Currency exchange is an everyday banking service that a large proportion of the bank’s customers — businesses and private customers — use regularly, particularly when travelling outside of the Eurozone or making international payments. In most cases, non-cash currency exchange is done through the online bank or, sometimes, by phone. Now, Citadele customers with Apple phones can also exchange currency in the bank’s mobile app.
“One of the foundations of successful business is the ability to work effectively, meaning that companies must be able to work with their bank to receive financial services conveniently, quickly and in a manner best suited to them. If, previously, currency transactions were time consuming and inconvenient, requiring a call to the bank before confirmation via the online bank, we improved this process a year ago by introducing currency exchange through the online bank. Now, we have an even faster and more convenient solution: currency exchange in the Citadele app. A few clicks, and customers have access to the currency they need,” explains Mārtiņš Bērziņš, Head of Digital Experience Development and Deputy Head of Business Development at Citadele.
After these changes to the currency exchange process, customers can receive a service online through the online bank or app which was previously clunky and complicated. This innovation allows the bank to serve an unlimited number of customers without increasing transaction costs, while at the same time adapting the exchange rate for the individual customer and transaction sum.
“The implementation of this functionality was a technological challenge, as there are constant price changes in the currency market, and transactions and exchange rates must be updated in real time while adhering to additional requirements regarding processing and completion speed. Now, due to the automated process, currency exchange transactions take place instantly, and customers have access to the currency they have purchased immediately,” adds Bērziņš.
The currency exchange function is currently available on the iOS platform, but it will soon also be available for Android users.