CASE STUDY: Telemarketing enables Moneycorp to reach more corporate clients
Moneycorp is the UK's leading independent foreign currency exchange brokers, handling over £7.5 billion in currency annually. Over the last 30 years, it has evolved its operations from a pure Bureau de Change service for consumers to additionally providing foreign exchange, global remittance and financial risk management solutions to businesses and financial institutions. Their operations are split into three divisions, each of which play in different markets - commercial, wholesale and retail - and trade under discrete brands. In 2006, the Royal Bank of Scotland acquired a 49.5 per cent stake in Moneycorp, who have a triple-A credit rating and an impeccable reputation in the industry.
Consumers were accounting for 70 per cent of Moneycorp's revenues, generated by an average of 2,000 transactions per month. However, as consumers typically have a sporadic requirement for foreign exchange, Moneycorp was looking to expand its corporate client base with the aim of building more regular and substantial revenues.
Moneycorp's lead generation was carried out by a junior sales team, with opportunities passed to a senior sales team to close. Not only was this far from cost-effective, it was actively constraining their business. By outsourcing lead generation, Moneycorp would be able to increase the volume of prospects contacted and re-engage their junior team in the core activity of closing business rather than creating it, permitting them to increase their commercial responsibility and accelerate their professional growth and development.