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Company Overview - Strictly Private & Confidential
Digital in Travel
Travelex’s Journey
Tom Wright,
Head of UK Marketing
2
22
of the world’s top 35
airports work with us
Who We Are
• Travelex is the category leader in FX with multiple firsts, including multi-currency pre-paid
cards, automated cash processing solutions and foreign currency ATM’s
28
Countries
100+
Airports
70m
Transactions
1.7 billion
passengers pass through
our stores
1500+
ATM Locations
3
Travelex is innovative and entrepreneurial at its heart
Continuous innovation has driven, and continues to drive, Travelex’s performance
1999
Launched Online
 Launched in UK in
1999
 Presence now in
23 countries
FX & DCC
ATMs
 Launched in
UK in 2006
 Market
leading FX
and DCC ATM
provider in 16
countries
Corporate
Payments
 Grew a payments
business in 14
countries with
revenue of more
than £130m
before sale
Prepaid Cards
 Acquired
and built Cash-
Passport prepaid
cards business
International
Payments
 Master agent for
Western Union
 TMT cash to bank
service in the Middle
East
 Launched consumer
payments via OzForex
2001 2006
20112004
DCC – Currency
Select
 JV with Currency
Select in 2004 and
purchased the DCC
assets in 2008
Taxidia
 Launched
development of
market leading
cash handling
automation;
first orders
processed in
2014
2012
Travelex Founded
 Lloyd Dorfman
opens first store in
London
1976
International
Expansion
 Travelex opens its
first overseas
branch in the
Netherlands
 Goes on to open
stores in US &
Australia in 1989/90
1984
USA Growth
 Travelex takes
over the
Mutual of
Omaha, with
stores in 50
terminals at 34
airports across
the US
1993
Heathrow
Store Opens
 Travelex
becomes the
first non-bank
foreign
exchange
provider at
Heathrow T4
1986
The Early Years
Agile & entrepreneurial growth
The Era of New Product Innovation
Innovation driven growth, reacting to changing times
Digital Growth
A natural progression
?
4
… but consumer behaviour is changing and in 2014 the
business made a decision to pivot
• Refocus Around our
Customer
• Focus on LTV not ATV
• Be Brave, Challenge
the Status Quo
• Innovate & Lead…
Shift the Investment to
Digital
5
Understanding Customers is Key…
Hands up…
6
Different People Do Different Things… And Are Changing
Journey
Pre-Trip
Planners
Airport
Purchasers
In-Trip
Spenders
Pre-Trip Spend
Airport Walk-
Up/ATM
In-Trip (ATM/PoS)
• Different people
choose different
ways to spend
abroad
• FX Behaviour is
changing with
product supply and
consumers adoption
7
2014 2015 2016 2017 2018 2019
Build New
Products
eCommerce
Build Out Capabilities
Reduction in ‘share’
coming from “core”
“core”
only
Cultural change & ‘digital transformation’
of business over time
Launch
Transformation
initiatives
Our Transformation Journey
8
Supercard: Disruptive Innovation in Travel Spending
• Free to get with no fees or
charges
• Can be used globally, wherever
MasterCard is accepted
• Track what you’ve spent and
how much you’ve saved
through the app
• Chip and PIN protected, giving
you peace of mind
• Supercard is an app and card combo that gives customers the freedom to
travel without bank card roaming charges
9
So Far Customers and Media Love It
"Travelex are actually going to eat these guys [the
competition] breakfasts. It's a phenomenal card.”
Currency Cloud Founder told Business Insider magazine
“Best open-to-all Travel card,” Helen Saxson, Money
Saving Expert
“A useful tool to help cut the cost of your holiday
spending if you are guilty of falling back on your credit
or debit card when cash runs out, particularly as it
costs nothing to download the app or order the card.”
Emma Gunn, Mail Online
10
We’ve step changed our game on social to engage with
customers
11
Understanding Customers is Key  Get More (Better?) Data!
12
Which Helps Us Form Relationships & “Sell More Stuff”
• It’s all about selling
more stuff
• Ideally to more people
• Ambition of driving LTV
• And creating advocates
who promote us
13
Some Reflections – This stuff isn’t easy but it IS rewarding
• Building the engine while
flying the plane
• Dealing with ambiguity
• Managing expectations
• Old vs. new
14
Some Reflections – Be Bold and Push Hard For Change
• Set big goals
• Don’t accept the status quo
• Not proactively driving
customer migration assumes
customers are idiots
• Remember, if you don’t
someone else probably will
Thank - You

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Travelex digital in travel event 2016-06-21 t wright

  • 1. 1 Company Overview - Strictly Private & Confidential Digital in Travel Travelex’s Journey Tom Wright, Head of UK Marketing
  • 2. 2 22 of the world’s top 35 airports work with us Who We Are • Travelex is the category leader in FX with multiple firsts, including multi-currency pre-paid cards, automated cash processing solutions and foreign currency ATM’s 28 Countries 100+ Airports 70m Transactions 1.7 billion passengers pass through our stores 1500+ ATM Locations
  • 3. 3 Travelex is innovative and entrepreneurial at its heart Continuous innovation has driven, and continues to drive, Travelex’s performance 1999 Launched Online  Launched in UK in 1999  Presence now in 23 countries FX & DCC ATMs  Launched in UK in 2006  Market leading FX and DCC ATM provider in 16 countries Corporate Payments  Grew a payments business in 14 countries with revenue of more than £130m before sale Prepaid Cards  Acquired and built Cash- Passport prepaid cards business International Payments  Master agent for Western Union  TMT cash to bank service in the Middle East  Launched consumer payments via OzForex 2001 2006 20112004 DCC – Currency Select  JV with Currency Select in 2004 and purchased the DCC assets in 2008 Taxidia  Launched development of market leading cash handling automation; first orders processed in 2014 2012 Travelex Founded  Lloyd Dorfman opens first store in London 1976 International Expansion  Travelex opens its first overseas branch in the Netherlands  Goes on to open stores in US & Australia in 1989/90 1984 USA Growth  Travelex takes over the Mutual of Omaha, with stores in 50 terminals at 34 airports across the US 1993 Heathrow Store Opens  Travelex becomes the first non-bank foreign exchange provider at Heathrow T4 1986 The Early Years Agile & entrepreneurial growth The Era of New Product Innovation Innovation driven growth, reacting to changing times Digital Growth A natural progression ?
  • 4. 4 … but consumer behaviour is changing and in 2014 the business made a decision to pivot • Refocus Around our Customer • Focus on LTV not ATV • Be Brave, Challenge the Status Quo • Innovate & Lead… Shift the Investment to Digital
  • 5. 5 Understanding Customers is Key… Hands up…
  • 6. 6 Different People Do Different Things… And Are Changing Journey Pre-Trip Planners Airport Purchasers In-Trip Spenders Pre-Trip Spend Airport Walk- Up/ATM In-Trip (ATM/PoS) • Different people choose different ways to spend abroad • FX Behaviour is changing with product supply and consumers adoption
  • 7. 7 2014 2015 2016 2017 2018 2019 Build New Products eCommerce Build Out Capabilities Reduction in ‘share’ coming from “core” “core” only Cultural change & ‘digital transformation’ of business over time Launch Transformation initiatives Our Transformation Journey
  • 8. 8 Supercard: Disruptive Innovation in Travel Spending • Free to get with no fees or charges • Can be used globally, wherever MasterCard is accepted • Track what you’ve spent and how much you’ve saved through the app • Chip and PIN protected, giving you peace of mind • Supercard is an app and card combo that gives customers the freedom to travel without bank card roaming charges
  • 9. 9 So Far Customers and Media Love It "Travelex are actually going to eat these guys [the competition] breakfasts. It's a phenomenal card.” Currency Cloud Founder told Business Insider magazine “Best open-to-all Travel card,” Helen Saxson, Money Saving Expert “A useful tool to help cut the cost of your holiday spending if you are guilty of falling back on your credit or debit card when cash runs out, particularly as it costs nothing to download the app or order the card.” Emma Gunn, Mail Online
  • 10. 10 We’ve step changed our game on social to engage with customers
  • 11. 11 Understanding Customers is Key  Get More (Better?) Data!
  • 12. 12 Which Helps Us Form Relationships & “Sell More Stuff” • It’s all about selling more stuff • Ideally to more people • Ambition of driving LTV • And creating advocates who promote us
  • 13. 13 Some Reflections – This stuff isn’t easy but it IS rewarding • Building the engine while flying the plane • Dealing with ambiguity • Managing expectations • Old vs. new
  • 14. 14 Some Reflections – Be Bold and Push Hard For Change • Set big goals • Don’t accept the status quo • Not proactively driving customer migration assumes customers are idiots • Remember, if you don’t someone else probably will

Editor's Notes

  1. Present in 14 UK airports, supported by an estate of 328 ATMs Appointed sole operator at Heathrow Airport since July 2015, including managing seamless overnight terminal-by-terminal transitions from previous co-operator who we took over from Travelex International PAX exposure in UK is c.110m p.a. or c.56% of UK total, making us the UK leader in airport foreign exchange Processed c.3.3m transactions in 2015 in-store and online, and c.9m through ATMs in UK Well regarded by customers with a rating of 8.8/10 by over 19,000 reviewers on UK customer review website, Trust Pilot Leader in digital space with a strong position 1 or 2 (est.13% market share in 2015) in online FX in UK, supported by great rates, service and NPD e.g. Travel Money App and Supercard