Three steps to maximise your share of the travel money market

© Consumer Intelligence 2015

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Slide No: 1© Consumer Intelligence 2015


3 STEPS to maximise your share of the Travel Money market

November 2015


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Three steps to maximise your share of the Travel Money market

Make it easyConsumers will pick the easiest provider for them to use. Find out what convenience means to your customers and how you can best provide this for them.

Make the most of your branch networkMost consumers still want to buy travel money face to face and need much more reassurance of security before home delivery will become the favoured method.

Be visible onlineThe majority of consumers research providers and their rates online before purchase so brand visibility is key.


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Make it EasyWhenever we speak to consumers about financial services, one resounding theme comes across – they want it to be easy to buy from their chosen provider.

Source: Viewsbank Consumer Survey – October 2015Sample: 1,306

“it was straight forward with good

customer service.”

Why would you recommend this provider to friends and family?

“branch was convenient”

“The website is easy to navigate”

65% of people said convenience was a

factor in choosing how to purchase their

travel money

Providers need to find out what convenience

means for their customers and deliver

that. The sales will follow.

“it was easy and quick”

“Easy transaction, both location and dealing with

pleasant staff.”


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Make the most of your branch networkDespite an increasing willingness to go online in many areas of our lives, most consumers still want a face-to-face experience when buying travel money.

How did you purchase your travel money?

59.3% 19.7% 12.5%

Ordered face to face and picked up in branch Ordered online and picked up in branchOrdered online with delivery Ordered over the phone and picked up in branchOrdered over the phone with delivery Ordered face to face for deliveryThrough a specialist UK cash point

Minimum Brand Sample: 20


Providers with a branch network need to make the most of this behaviour. If not, there is much more reassurance needed before consumers make home delivery

their favoured option.


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Be visible online


Searched online for rates

Looked at rates in branch/in branch windows

Searched online for providers

Phoned providers to check rates

I didn’t do any research

60.5%

35.6%

18.1%

7.3%

19.0%

Did you research providers and rates before purchasing?

Where consumers are willing to use the internet is in their pre-purchase research. Over 80% of consumers, do some sort of research before purchasing, with 60% saying that they compared the rates offered by providers online.

For providers to be considered it’s vital

that they are visible online.


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How will you maximise your share of the Travel Money market?

Make it easyAre you making it unnecessarily difficult for consumers to buy from you? Do you understand what level of service your customers want?

Make the most of your branch networkAre your branches working hard enough for you?Do consumers think your home delivery service is secure?

Be visible onlineAre consumers aware of your service?Do your rates compare favourably to the competition?


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Find out more now

The findings in this report are taken from a survey of 1,300 consumers undertaken by Consumer Intelligence in October 2015.Consumer Intelligence is a market research agency specialising in the Insurance and Banking sectors. We have spent the last 12 years perfecting the art of collecting data so that organisations can understand their consumers and benchmark themselves against their competitors. No other company has this combination and panel capabilities and price collection in-house.Our clients include banks, big insurers, brokers, aggregators, regulators and governing bodies. Consumer Intelligence pricing insight and data is used by the Office of National Statistics (ONS) for the Retail Price Index and the Financial Conduct Authority (FCA) for monitoring the insurance market.

Contact: Elaine Giles

Key Account DirectorT: 0117 317 186

M: 07920 448267E: [email protected]

Data & Analytics

Three steps to maximise your share of the travel money market