When seeking to maximise the potential of foreign exchange in the airport environment, it is essential that bureaux and ATMs are in the line of sight for passengers.
Paul Brindley, Global Business Development Director, Travelex, will address this year’s ACI EUROPE Airport Commercial & Retail Conference in Milan on how airports can take on the high street and grow their share of the foreign exchange market. He gave Airport Business a preview of his thoughts, and explained how airports and suppliers are innovating to maximise the potential of foreign exchange.
Driving vital commercial revenues is a core focus for Europe’s airports, and innovation occurs across all aspects of non-aeronautical development. In the foreign exchange (FX) environment, airports and suppliers are constantly identifying different ways to interact with customers to ensure the best level of service for passengers.
The Travelex approach is simple – it puts the customer first, to create seamless and convenient products to meet their needs. The foreign exchange specialist operates in major global gateways including Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney, and Tokyo. Significantly, it was recently announced that, from July, Travelex will be the first exclusive foreign exchange provider at London Heathrow.
Paul Brindley, Global Business Development Director, Travelex: “We are constantly innovating, both in technology and in compliance. We’re looking to make sure we can deliver technology that is right for the consumers.”
Speaking to Airport Business, Paul Brindley, Global Business Development Director, Travelex, articulated a total cash management approach. His is a particularly appropriate set of experience; he has worked on both sides of the fence, having spent four years with Heathrow Airport in a variety of roles, and is clearly putting this unique understanding to good use, with a dynamic strategy to innovate and maximise the potential of airport FX.
Brindley explained that the visibility of FX bureaux and ATMs is absolutely key. “If you’re not in the line of sight, you will limit the potential of foreign exchange,” he asserted. “Initiatives like pop-up stores at Heathrow and Doha have seen sales and transactions dramatically increase. Part of our goal is to help educate the airports to put foreign exchange in the main thoroughfares, where they’re in line of sight. That’s one thing airports can do very simply.” He highlighted Vienna as a good example, which has increased its proportion of FX sales from 3% to 5%.
Technology is being harnessed in a number of ways to make consumers’ lives easier, and airports can also improve performance by embracing e-commerce. “If you take Manchester Airport, over 20% of their sales are online, and that actually gives consumers a great choice because online rates are competitive with the pre-trip market,” Brindley commented. “It also means consumers can get the best deal and the best convenience by collecting their currency on their way through the airport.”
Indeed, when taking on the high street, the key is capturing a greater share of the pre-trip market, and Brindley explained that embracing e-commerce is essential to achieving this.
The third element he identified is cash management within the airport; Travelex offers tailored services for airports, and their concessionaires and retailers.
Looking ahead, Travelex’s new digital team is identifying further innovative ways of harnessing technology to help consumers. The first product is Supercard, a pilot programme which Travelex aims to launch in the coming months. Supercard will offer UK consumers a smart way to spend money abroad. The payment card works in tandem with an app that will be available on iOS and Android devices. As many as five existing UK debit or credit cards can be entered into the app; one is then selected to link to Supercard (this can be changed at any time). It is early days, but another example of how technology is being used to make consumers’ lives easier.
It’s clear that the constant drive for innovation extends to all areas of commercial revenues, including FX, and the partnership approach between airports and suppliers like Travelex is contributing to an enhanced passenger experience.
