The company’s CEO, Skander Malcolm, joined in February 2017, drawn by what he refers to as a company that is innovating for the customer. A 23-year veteran of the financial services industry, he has worked in both established and developed markets. He places a high premium on customer experience as a driver of growth.
“ The thing that OFX enables customers to do better than everyone else is move money really easily. It’s a very straightforward process, you can log in, and you can talk to our people. We have people all around the world, so you can talk to someone 24/7. It’s a really nice experience,” says Malcolm.
Customer experience is also a key driver for Pendleton-Browne. He offers the example of Uber, another digital disrupter.
“With Uber, you can book something on your phone, watch exactly where your car is, when it’s going to get there, it gives you an estimated time and the actual cost. The whole experience is so simple and easy. And those sorts of experiences are really transforming the way customers look at other businesses. Their expectations of every other service is being reassessed in light of the convenience offered by these challenger brands.”
He sees the payment space as quite similar in terms of customer expectation.
“Whenever you are dealing with people’s money there is a certain element of apprehension, or an understandable degree of concern.”
“People want to be able to see exactly where their money is. When they hit transfer, they want to see in real time. They really love a real-time view of that whole process. That is quite difficult for banks to achieve with the infrastructure they currently have in place, but it’s something OFX is well positioned to provide. It seems that in the financial services space, as with Uber, that visibility is strongly linked to trust. Whether it’s a car navigating towards you, or money moving between bank accounts, there is reassurance in being able to track it digitally.”
“The biggest challenge for OFX is that we’re one of the best-kept secrets ever. The company recently undertook a global rebrand, moving from OzForex and other regionalized business names (UKForex and USForex) to one single global brand ‘OFX’.”
And while OFX is at its heart a technology company, Pendleton-Browne understands that its role is not merely the provision of a financial service.
“Moving money is not the sole objective. People want to send money for a specific reason. Whether it’s an overseas holiday, a son or daughter attending University abroad, or buying that engagement ring that you just can’t find anywhere else. OFX is enabling our customers to do the things that they really want to do and save money while they’re doing it,” he says.