Credit Risk

Is Client Service at Risk of Being Displaced by Technology?


-1> Nowadays, money transfer services have taken on an entirely new complexion in the financial markets. For starters, traditional banks and the international money transfer services they offer to clients are no longer cost-effective, or efficient. In the United Kingdom, there are several ranking money transfer services used by clients, including World First and Transferwise. Contrary to popular belief, FinTech does not eliminate the face-to-face communication or human-voiced support of traditional international currency transfer services; it enhances the efficiency of the services to ensure a seamless experience for clients.

-1> In Ireland, increasing numbers of individuals and businesses are opting for FinTech services as a means of conducting international money transfers. Banks have lost favour with Irish clients for many reasons, notably high fees and commissions, high spreads, regulatory constraints, wire transfer costs and the like. International money transfer services have stepped in to fill the void where banks have failed. Notable money transfer services like World First and Transferwise dominate the market, and many Irish clients are on board.

-1> Which FinTech Company Offers the Best Benefits and Service to Clients?

-1> In the battle royale for dominance of the Irish money transfer market, we would be remiss not to conduct an extensive analysis of Fresh Transferwise Vs. Veteran WorldFirst currency transfer services. Depending on an individual’s preferences, each company has unique benefits. A comprehensive review is needed to understand how these companies differ from one another, and which one is best suited to your needs. From the get go, it’s important to point out that both these money transfer companies offer safety, security, and reliability across the board.

-1> They are best suited to large international transfers. Both of them offer world-class customer support which is available 24/7 – unlike many banks and financial institutions which are lacking in this department. However, the biggest benefit to using money transfer services over banks is cost. There are significant cost savings available by using FinTech companies over traditional banks any day of the week. Irish customers can benefit from minimal fees, low spreads and terrific exchange rates. And the level of customer service is equally encouraging. Fintech corporations are attentive to client needs.

-1> How Do These Companies Differ from One Another?

-1> From a cursory perspective, it’s hard to tell the difference between the companies. However, closer inspection indicates that Transferwise offers full transparency with exchange rates, and clients will be able to see the current rate that is provided direct from the website. With World First, the exchange rate is offered on a per deal basis. Tech newbies will be heartened by the relative newness of Transferwise.

-1> It’s hip, hop, and happening with many exciting ideas. It’s a start-up, with plenty of media hype and a high valuation. It is still developing its reputation, and it operates on the cutting edge. Plenty of angel investors are currently on board, making Transferwise a major force to be reckoned with in the money transfer scene.

-1> If you’re looking for the best rates, World First will not only offer you the best rates – they will also match and beat the best rates that you quoted. Unfortunately, Transferwise does not have such a policy in place and this is a slight disadvantage. Anytime you need to convert currencies, transfer currencies, or simply understand currency mechanics, World First has a professional on hand to assist you.

-1> They will discuss all sorts of information with you including things like Forward Contracts and the like. Once again, Transferwise doesn’t have those services available, and this is a slight disadvantage. Business clients will enjoy many benefits from using the services offered at World First – an established money transfer service. Since there are many more offices abroad, there are many more local bank accounts available.

-1> The Verdict: Fintech Offers Excellent Customer Services to Clients

-1> Ultimately, your decision to transfer money internationally with either of these companies depends on your preference for a new age enterprise like Transferwise with all the possibilities that it brings to the table, or an established, reliable and low-cost money transfer operator like World First. Remember, established institutions are not always best suited to your individual needs.

-1> Startups are often prepared to offer you services that older companies simply don’t provide. However, there are some ironclad rules that you can stick by: if you need to send less than $10,000, Transferwise is your best bet but if you need to send $10,000 +, use World First. In all instances, you will not be sacrificing client services with FinTech technology. Both these companies offer incredible customer support, and they will walk you through the money transfer process every step of the way. From that perspective, Irish customers are in safe hands.


Published under: Credit Risk
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