Lack of knowledge among individual customers about the available currency exchange options, too high costs and long time of completing the transaction in a bank exchange office in the opinion of SMEs - these are just some of the conclusions from the latest study carried out by Accenture "The currency exchange market in Poland. From conquerors to fintechs. " Accenture has identified the main trends that can positively affect the development of the currency exchange market in Poland.
As much as 49 percent of the respondents indicated this as the purpose of currency exchange for card or cash payments during trips abroad, 37 percent of the respondents made purchases in foreign online stores, and 33 percent received cash from abroad.
Slightly more than 10 percent of respondents thought that online exchange offices are the cheapest currency exchange option, while as many as 34 percent believe that they are stationary exchange offices. However, every third respondent does not know if the bank that uses the services has an online currency exchange. Meanwhile, the Accenture study shows that exchanges in online exchange offices (banking and non-banking) can be much cheaper.
In 2019, the volume of turnover on the currency market in Poland was estimated at less than PLN 1 trillion. By 2022, it is projected to increase by approximately PLN 80 billion. In a market that only consists in exchanging one currency for another, it is difficult for companies to compete with the product itself. Of course, price plays an important role in the process, but additional services accompanying currency exchange are equally important.
"We conducted the study on both individual clients and the SME sector. We wanted to learn the preferences and level of knowledge regarding currency transactions and identify areas that can provide enterprises with a competitive advantage and contribute to market development," says Michał Bazarnik, Senior Manager, Accenture.
It is estimated that the share of innovative, alternative solutions in total currency turnover in Poland is over 5 percent; over 20 percent of foreign exchange is still taking place in stationary exchange offices, although their market share is falling.