A bright, engaging storefront, open interior, friendly staff and to-the-minute flight information create a positive experience for customers, which in turn benefits not only ChangeGroup, but also its airport partners
In July, 2022, Prosegur Cash, a global leader in the cash management industry, acquired a controlling stake in ChangeGroup, a provider of foreign currency exchange services. This created a true partnership that enhances the competitiveness of both companies — Prosegur Cash will benefit from ChangeGroup's expertise in foreign currency exchange, while ChangeGroup will have access to Prosegur Cash's global network and resources.
“Moving forward, Prosegur Cash will continue to focus on expanding its cash management solutions and leveraging its new partnership with ChangeGroup to offer more comprehensive services to its customers,” says ChangeGroup CEO Sacha Zackariya. “Meanwhile, ChangeGroup will continue to expand its foreign currency exchange services and explore new opportunities to work with Prosegur Cash to enhance its offering.”
Clear trends
Throughout its three decades of business, ChangeGroup’s data acquisition has given the company unique insight into spending behaviors. Zackariya sees three clear trends in recent years, starting with the trend toward a digital environment.
“As everyday life continues to become increasingly digital, consumers are becoming more comfortable with using digital channels to exchange currency. ChangeGroup has responded by offering online currency exchange services and enhanced ATM services to cater to this trend, which continues to grow,” he says.
The second trend is the heightened emphasis on exceptional customer experience as customers’ expectations have grown. Zackariya tells Global Travel Retail Magazine that ChangeGroup has invested in a range of technology and staff training in order to provide personalized and efficient services to customers.
He also notes the growing awareness of environmental and social issues, a result of which consumers are increasingly seeking sustainable products and services. “ChangeGroup has implemented sustainable practices such as reducing waste and carbon emissions. We have also provided hundreds of thousands of fully compostable money wallets as an alternative to plastic,” he adds.
Adapting to circumstances
During the pandemic, the company adapted its services to cater to the changing needs of customers as a result of the pandemic. “With travel restrictions and border closures in place there was a reduced demand for currency exchange services,” says Zackariya. “In response, ChangeGroup shifted its focus to other services such as money transfer. Post pandemic the demand for cash services has increased dramatically, and so we are focusing once again on currency exchange.”
According to Zackariya, the pandemic taught the company the importance of being adaptable and responsive to changing circumstances and moving forward, ChangeGroup will continue to prioritize customer experience, sustainability and digital channels, while making sure we remain agile and responsive to changing trends and expectations.
Customer experience
ChangeGroup has the unique advantage of being present at every stage of the journey, and thus it can help provide the passenger with engaging, pleasant and convenient services along the way. “When the journey begins, ChangeGroup is there to provide passengers with foreign currency exchange services that are quick, convenient, and offer competitive rates. This can help alleviate stress and act as a time saver for passengers who need to exchange currency for their trip,” says Zackariya.
At the airport, ChangeGroup provides other services such as multi-currency ATMs, which improve and simplify the travel experience for passengers. “We also provide up-to-the-minute information and flight screens in the branches,” he explains. “Travelers typically appreciate our friendly welcoming staff and open branch designs, and choose to visit us over seeking out other customer information points in the airport.”
When it’s time for passengers to return home, ChangeGroup provides services such as VAT refunds, which can help them save money on their purchases. The company also exchanges back unused currency, and in some cases sells train and bus tickets.
By offering a range of services that cater to passengers' needs and preferences, ChangeGroup also helps its airport partners by helping the traveler to feel relaxed and less stressed. “In addition, by partnering with other airport stakeholders such as airlines, hotels, and retailers, ChangeGroup can work to create a seamless and integrated travel experience for passengers,” says Zackariya.
Marketing from multiple angles
Before passengers begin their journey, ChangeGroup creates awareness of its services through targeted digital marketing campaigns. “We make use of social media, email marketing and search engine optimization to reach potential customers who are searching for currency exchange services or other travel-related services,” says Zackariya. “Additionally, we partner with airlines or travel agencies to promote our services to customers. Duty free and other retailers can easily partner with us in this area.”
The company ensures it has a strong brand presence across airport terminals, train stations, shopping malls and city center locations, with an estimated 400 million people seeing the brand every year. “Our brand presence might include having prominent signage, displays, and branded kiosks that catch the attention of passengers,” he shares. “We also offer promotions and discounts to incentivize passengers to use our services, which can also include other retail partners from time to time.”
Once the passenger has returned home, ChangeGroup follows up carrying out surveys to gather customer insights, and also by offering loyalty programs and incentives for customers to use its services again in the future.
“These are areas that provide plenty of opportunity for partnerships with other retailers. Can we do more? Absolutely. Clearly, ChangeGroup can generate awareness of relevant services in combination with the duty free and travel retail channel by partnering with retailers or creating joint marketing campaigns. For example, we can offer exclusive promotions or discounts to customers who use our currency exchange services and shop at specific retailers. This would incentivize customers to use both ChangeGroup's services and the duty free and travel retail channel,” explains Zackariya.
Innovation sets the foundation
Described as having “a constant eye on the future,” the company is using new technologies to accelerate innovation. “ChangeGroup has invested in the development of digital platforms that enable customers to access our services online,” says Zackariya. “As an example, through the ChangeGroup website customers can now order currency online for collection upon arrival at the airport, significantly improving the customer experience by making the process far more convenient and time efficient.”
“Overall, ChangeGroup's focus on new technologies has enabled us to stay ahead of the curve and provide innovative solutions to customers. By investing in digital platforms, automation, data analytics and blockchain, the company is positioning itself to succeed in an increasingly competitive market,” he says.
Throughout its 30-year history, ChangeGroup has consistently used data analytics to gain insights into customer behavior and preferences. This allows the company to develop more targeted marketing campaigns and tailor services to meet customer needs.
“We have been able to use data analytics to identify the most popular currencies for exchange at certain times of the day and adjust its inventory and staffing accordingly. We have also invested in automation technology to streamline operations and reduce costs by deploying automated self-service teller machines. This allows customers to purchase foreign currency and access other services without the need for a staff member, reducing waiting times for customers and allowing staff to focus on more complex tasks,” shares Zackariya.
ChangeGroup is consistently exploring new technologies to place itself in the best possible position for the future. Other areas include the use of blockchain technology and a recent investment in LED displays designed to catch the eye of travelers while also enhancing the mood of not only its branches, but also the airport as a whole.
ChangeGroup CEO Sacha Zackariya has published a “must-read” book offering insights and expertise on the wants and expectations of travelers, and when, where and why they choose to spend money
Now we can learn his secrets
For anyone who wants to learn more about the desires and expectations of travelers, ChangeGroup CEO Sacha Zackariya has now published a “must-read” book offering insights and expertise based on 30 years of data acquisition and analysis, expanding on when, where and why travelers choose to spend their money.
While his own three decades of successful business leadership would offer enough insight for readers, the book also contains interviews with some of the most highly regarded names in the industry including Ravi Thakran, Group Chairman of LVMH Asia, Stewart Wingate, CEO of London Gatwick Airport, and Andrea d'Avack, President of the CHANEL Foundation, along with many more.
Leading Travel and Tourism Retail: How Businesses Can Sustainably Capture New Profits in Shopping Tourism is available to purchase here: https://www.amazon.co.uk/Leading-Travel-Tourism-Retail-Sustainably-ebook/dp/B0BTT7R8JM/
