Faster and more profitable: competing with banks today

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Where banks are lower than financial companies

Faster and more profitable: competing with banks today

Against the backdrop of changes in Ukrainian law and the global transition online, banks are becoming hostages between regulators and customers. It can be difficult for traditional players to meet all the needs and challenges of customers, unlike financial companies, which are more flexible in response to market changes. Where banks are actually inferior to financial companies – read further in the article.

How competition affects the development of the financial market

Where demand arises, supply arises. One of the customer requests is quick access to funds: the ability to exchange currency at a favorable rate or to transfer cash without an over-commission. As a rule, it is difficult to find a nearby bank with a favorable rate and the amount of currency required for purchase. Also, in the process, many banks are trying to sell as many services as possible to the client, which is why the NBU has repeatedly received complaints about the “imposition” of services. Another problem is cryptocurrency – Ukrainian banks still do not work with them, it is impossible to exchange or transfer a certain amount from cryptocurrency to bank account.

Due to high competition in the market, financial companies tend to focus more on customer satisfaction. Simple math works here. According to the National Commission on Financial Services, as of June 1, 2020, Ukraine had about 2 thousand credit institutions, windmills and other financial institutions, except for ordinary exchangers. While Ukraine has fewer than 80 banks, and by the end of 2020 the Deposit Guarantee Fund is going to liquidate 61 banking institutions.

Thanks to the entry into force of the law on “division”, the activities of all financial companies are now regulated by the National Bank. Thus, financial companies provide solutions to immediate problems for individual customers and businesses, with banks acting under the control of a regulator. However, unlike banks, whose list of services is fairly standard, financial companies aim to provide the most popular and unique services, including:

1. Online currency exchange (Kit Group, Obmenka 24);

2. Work with electronic money (Netex24, 365Cash, ObmenAT, ObmenAT24);

3. Offering online loans (Moneyveo, KF.ua, Miloan);

4. Cash Transfer (MoneyGram, Kit Group, Western Union);

Five. Operations with cryptocurrency (365Cash, Kuna, Netex24, ObmenAT24).

Kit group Became one of the first companies in Ukraine to launch a virtual asset return service. The organization has an extensive network covering the entire country – its branches are located in every regional center and other major cities. In addition to working with cryptocurrencies, the firm also deals with other in-demand services, including currency exchange Most favorable rate and money transfer with minimum commission. For over 10 years of successful work with Kit Group, more than 100 thousand people have used its services, making it one of the most popular providers of financial services on the Ukrainian market.

Using the example of a company and its partner ObmenAT24 We will consider how financial companies make customer work as simple as possible, so that you can get many services at once.

Top-5 criteria for choosing a financial partner:

Facility. A good service refers to a convenient search for the best exchange rate in real time. The company allows you to create an online application or phone reservation for the purchase / sale of currency at the most favorable rate. Also – Receive automatic notifications about currency fluctuations by mail or telegram.

special conditionswhich consists of:

  1. Round currency exchange – For lovers of nightlife;
  2. Wholesale terms – Start working when exchanging from $ 500 (or other currency in equivalent). The currency rate can be fixed online for 1 hour and then the required amount can be exchanged at one of 86 branches throughout Ukraine;
  3. Cash payment support – A comprehensive service that is relevant to those who are going to do a big transaction once for cash: sale / purchase of apartment, car, summer house or land plot. Such customers will be helped to avoid fraudulent settlements (counting, counterfeiting, dilapidated bills), as well as to ensure the security of large amounts of money at specified addresses, including any other city in any region of Ukraine. In addition, you can exchange the required amount for another currency at a wholesale rate;
  4. Fast exchange and return of cryptocurrency – Buy and sell the most popular cryptocurrencies listed on the Binance and Huobi exchanges (Bitcoin, Ethereum and Teether) online, using a payment bank card and for cash;
  5. Favorable cryptocurrency exchange rate – Competitive rates are one of the major factors when choosing crypto exchanges. Only reliable cryptocurrency exchange services that have been on the market for a long time and can take advantage of the best rates in underlying internal processes. This should be taken into account not to be caught by scammers. In the case of ObmenAT24, this means 6 years of experience in the exchange business, a large customer portfolio and effective software.
  6. loyalty program – Customers have the opportunity to use the cumulative discount system as they reach a certain amount and save on the cryptocurrency exchange.

Safety and manufacturing capability. The presence of individually closed booths and a customer waiting area, the ability to exchange currency without queuing – with video recording of transactions and verification of banknotes for authenticity.

In operations with cryptocurrencies, the security of transactions and the guarantee of customer privacy guarantee the workplaces of managers, the use of PGP encryption systems, as well as a crypto-resistant digital signature for the exchange of information. The client’s personal data, which are entered in the application’s registration phase, is securely encrypted using an SSL certificate.

Customer Support Call center operators confirm the booking of the application by phone, after which the client successfully conducts the exchange at the branch in this area. Customer support services advise and accept various customer requests in the company’s 24/7 service portfolio.

Providing a number of large cryptocurrency reserves and trading pairs. Large repositories allow you to exchange cryptocurrencies in the shortest time. If users repeatedly make large transactions, traditional exchangers’ repositories may be significantly reduced. But on popular crypto exchanges like ObMenet24, reserves are recovering very quickly. And due to a wide selection of cryptocurrencies, the convenience of exchanging them greatly increases.

Thus, financial companies provide the most popular services at favorable rates – quickly and safely. Knowing how to assess the credibility and professionalism of institutions according to the above criteria, you can count on a quick solution to your financial problems with a trusted partner. Loyalty and the ability to get all services in one place are the main factors that differentiate financial companies from banks.

In addition, as a rule, bankrupt banks are located in each locality – literally at the fingertips of a potential customer, against the backdrop of strengthening regulation and liquidation of banks.

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