Reinforces company’s leadership position in the foreign exchange space
Thomas Cook India’s continued focus on the foreign exchange segment has ensured sustained leadership in the forex services space. The strategic intent of specialization has driven along four key axes: scale, speed, skill and service, making it the largest non-bank foreign exchange services provider in India.
The company’s foreign exchange business today serves over a million retail customers every year, via its website and over 100 forex stores located across 65 metros, Tier II-IV cities and towns, pan-India. The business also serves over 1,000 corporate clients, has issued one million+ forex prepaid cards and has over one lakh students studying overseas using fees and other remittance services of the company. The company operates 21 counters at leading airports and collaborates with over 1500 Forex agent partners across the country.
With a clear intent to leverage the opportunity of India’s rapidly growing digital ecosystem and drive scale and speed, Thomas Cook India’s Forex business embarked on a journey of digitalisation pre-pandemic; and leveraged the lockdown to accelerate its digital transformation. The forex business pivoted to enhanced digital models to deliver on the imperatives of contactless and safe transactions launched Virtual Forex Branch, equipping its teams with VPN telephony/ auto dialers to stay connected and assisting the customers from their homes. The innovative FXMate digital tool to support B2B partners with virtual foreign exchange services; online remittances and card top-ups that proved invaluable for students stranded overseas with quick/ seamless and secure transactions.
Today, the company’s unique omni-channel model empowers customers with choice and convenience: simple, secure and quick bookings via its Online Forex Store; support through its call center or by walking in to their closest Forex outlet to transact with an in-store expert.
Thomas Cook Forex’s focus on digital transformation has helped the business significantly. Helping the business register a growth for Q3 FY22 at 2X in value vs. Q3 FY21; strong QoQ transactions with a 72 per cent increase vs Q3 FY21; increase in card loads by 140 per cent QoQ. The education segment has even surpassed pre-pandemic 2019 levels by 111 per cent over Q3 FY20 and recovered in Q3 FY22 by 174 per cent over Q3 FY21 and has signed up over 1600 FXMate partners who operate via a digital platform, generating sales of Rs 375 crore.
Thomas Cook India is even more bullish about the space than ever before and to coincide with the re-start of travel, it has launched a marketing campaign that positions the brand as India ka Forex Specialist, inspiring confidence with everyone and ensuring a seamless-secure experience. All requirements regarding forex complexities is to be solved through a simple, smooth process to ensure an unparalleled customer commitment in the form of Ghar pe Forex – doorstep delivery in two hours!