Last month, FXcompared spoke with TorFX CEO, Jon Beddell. Below, read about Jon's thoughts on the money transfer industry and his excitement about the future of TorFX.
How long have you worked for TorFX? How long have you been CEO?
I was one of the founders of TorFX back in 2004 and have been CEO since the company’s early days. When we started out we had a very small team so it’s been brilliant to see the TorFX family expand to more than 130 over the years.
What do you like most about being part of TorFX?
For me, one of the best aspects of being part of TorFX is seeing the continued success of the business and contributing to the development and achievements of team members. Many of my colleagues are long standing members of TorFX so we’ve grown and learned a lot together. The business has transformed in scale, technical capability and organisational structure and will continue to transform, so it’s always challenging and we always feel like we are doing something new…because we are!
What three things do you think sets TorFX apart from its competitors?
We’re extremely focussed on customer relationships. We want our customers to have the benefits of the latest technologies, which is why we provide online and mobile trading, but we also maintain a strong emphasis on personal interactions. Customers are all assigned a dedicated Account Manager to look after their requirements and we ensure they’re very easy to reach by telephone and/or email so they can offer support and guidance when needed.
Our people. Ok so this is a cliché, but hear me out. Unlike our competitors, we’re not based in the city. In the city people tend to move around a lot. Our base in beautiful Cornwall has the natural advantage that we retain dedicated and talented people. This has helped us create strong team cohesion, hone skills, build knowledge and develop an ingrained customer service culture within the organisation that’s seen us win multiple awards, including the recent Moneyfacts award for Best Customer Service.
Partnerships. The majority of our clients come from referrals. We work with hundreds of partners and take a long term view of these partnerships, choosing to work with ‘best in class’ providers like international removals firm Pickfords, and ANZ Bank, who we feel provide services that mirror our own customer service ethos and capabilities. Our partnerships not only provide us with new customers, but also allow us to provide those customers with access to relevant, high-quality services.
What technologies do you think will have most impact on the international payment space over the next five years? (e.g. blockchain, apps & smart phones)
Mobile will continue to grow as a channel, especially for lower value money transfer. Personally, I used the TorFX app for the first time several months ago and I haven’t accessed my account on a PC since!
Digitisation is of increasing importance in financial services and drives how we interface with clients. Over the next five years we will continue to simplify our services, make operations function more efficiently and optimise the customer experience through smart data use.
Which three geographies/countries are you most excited about for future growth (and why)?
The UK, because we still see significant market share opportunity. The banks still control the majority of the personal and corporate foreign exchange market and their rates and service remain in general quite poor.
Australia, because we established our business there three years ago and have seen strong and sustained growth.
North America is a challenging market from a regulatory, banking and distribution perspective but represents a huge market opportunity. We have a growing business there and are very excited about our prospects and the opportunity for further growth.
What do you like to do whilst not working? Where did you grow up?
I grew up and still live in Kent. I spend most my free time with my wife and three children, which is a lot of fun and keeps me busy. I used to fly gliders as a hobby, but with a busy family and work life I don’t have time to fly real ones so I build and fly models, which is almost as fun (really it is!!) I also like to run, play tennis, and drink red wine.
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