There are many ways you can expand your organization’s reach. But when you want to expand your international presence, sometimes the best method is through partnerships.
That’s one way Lucian Lauerman, Head of FX Data Services at OANDA, is approaching their expanding reach as the company launches its new FX platform.
In this episode, we discuss:
- The history of OANDA
- OANDA’s influence in the FX space
- Why partnerships are the way forward for the company
OANDA began around 25 years ago as the product of the work of two professors from the University of Toronto. The goal was simple, yet ambitious:
Democratize foreign exchange.
The company initially got its start through FX data it would put out on the internet. Since these humble beginnings, the organization has grown into a retail foreign exchange brokerage.
The company has expanded into several international markets, with a strong presence in North America, Asia, Europe, and the UK.
Now, the company wants to expand its reach through a new electronic platform offering currency conversions for companies doing business internationally — something they hope will leverage their experience in the FX space to gain a wider audience.
“The service we’re offering, we’re really looking to work with partners where the onboarding experience is simplified. For us, that’s always a really important part of rolling out a new service.” — Lucian Lauerman
But they are always mindful of their roots in data.
OANDA: The gold standard for FX data
OANDA’s data-focused beginnings are still a large component of the company.
In fact, almost any company working with exchange market data interacts with OANDA data somewhere along the way — from big corporations down to SMEs.
Their calculators are also ubiquitous tools in the field, seen as the gold standard for exchange calculations.
“If you want to check the exchange rate, people tell you to check the OANDA rate.” — Lucian Lauerman
This experience is one reason those in the company feel that this market expansion will make sense to potential consumers.
But of course, to do that, they need partners to join their platform.
Progress through partnerships
The focus for OANDA right now is to ensure that they are delivering the best value for their customers they can right now.
And since partnerships are a large component of their growth strategy and expanding services, they need to make the process as easy for partners as possible.
“We’re really looking to broaden our proposition to our various audiences, both corporate and retail trading, and doing that through partnerships with best of breed organizations.” — Lucian Lauerman
That’s why they are focusing so heavily on the onboarding process right now. They want to make everything simple.
And on the data side of the business, they are building what Lucian calls a “digital demand funnel” to help familiarize a wider market with their data services. This runs on a freemium model which offers many services at no cost, allowing potential customers to see the benefits for themselves before deciding whether they would like to spend more on upgraded service.
Finally, the company is looking to expand the corporate analytics they offer with tools built on its 25+ years of experience in the FX space.
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Until next time!