Evolution of Digital Technologies in Foreign Exchange

The assignment is to research the evolution and impact of digital technologies on Freemarket FX, a company that provides foreign exchange services. The focus is on how digital technologies have impacted the banking/finance industry and created opportunities. The target audience includes individuals, businesses, and business partners/resellers. The report will cover sections such as executive summary, research methodology, target audiences, evolution of digital technologies, impact of digital technologies, digital technologies' impact on the industry, future trends, and references.

Overview:
This assignment is to be based on the following company: https://freemarketfx.com/
This company provides foreign exchange services to companies and individuals at better rates than
traditional foreign exchange places such as banks.
This assignment is to provide a piece of research on the evolution and impact of digital technologies on
the company. So this assignment should focus on how digital technologies has impacted the
banking/finance industry and what opportunities it has created.
The company target audience should be focussed on 2 or 3 personas that I have detailed in the plan
below.
The assignment should cover the following sections:
 Executive Summary
 Research Methodology
 Target Audiences
 Evolution of Digital Technologies relevant to the Target Audiences
 Impact of Digital Technologies on Target Audiences
 Digital Technologies and their Impact on Industry Locally and Globally
 Future Trends that will impact my Audience Industry
I have included the sections below and put a few suggestions of the areas that it should cover. Please
feel free to add additional areas that you think are relevant.
1) Executive Summary
2) Research Methodology
Primary research has been done in consultation with the Chief Commercial Officer at Freemarket FX who
has a close understanding of the customer base. This research has made it possible to identify the types
of client that use the service and then identify their preferences for digital tools.
Secondary research has been taken from a range of sources including the following:
Research available via Gartner,…..
Articles available on websites, research papers, influential blogs

3) Target Audiences
Freemarket FX is a new fintech company aimed at lowering the cost of foreign exchange for customers
and make wholesale rates available to customers that previously would have only been available to
large financial institutions.
Financial Services are going through a period of modernization and technology is changing the way
people interact right across the spectrum of financial services. Many new Fintech start ups are now
disrupting the market with innovative ways to serve clients and making services more accessible,
cheaper and with greater transparency with regard to charges.
The target audience for Freemarket FX is anyone that needs to exchange currencies, however there are
3 main categories of target users.
Persona 1: Individuals – Mr C. Ash
Background:
Either high net worth individual or cash rich due to sale of property, or business.
Frequent traveller with need to often exchange currency
Demographics:
Male or female
Likely to be 35+
Educated and generally tech savvy but slow to adopt some of the newer technologies
Goals:
Lower costs of foreign exchange
Convenience and time saving
Persona 2: Business user – Sterling Limited
Background:
Companies that conduct international trade or have offices in multiple countries
Generally mid/large companies but can also be small companies if they conduct most of their
business overseas
Demographics:
Goals: Lower costs of foreign exchange
Convenience and time saving
Persona 3: Business partner/reseller – Currency Changers Ltd

Background: Fintech start up that offers currency exchange services to businesses or individuals
Demographics:
Goals: Fast, robust platform with low charges
4. Evolution and impact of Digital Technologies relevant to the Target Audiences
Given your target audience identify the between 4 – 5 digital technologies that they use, or that are
relevant to them.
This could cover the following:
Mobile Apps
Social Media
PPC Advertising
E-banking/internet banking
BitCoin/Virtual currencies
5. Impact of Digital Technologies on Target Audiences
Analyse and assess the impact, both negative and positive, of the 4 - 5 digital technologies identified, in
Section 4, on your target audiences.
Could cover topics including the following:
Cybersecurity – security concerns over doing banking and financial transactions online
IoT – More ways to interact with applications, more personalisation, more data for companies
to develop better appliations
Fintech Start-ups – more choice for consumers, more efficient ways of doing things, less reliance
on big established companies, lower cost offerings for consumers
Social media – increased awareness of new technologies, ability to interact and give/receive
feedback to companies and other customers
6. Digital Technologies and their Impact on Industry Locally and Globally
This could cover how internet technologies have made it possible to build up a global client base

Services are more accessible to customers locally and globally as they don’t need to interact
with a physical location
A SWOT analysis could be included
Local SEO, local advertising
7. Future Trends
Real-time customer personalisation
Big Data and analytics – more understanding of customer behaviour, more personalisation
More fintech start ups – disruptive technology from new competitors
Content marketing
Wearable technology
Bitcoin/new currencies
Cybersecurity issues/opportunities
8 References and Appendices