Every day, exchange professionals navigate high volatility and inconsistent standards in a highly complex and fragmented marketplace. And in addition to a general market murkiness, along with hidden fees, and differing liquidity, there have been recent headlines signalling conflicting messages, unfair practices and distorted benchmarks coming from the companies themselves.
As online transfer specialists and digital banks rapidly grow and expand, former employees have spoken out in the press, arguing that this high-speed growth has come at a large human cost – with hidden costs, unpaid work, unachievable targets, and high-staff turnover.
Transparency in foreign exchange has never been more imperative than it is now.
And that’s where we come in. Privalgo’s customised, innovative approach is based on three core principles: transparency, technology and trust.
“Our founders saw a gap in the market for transparency, and that’s why we started the business,” says Daniel Biggs at Privalgo. “In Clarity for instance, all stages of a sales cycle – we offer open reporting on all client activity, including CRM notes and data, from the beginning, all the way to the trade. This level of transparency does not currently exist in our industry – and we feel strongly that it should.”
But it’s more than just instinct that’s driving us. There is a real and present need for better clarity across the industry.
Recent studies bear this out. Evidence suggests that lack of transparency from suppliers about the cost to customers is contributing to welfare losses to SMEs and consumers. For example, it has been argued that SMEs in the UK paid over £4 billion in so called ‘hidden fees’ for foreign exchange transactions in 2015. And as currency shifts continue to shape corporate bottom lines more than ever before, new data shows that angst over lack of visibility, exposure vulnerabilities, and global interest rate policies are having a major impact on the way we do business.
Openness and transparency are our core values and the reason that we do what we do; we remain committed to putting our clients first and ensuring that we provide an enhanced trading experience.
Part of this means streamlining the process. When you’re dealing with Privalgo, there are fewer layers of hierarchy, meaning the service can be tailor-made to suit each client’s needs. Clients have the direct line and mobile number of their relationship manager, allowing for a more personalized service and greater transparency when placing currency trades.
And we know that transparency means more than overloading customers with an unworkable volume and variety of disclosure information – a long list of terms that you scroll through and click ‘Agree’.
For us, transparency is about clear and common metrics that allow customers to be in complete control of their trading strategy.
As an example, at Privalgo, clients refer a lead through our dedicated online tool called ‘Clarity’, and see real time updates, have complete visibility over client tracking and process, and plan commissions on the payments dashboard.
There is no easier or more transparent way to manage the referral process from beginning to end.
Working hard to achieve market-leading conversions, using this technology we can analyse conversion performance and identify areas for improvement, whilst providing partners with complete transparency on the referrals’ journey.
Determined to bring ever greater transparency to the FX exchange and e-payments space, we are building long-term relationships by finding the best solutions for the many partners that place their trust in us. We are working to become the most referred FX & e-payment business in Europe. And to that end, we are building longevity with every transaction, because we know that reputation determines legacy – and as we create our own, we work with clients to build and protect theirs.
And our care extends beyond our clients – we include each and every member of our own team. At Privalgo, people and culture are at the heart of everything we do.
Founded upon the principles of openness and inclusion, we are a thriving agency with a talented team that is diverse and multicultural. We are committed to making a positive impact not only in our office, but also within our community.
Our passion is to make a difference. As a team we are active in our community working with local and global charities, because we believe there is no better way than service, to communicate and build group values and best practice.
Our people are some of the most talented in the industry – and our turnover is next to zero. The reason? We stand for openness and build trust as an organisation, and we do that internally too; we practice what we preach.
At Privalgo, we know that the future is transparent. And we will continue to lead from the front, moving our industry in that direction, with each and every transaction that we do.