Travelex’s previous investments in digital channels paid off in spades, as this space quadrupled in size in less than one year. These projects were first launched in 2016, and have since undergone a series of enhancements.
“This was the result of having brought more modernized channels with superior experiences for the end user,”, Arthur Pelanda - Superintendent of IT and Digital, Confidence/Travelex
The work began with in-depth market analyses and the development of buyer personas to help identify potential users of these currency exchange and banking services. With the findings in hand, the group’s online offerings were completely re-built from the ground up: a brand-new site for the foreign exchange bank, with a new internet banking platform, and a new e-commerce website for the insurance brokerage. That new platform focused on more user-friendly, intuitive navigation, as well as mobile applications for both iOS and Android.
The legacy e-commerce code base wasn’t scalable to meet Travelex’s growth projections and the pre-existing apps were inactive, outdated, and plagued by lag. With these problems in mind, Travelex and Dextra decided to make use of the most cutting-edge technologies available to ensure seamless navigability and to provide a solid base upon which to develop new features in the future.
The work was done collectively, with Travelex’s internal team working in concert with a Dextra team dedicated to work with Travelex. “Today, our brokerage’s digital channels play a significant role within the larger context of our overall business outcomes,” Arthur Pelanda reiterated.
Travelex currently has 120 physical stores in operation throughout Brazil. As of today, they are still the largest channel of contact between the Confidence/Travel group and their public. However, digital channels are making the company’s services more modern and agile. For example, customers can now solicit valuations of more than 20 different foreign currencies, in real time. One can also now create customized alerts, which help them keep a closer eye on fluctuations in the value of various currencies — all without needing to call a customer service line, or visit a physical store.
Additionally, users can now purchase foreign currencies online, then either pick the currency up at a physical store, or have it delivered directly to your home (depending upon your location and availability). The new platform also allows customers to check account balances through a mobile app, and even refill pre-paid international currency cards — a convenient and secure feature for those travelling abroad. One of the most recently introduced features is the ability to both send and receive remittances, bringing the Xpress Money service to Brazil and expanding the list of possible foreign destinations.
All of this was done with the utmost care to ensure the security of personal data and preserve customers’ privacy. Cryptography and other techniques are used in the transmission of confidential information, in addition to Confidence/Travelex’s existing core security infrastructure. “Whatever a client can currently do in our physical stores can now also be done through our online channels,” Pelanda explained. “The only thing that can’t be done via our application or site is the purchase of consumers’ currency, meaning, they can’t sell the foreign currency leftover from a trip. But this function is still part of our plans.”
Plus, new projects are already underway for the partnership between Travelex and Dextra; including, digital products and experiences for customers of both the exchange and the bank. “Dextra has helped us in the maturation of these channels, and in our efforts to maintain a sense of dynamism in our projects,” Pelanda continued.
A long-standing partnership
All of the work pertaining to the development and integration of these platforms was performed by Dextra, in partnership with Travelex. The project was implemented by a team of industry experts from the currency exchange market. They have been working side by side with the company since 2009, when they first built the brokerage and banking firms’ back office system.
At the time, Dextra was responsible for remaking the company’s main computer system at both their headquarters, and within stores located in malls, airports, and other places. These upgrades made it possible to control operations not only in these sites, but also in other departments, such as treasury, logistics, card control, and more. The same was done for the bank. Both were completely integrated with the Central Bank as well as other online systems, such as SWIFT (Society for Worldwide Interbank Financial Telecommunication) and SPB (Brazilian Payments System).
Dextra’s team became more familiar with finance and currency exchange, coming to understand international remittance gateways, and the overall ecosystem. Before even beginning these digital projects, Dextra was concentrated on providing support for, and helping to evolve, the group’s internal systems.
”Owing to the fact that Dextra had already helped us on our core system, the company possesses a significant understanding of our business, which of course helped us greatly while working on the digital projects,” Pelanda said. “This came with the added benefit of increased project speed; something extremely important within the digital business environment. Plus, Dextra offers a high level of service quality.”
- New site and e-commerce platform for the brokerage company, written in a more modern, scalable language;
- Increased scalability to accommodate additional services;
- Mobile applications which were constructed using solid coding, with the goal of establishing a base for future evolution;
- Integration with pre-existing back office system;
- Digital channels grew four times larger as a percentage of overall operations;
- Applications with more than 60,000 unique users registered per month.