Reinforces company’s Leadership position in the Foreign Exchange space
Mumbai, Thomas Cook India’s continued focus on the Foreign Exchange segment has ensured sustained leadership in the Forex services space. The strategic intent of specialisation has been driven along 4 key axes of scale, speed, skill and service – making it the largest non-bank Foreign Exchange services provider in India.
The Company’s Foreign Exchange business today serves over 1 million retail customers every year, via its website and over 100 Forex stores located across 65 metros, Tier 2-4 cities/towns pan India. The business also serves over 1000 corporate clients, issued 1 million+ Forex prepaid cards and over 1 lakh students studying overseas using fees and other remittance services of the Company. The Company operates 21 counters at leading airports and collaborates with over 1500 Forex agent partners across the country.
With a clear intent to leverage the opportunity of India’s rapidly growing digital ecosystem and drive scale and speed, Thomas Cook India’s Forex business embarked on a journey of digitalisation pre-pandemic; and leveraged the lockdown to accelerate its digital transformation. The Forex business pivoted to enhanced digital models to deliver on the imperatives of contactless and safe transactions: launched the Virtual Forex Branch equipping its teams with VPN telephony/auto diallers to stay connected and assist customers from the safety of their homes; the innovative FXMate digital tool to support B2B partners with virtual Foreign Exchange services; online remittances and card top-ups that proved invaluable for students stranded overseas with quick/seamless and secure transactions.
Today the Company’s unique Omnichannel model empowers customers with choice and convenience: simple, secure and quick bookings via its Online Forex Store; support through its call centre or by walking in to their closest Forex outlet to transact with an in-store expert.
Thomas Cook Forex’s focus on digital transformation has helped the business significantly. Helping the business register a growth for Q3 FY22 at 2x in value Vs. Q3 FY21; strong QoQ transactions with a 72% increase vs Q3 FY21; increase in card loads by 140% QoQ. The education segment has even surpassed pre-pandemic 2019 levels by 111% over Q3 FY20 and recovered in Q3 FY22 by 174% over Q3 FY21 and has signed up over 1600 FXMate partners who operate via a digital platform, generating sales of Rs. 375 Crore.
Thomas Cook India is even more bullish about the space than ever before and to coincide with the re-start of travel, has launched a marketing campaign that positions the brand as India ka Forex Specialist, inspiring confidence with everyone and ensuring a seamless-secure experience. In essence communicating that – with Thomas Cook, all the complexities regarding Forex requirements are taken care of via a simple, smooth process to ensure an unparalleled customer commitment in the form of Ghar pe Forex – doorstep delivery in 2 hours!
Mr. Abraham Alapatt – President & Group Head, Marketing, Service Quality, Value Added Services & Innovation, Thomas Cook (India) Limited said, “Buying Foreign Exchange was historically perceived to be the most complex and tedious part of the travel process. At Thomas Cook Forex we have changed that with our fast, seamless digital capability and want to drive that message home –while reiterating our category leadership as India’s Forex specialist.
For this film, we tapped into the insight that in every family, there are official/unofficial specialists for various aspects of the holiday journey from shopping, to packing, itinerary planning etc., But when it comes to Foreign Exchange requirements, everyone in the family agrees that Thomas Cook is THE Foreign Exchange specialist!
While this campaign communicates that with Thomas Cook Foreign Exchange, the Forex buying process is now simple and seamless, it also communicates our promise of Forex home delivered in 2 hours anywhere in India – making an even more important leadership statement. All this is delivered in a light, humorous manner via this campaign where metaphorically, Thomas Cook Foreign Exchange is likened to a family member with its very own specialisation – of India ka Forex specialist!”
Mr. Deepesh Varma, Senior Vice President, Foreign Exchange, Thomas Cook (India) Limited said, “Forex is a key business line for the Company and our strong focus has ensured our leadership – as India’s largest non-bank Foreign Exchange service provider. We have worked untiringly in our position as Specialists by honing our skills in the domain, leveraging our significant size- scale (across our retail and virtual network), our diversity of services and speed of delivery.
With reopening of borders and easing of protocols, we wanted to capitalise on positive sentiment/pent-up demand to accelerate our Forex business. As experts and leaders in the space, we want our customers to leave all their Foreign Exchange concerns to us. And our campaign serves to do just that by positioning us as India ka Forex Specialist. This message hence comes as a strong reassurance – to the diversity of our consumer segments, be they holiday makers, business travellers or students.
We offer an extensive range of end-to-end Forex services to suit every customer need. Additionally, our omnichannel model offers the reach of over 100 retail stores, 21 counters at leading airports and the ease of online bookings with our Ghar pe Forex promise – a 2 hour doorstep delivery.“
Foreign Exchange: Thomas Cook India’s Foreign Exchange business offers customers significant benefits:
26 currencies
Remittances to 120 countries worldwide
Study Buddy Education portfolio (Application Fees, University Fees, Living Expenses, Student Fee Remittances, Prepaid card, cash)
Prepaid Cards (Borderless Multi Currency and One Currency)
About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Limited. (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, Visa and Passport services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Travel Circle International Limited (TCI 勝景遊), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa
As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 25 countries across 5 continents
TCIL has been felicitated with CNBC-TV18 & ICICI Lombard India Risk Management Award – Travel & Leisure Category 2022 & 2021, The Best Travel Agency – India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2019 & 2018 and Leading Company with Cutting Edge Travel Innovation at the Times Travel Awards 2018, Silver award for Asia’s Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards 2019, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; Best Cash Management Solution – India at the Asset Triple A Treasury, Trade, Supply Chain & Risk Management Awards 2018, Best Outbound Tour Operator at the SATTE Awards 2019, Excellence in Domestic Tour Operations at the SATTE Awards 2018, The French Ambassador’s Award for Exemplary Achievements in Visa Issuance 5 years in a row and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2019.
CRISIL has reaffirmed the rating on debt programmes and bank facilities of Thomas Cook (India) Limited – ‘CRISIL A+/Negative on the long-term bank facilities of TCIL and CRISIL A1 rating on the short-term bank facilities and short- term debt of the Company.
For more information, please visit www.thomascook.in
Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited promotes TCIL by holding 65.60% of its paid-up capital and is responsible for the execution of acquisition and investment opportunities.
About Fairfax Financial Holdings Limited: Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, the company is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.
About Subsidiaries of Thomas Cook (India) Limited:
Sterling Holiday Resorts Limited, a wholly owned subsidiary of TCIL, is a leading Indian Leisure Hospitality company with 37 resorts across the country, providing a variety of offerings: Leisure holidays through FIT packages, Meetings & Conferences, Weddings, Reunions, Picnics and Holidays through Memberships.
SOTC Travel Limited, a wholly owned subsidiary of TCIL, is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel.
Travel Corporation (India) Limited (TCI), a wholly owned subsidiary of TCIL, is the leading Destination Management Company in India that offers tailor-made travel and related services to India, Nepal, Bhutan and Sri Lanka.
Thomas Cook India Group holds 51% stake in DEI Holdings Limited (DEI), one of the world’s leading imaging solutions and services providers.
About SOTC Travel: SOTC Travel Limited is a step-down subsidiary of Fairfax Financial Holdings held through its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL). SOTC India is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel. SOTC was established in 1949. Since then, it has escorted millions of travellers across the globe for more than 70 years to various destinations around the world. A new age innovative holidaymaker, SOTC strives to make holidays a priority for every Indian. ‘We are for holidays’ and we want Indians to prioritize their holidays.
This article was shared with Prittle Prattle News as a Press Release.
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