Within the world of foreign exchanges, changes to company performance and policy are commonplace. Many people can benefit from a new rebranding of any company, and within such a volatile a world like finance it can help to have brands reformed as one to provide the clearest service possible.
One significant rebrand in recent times has been that of OzForex, a popular foreign exchange company based in Australia. In conjunction with many other forex brands such as NZForex, USForex, UKForex, CanadianForex, Tranzfers and Clear FX, OZForex has transformed into OFX. Over time, an amalgamation of all the sister brands listed above is likely to follow, as each company looks to work under one operational banner from now on.
Why Does Forex Rebranding Matter?
There are many reasons why the rebrand of a forex company may occur. The main reason for this rebranding in particular, though, was to try and accelerate the efforts of each individual grouping into one, centralising support and making it easier for each group to operate on the same message.
One major reason for Forex rebranding in this case has been the fact that each group was involved in a deeply global marketplace. Rather than having everyone running separate sectors whilst trying to navigate and work together accordingly, it made sense to ensure that each group could identify as one across the globe.
This also helps to improve the strength and depth of the marketing arm of the business. No longer are multiple campaigns need for each region – now, the whole group can move as one. Although there are many benefits to choosing to solidify the operation, one major improvement has been the retention of the current ticker on the ASX.
Although many might see the new launch of OFX as nothing more than a brand re-organization and a new logo, it brings far more to the table. Now, a greater level of customer integration can occur as well as a more centralized use of everything from company website and policy to having one working mobile application for all.
OFX Rebrand Benefits
Many benefits exist for rebranding a forex company, particularly when trying to globalize one particular brand instead of trying to operate numerous brands all at once. Just some of the main benefits of the rebrand of OFX include;
- A far better quality of design across the board. Now, one budget exists which means clients have one major website to access, instead of many. This website has also seen major interest ensuring that it manages to provide a responsive service whether it’s on a mobile device or a desktop device. This ensures for faster, more effective customer delivery.
- Also, now payments can be handled by one central process. It means that OFX now provides currency options for 48 different currencies. This will make an incredible difference to the overall progression of the business, and makes it easier for clients to all operate from one location together.
- Customer satisfaction can be improved massively, too. Customer rates are now provided rather than inter-bank rate, meaning that customers can get access to more information than ever before thanks to this. No more waiting around for answers and no more cloak and dagger digits. With this new rebrand, customers can get access to a much cleaner brand interface.
- This also ensures that FAQs can be centralised, giving everyone a major place to learn about the latest and greatest adjustments that have to be met. By having one location for all support to be led from, it makes it easier to find information that genuinely helps.
- A 4-digit PIN login is now part of the OFX system, meaning that OFX users will feel more secure than they did in their regional counterparts. This helps to keep everyone feeling secure and comfortable about their prospects of keeping vital data and information private, with a more dedicated security approach than before.
- Now, the company can target more specific growth across various channels, using the expertise of many instead of the efforts of one. This makes it more likely that a result can be achieved which will help propel OFX and those who use its services further in future.
Formed in 1998, OZForex worked through the Australian Foreign Exchange, acting first as an information broker that helped people understand the markets and eventually becoming a payment specialist. By offering international payment services, OZForex found an easy way to offer a strong presence across Australia before moving into other countries, too.
At one stage, OZForex also covered locations such as the UK, New Zealand, Canada, the United States and various parts of the Asian Pacific. The company was first launched in 1998 by Matthew Gilmour, and by 2001 it had its first online money transfer facility in place. It was in the UK and other nations by 2003, cementing its rapid speed of growth.
In 2007, 51% of the company was purchased by Macquarie Bank, and in the same year the Canadian arm of the company was launched. 2009 seen the future of the company change again, with the introduction of an international money transfer platform via ING Direct. 2010 saw the launch of ClearFX, and two years later it launched a specific Travel Card before opening a US branch in San Francisco.
This constant change and development ensures that OZForex continued to grow until 2015, when the global rebranding of all of its services came to pass. Brief discussions in 2015 to see a 100% takeover purchase by Western Union occurred, but nothing ever came of these potential discussions.
Instead, OFX was re-launched as each part of the umbrella formed as one, offering a more specific marketing plan moving forward.