Payhawk has partnered with Wise Platform to integrate fast, low-cost international payment services directly into the Payhawk platform Wise Platform is...
A recent Censuswide survey, commissioned by Wise, finds that barely half of bank employees would recommend their respective institutions' international payments services
A recent survey commissioned by Wise has revealed that only 51% of employees at the UK's top banks would recommend their respective institutions' international payments services. These findings serve as a wake-up call for traditional banks to prioritise improving their international payments offerings in the years to come, or risk losing out to more specialised cross-border payment firms.
The research set out to understand whether banks’ employees are bought into their own international payment products. As it turns out, many struggle to stand by what they’re selling. Barely half believe that the fees they charge to customers sending money abroad are fair, with 19% of respondents explicitly stating that they are not proud of their international payments services.¹ A further 32% admit that although they have recommended their bank’s services in the past, they would not do so again.
On top of the lack of confidence bank employees have in recommending their products to others, the survey revealed an even greater lack of confidence in using their own products themselves; 62% of respondents claimed that they would consider using a fintech’s card abroad this summer in favour of their own bank’s.²
|Steve Naudé, Head of Wise Platform, said:|
At Wise, we have spent over a decade building the best way to move and manage money internationally. Over 16 million personal and business customers have chosen us - often over their own bank - to serve their international payment needs. But we don’t necessarily believe that the best way for customers to send money internationally is via the Wise app - it’s within their existing bank or financial institution’s platform. We want to give banks their customers back - and help them restore their own employees’ trust in the cross-border services they provide.
That’s why we built Wise Platform, Wise’s infrastructure solution for financial institutions and major enterprises. Wise Platform partners with over 70 banks and enterprises worldwide, including Bank Mandiri, IndusInd Bank, Monzo and Google Pay to bring faster, cheaper international payments to millions of bank customers directly within their existing app.
Find out more about how Wise Platform can transform your bank or business’ international payments services today.
1. Somewhat agree and strongly disagree combined 2. Yes, definitely and yes, maybe combined
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
Thanks to Wise Platform, large companies and banks can now leverage Wise’s global payments technology and embed the best way to send, receive, and manage...
Wise Platform is proud to announce an exciting new collaboration with Swift, which will help increase cross-border payment options for financial institutions.
Saudi Awwal Bank has entered into an agreement with Wise to provide Awwal customers with fast, secure and cost-effective solutions for sending and receiving
Three years ago Wise Platform partnered with leading global HR and payroll company, Deel to give Deel’s business customers an easier way to manage their...