Evolution of Digital Technologies in Foreign Exchange


Added on  2019-09-25

4 Pages820 Words295 Views
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 SummaryResearch MethodologyTarget AudiencesEvolution 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 IndustryI 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 Summary2) Research MethodologyPrimary research has been done in consultation with the Chief Commercial Officer at Freemarket FX whohas 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
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3) Target AudiencesFreemarket 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. AshBackground:Either high net worth individual or cash rich due to sale of property, or business.Frequent traveller with need to often exchange currencyDemographics:Male or femaleLikely to be 35+ Educated and generally tech savvy but slow to adopt some of the newer technologiesGoals:Lower costs of foreign exchangeConvenience and time savingPersona 2: Business user – Sterling LimitedBackground: Companies that conduct international trade or have offices in multiple countriesGenerally mid/large companies but can also be small companies if they conduct most of their business overseasDemographics:Goals: Lower costs of foreign exchangeConvenience and time savingPersona 3: Business partner/reseller – Currency Changers Ltd
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