First Rate
53% Improvement for New Foreign Exchange Service Purchase Journey
The client
First Rate, the UK’s largest provider of foreign exchange services and for many high street brands needed to improve and streamline their booking process.
We delivered a radically simplified process moving from 8 stages and six pages, to a single transactional page.
The challenge
First Rate (part of the Bank of Ireland) needed to optimize their web and mobile offerings. They were losing transactions and revenue due to their extended purchase process. Customers were dropping out and shopping for the cheapest foreign currency.
The main objectives of the project were to:
• Improve the current order process funnel to increase the overall conversion rate to sale and reduce the current drop off rate.
• Integrate the same day currency order and collection concept in to the existing buying process.
• Develop the template for white label users, with and without the same day currency collection option.
• Develop a proposition that can be used across platforms on both mobile and tablet.
Our approach
We ran a number of ideation workshops and delivered interactive prototypes based on UX best practice, testing the proposition with their target user base. This provided real insight in to customer behaviours and needs and shaped the final proposition for implementation of a streamlined purchase process.
“The process of working with Channel Dynamics has been an invaluable experience. We moved from idea to user tested interactive prototypes in a couple of weeks. The IT team were able to build the final proposition with the confidence that it would be right for users.”Head of Marketing and Retail Channels at First Rate
The results
Our recommendations and proposals for a revised booking process meant that the same proposition could be implemented across all digital platforms. This is having a radical impact on the method and speed that users are able to transact leading to a 53% improvement in conversion journey..
