Foreign Exchange Specialist

London, England, United Kingdom

11/5/2024

Job Description

General Role Description

The Foreign Exchange Specialist is responsible for driving the growth of the currency exchange (CE) business by leading teams to achieve revenue and client acquisition targets across the UK. This role requires a strategic, sales-focused approach to maximize revenue opportunities while maintaining compliance with industry standards.

This role is essential for driving revenue growth within the CE business, requiring a strong commercial mindset and leadership ability to achieve significant sales results. Success in this position will be measured by revenue impact, client retention, team performance, and compliance adherence.

Responsibilities

Job Functions and Responsibilities

• Revenue Maximization and Client Acquisition (Sales-Driven Focus)
• Identify and develop new revenue streams through proactive acquisition of corporate and retail clients.
• Engage with corporate clients to build and maintain long-term, revenue-generating relationships.
• Create wholesale currency exchange solutions for Ria agents and develop other tailored offerings to meet market demands.
• Formulate and execute sales action plans aimed at optimizing FX revenue across channels.
• Regularly forecast and track revenue performance against targets, adjusting strategies as needed to meet or exceed goals.
• Team Training and Leadership
• Lead and train retail teams on FX products and services, ensuring all customer interactions are efficient, professional, and sales-oriented.
• Provide ongoing training on guidelines, policies, and processes to ensure compliance and enhance service quality.
• Support daily operations (e.g., exchange rates, stock management, consultations) and provide periodic feedback to foster continuous improvement.
• Operational Tools and Resource Management
• Ensure availability of essential resources for CE transactions, including equipment (detectors, signage, etc.) and inventory.
• Coordinate with the marketing department to update and enhance promotional materials and support sales campaigns.
• Review and optimize operational resources (rate boards, screens, brochures) to enhance visibility and customer engagement.
• Pricing Strategy and Market Monitoring
• Develop and monitor pricing strategies to remain competitive and attract new clients.
• Stay informed on industry standards, competitors, and market trends, ensuring the company’s CE services stay relevant and responsive to market conditions.
• Analyze currency trends and anticipate shifts in demand or supply, using this information to adjust pricing or promotional efforts.
• Compliance and Regulatory Adherence
• Liaise with the Compliance Department to stay informed on FCA regulations and internal compliance standards.
• Ensure strict adherence to CE regulations and anti-money laundering policies by all team members.
• Educate the team on compliance requirements, emphasizing the importance of regulatory adherence in every transaction.
• Stock Management and Supply Control
• Monitor and manage CE stock levels to meet demand while minimizing excess inventory.
• Coordinate inter-branch transfers based on market demand and branch limitations.
• Manage urgent personal transfers and adjust stock limits in response to business needs.
• Order or sell foreign currencies with providers as necessary, maintaining an optimal balance between supply and demand.
  
  

Qualifications

Skills and Abilities

• Experience: Minimum of 12 months in a similar role.
• Sales-Oriented Mindset: Ability to identify and drive revenue opportunities proactively.
• Communication Skills: Excellent communication abilities to foster client relationships and lead team members effectively.
• Adaptability and Resilience: Thrives in a fast-paced, dynamic environment and can perform well under pressure.
• Self-Motivated and Proactive: A strong drive to push the business forward and achieve set targets.
• Leadership Skills: Capability to guide and inspire a team towards achieving business objectives.
• IT Skills: proficient in Microsoft Office
  
  

Competencies

• Flexibility/Adaptability & Managing Change
• Client Orientation
• Analytical Thinking
• Teamwork & Conflict Management
• Communication & Influence
  
  

Education And Work Experience

• Education: A Levels or higher.
• Work Experience: At least 12 months in a similar CE or retail-focused position.