the company, reviews, and others. It
also helps to aware the consumer about the local business which helps to drive the sales of the
company. It enables the company to reach the local audience by connecting them through
advertisement locally. The online local awareness advertisement helps the building awareness
among the consumers who directly impacts on the revenue and brand image in the eyes of the
consumers. It helps to reach the brand to the consumers in an effective manner (Guler et al.,
2012). It adds value to the company by promoting the services locally. The website of the
company must target the local and global consumers who directly impacts on the brand image of
the company. The email marketing software can be used which helps to receive the respond of
the consumers locally, and it also enhances the sales volume of the company annually.
Future trends which impact the industry
1. Big data
The use of big data by the companies in the United Kingdom has rapidly increased because it
helped exploit new opportunities which are based on the data collected from consumer
information digitally. The collection of information is done by the company through new
technologies which help the company to make consumer-centric strategy to boost the sale
volume of the company. According to the survey, the big data is considered as the actionable by

the 80% companies of the United Kingdom (Yin et al., 2015). The big data provides consumer
profile, history of purchases, activities which are searched by the consumers, insight related to
the sales, potential future trends, social behavior of consumers and site interaction. The rate of
adoption big data is tremendously increased by the company. The indicative of big data is
expected to increases by 29% in 2017 as compared to 20% in 2013. The future of big data
changes from binary and numerical to emotional. The big data helps the companies to take the
decision in building the consumer-based strategy though understanding the consumer emotions
and behavior. The big data helps in the financial industry to understand the consumer behavior
which enables to builds the connection with the individual client. The tools used by the company
to develop the content recommendation, retargeting, reviews, and personalization rely on the
analysis of big data.
2. Curate Content Marketing
It is considered as the technique which is used to develop the relevant, valuable and consistent
content which is used to attract the large target consumers for fulfilling the objective of
shareholders profit maximization. The various challenges are faced by the marketers in
developing the content which helps to attract the target audience by converting the consumers
into multiple online platforms. The companies are spending on content marketing, and 39% of
the companies are interested in curated marketing (Dale et al., 2014). The software of curate
marketing helps to provide efficient resources for sourcing the useful information on the website
for the target audience of the company. The successful content curate includes contextualizing,
sharing, organizing, and content discovering. The clear and effective strategy is required to
determine the curated content effectively. The future trends of curate content marketing will play

a significant role in attracting a large number of target audiences through providing the useful
information to the consumers.
3. Real-time customer personalization
The digital marketing helps to offer a personalized selection to the advertisement according to
the personal information and previous history of purchase which attract a large number of
consumers, and it enables to boost the revenue generation of the company. The use of mobile
phones helps to interact with the consumers through the use of new technology. The real-time
interaction helps the company to bridge the gap between the online shopping and experience of
in-store. The behaviors of online and offline mode helps to serve the consumers according to
their taste and preferences (Kishor et al., 2015). The personalization of showrooms helps to
increase the sales volume by providing the customized services to the consumers within the
financial industry. The personalized messages help the company to interact with the consumers
by connected then emotionally. The personalization of store advertisement includes displays on
videos which helps the target consumers to interact with the brand. The future trends of real-time
customer personalization increases which help to interact the consumers by providing the
personalized advertisement and personal emails and it directly impacts on the sales volume of the
company.
4. Wearable technology
The advancement of technology combines the applications which are useful and efficient with
the contemporary style. The financial industry is keen to embrace the technology as the digital
technology. The wearable technology adoption provides an opportunity to the financial industry
by exploring the financial services through mobile payments and capabilities of account

payments. The future trend of the wearable technology provides gains to the financial industry
through collect and leverage big data in an effective manner. The companies can provide better
services to the target audience which helps to promote the brand image in the eyes of the
consumers. It also helps to develop the most personalized services to the clients through
providing comprehensive services and policies. It also helps to create more effective wearable
applications in the future (Price et al., 2014). The wearable technology in the future will play a
significant role in mobile devices.
5. New currencies
The Bitcoin is a digital currency which helps to provide the secure online trading. The future
trends of the Bitcoin are positive and are expected to speed up. It will be the major source of big
data transactions. The value of Bitcoin will increase in the future because the transactional
volume in the future is increasing rapidly. The increase in the digitalization world helps to
increase the use of Bitcoin. The trend of digital payments is rapidly increasing which help to
boost the revenue generation of the company within the financial industry (Siegel et al., 2014).
The global reserve currency is losing its value which inflates the value of bitcoin. The returns in
the previous six years are very high which shows that the future trends of the currency increase.
Conclusion
The FreemarketFX’s unique scheduled exchange provides an opportunity to the consumers for
currency exchange at low cost. The trends of digital marketing help the company to boost its
sales volume by building the brand image in the eyes of the consumers. The primary and
secondary research is conducted to determine the impact of digitalization on the company. The
Microsoft excel tool is used for conducting the data collection. The total respondents are thirty

and interviews are conducted for potential investors through emails and co-owner of the
company. The secondary resources include reports, online reports, and blogs. The primary data is
collected from two potential clients and co-owner of the company. The evolution of
digitalization includes the mobile phone, social media sites, review sites, internet banking, and
virtual currencies. It impacts the target audience by creating awareness among the consumers
which helps to increase the profit margin of the company through stand out among the
competitors within the financial industry. The strength of the company includes cost advantage,
the good reputation which helps to provide a competitive advantage to the company. The
weakness of the company includes less protection of patents and high-cost structure which
impacts on the sales of the company. The consumer satisfaction through adopting customized
strategy helps to generate higher revenue. The adoption of new technology acts as an opportunity
for the company which helps to provide innovative services to the consumers. The threats for the
company includes changes in regulations, a threat of substitutes, trade barriers and others
impacts on the performance of the company. The local search engine optimization and local
advertising help to promote the company locally by connecting the consumers and company
through digitalization. The future trend which impacts on the company includes big data, curate
content marketing, real-time customer personalization, wearable technology, and new currency.

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