Customer success story: Canadian Western Bank
Always put your institution on the map. And help clients reach around the world.
Challenge: A competitive marketplace
Solution: Shifting international payments online
Results: Convenient payments retain customers
A competitive marketplace
Canadian Western Bank (CWB) is part of the CWB Financial Group, a diversified financial services group that provides specialized services in business and personal banking, trust and wealth management across Canada.
In the past CWB offered customers a limited international payments service that was only accessible in-branch. Only certain currencies were available and customer feedback was that foreign exchange houses and large banks offered more competitive rates.
Anthony Danda, VP Product, Client Solutions elaborated, “We identified an opportunity to provide additional support to our business clients by offering international payments in addition to the products and services they were already using, but our limited currency range and inability to offer competitive pricing was a challenge.
“Customers had to physically come into the branch because we weren’t able to accept wire instructions by fax due to fraud risks, which wasn’t always convenient for them. Additionally, processing these requests was resource intensive so our treasury team was reluctant to expand our international wire services.”
CWB recognized an opportunity to grow wallet share by improving its international payment service and set about finding a partner to provide a streamlined, efficient service to its customers.
Shifting international payments online
After reviewing its options, CWB chose to partner with Convera for its close cultural fit and similar commitment to business clients.
“Convera was committed to working with us from design, to implementation, and marketing support after going live. This commitment reflected our own dedication to our clients,” said Mr. Danda.
CWB now uses CONVERA® GlobalPay for FI a digital platform that streamlines the management of international payments in over 130 currencies to more than 200 countries and territories* at favorable rates and with minimal fees.
“The most enticing thing,” says Mr. Danda, “is that GlobalPay for FI could also be integrated into our business online banking platform which meant customers could transact at their own convenience without having to visit a branch.
“Convera were dedicated to ensuring our business online banking system was integrated without impacting our service, and we were fully trained on the platform.”
Convenient payments retain customers
Implementing GlobalPay for FI has helped put CWB on the map as an international payments provider amongst business clients who weren’t previously aware of this service. CWB has expanded its offering without adding additional pressure to its treasury team who have welcomed the new streamlined payments process.
Mr. Danda continued, “The platform is very intuitive, white-labeled to match our branding, and it’s much easier to set up beneficiaries compared to our previous processes. The pricing process is very straightforward, and we are now market competitive which means customers are happy.
“A key selling point for us has been the Quick Quote feature on the home page, which allows customers to get live market rates. Once they’re logged into the platform it literally takes less than five minutes for a customer to send a payment.”
CWB has also had success expanding its wallet share and approaching new markets through marketing support from Convera, which provides a range of resources and insights to build successful integrated marketing campaigns.
CWB has also experienced an improvement in compliance procedures. GlobalPay for FI enables customers to input valid beneficiary data and complete their own due diligence before sending a payment. And, Convera now completes a review of all wire details and only reaches out to CWB if further information is required on a wire payment.
“Partnering with Convera has really helped us stake our ground amongst our top five competitors. We’ve begun to expand our business services further by referring customers with hedging needs to Convera, which means we are increasing customer satisfaction further still. I can see this partnership continuing to grow into the future,” Mr. Danda said in closing.
"Partnering with Convera has really helped us stake our ground amongst our top five competitors. We’ve begun to expand our business services further by
referring customers with hedging needs to Convera, which means we are increasing customer satisfaction further still.”
Anthony Danda, VP Product, Client Solutions, CWB Financial Group