Problems with Conventional Systems
Conventional Foreign Exchange Rate Boards and Their Limitations
LED boards for forex rate display may be considered the cheapest display option in the market, but it may not necessarily be the most cost-effective option. Hidden future costs, slow ROI and limited benefits are some aspects to consider when you want to find the best value option for your business.
Below are some limitations posed by conventional foreign exchange displays, compared side-by-side with SMARTFOREX® to give you additional perspectives on your rate display options.
- Manual rate updating
- Limited Flexibility
- Proprietary hardware or limited hardware compatibility
- Little to no advertising space
Manual rate updating
Traditional foreign exchange display solutions rely on the staff within your organisation to manually update each display. Aside from the risk associated with human error and inaccurate rate information caused by time-delay, this routine process regularly cost your company staff time and travelling cost. The bigger your organisation, the bigger the cost incurred for a repetitive procedure that can be streamlined.
SMARTFOREX® allows centralised rate updating, pushing the rate information to all displays at the same time. Its user-friendly updating process makes rate updating easy without taking a lot of staff’s time. The SMARTFOREX® Cloud version also allows rate updating anytime, from anywhere with an Internet connection, providing flexibility and greater control over your forex displays.
Limited Flexibility
As your business shifts or expands, you will need to update the number of currencies displayed to suit your business strategies or market demands. Conventional forex board with limited flexibility will require time, effort and cost to update which will pile up overtime. It can also mean that you will need to invest in new displays at significant cost and inconvenience to your business.
SMARTFOREX® provides you with the flexibility to adjust the currency display easily, topped with scrolling display feature to allow you to display a large amount of currencies in one display. You can also highlight and promote special ‘sale’ rates and ‘bulk’ transaction rates to make the most of your sales opportunities.
Proprietary hardware or limited hardware compatibility
Conventional rate displays with limited hardware compatibility tie you to a specific manufacturer. Completely reliant on a particular provider, you have no control and flexibility in stock availability or price.
On the other hand, SMARTFOREX® is hargdware agnostic, which means it’s compatible with any hardware regardless of brand, model or size. You are able to source screens from your preferred vendors, or use existing hardware to minimise investment. In fact, we recommend customers not based in Australia to source required hardware locally for a more competitive price and better support availability.
Little to no advertising space
Traditional foreign exchange solutions do not accommodate multi-media advertising therefore your business could lose out on valuable cross-selling opportunities. Some traditional solutions do allow a little space for advertising, but a lack of multi-media integration means an inability to display various formats of multi-media content.
SMARTFOREX® provides you with the ability to display elegant advertisements that will boost your marketing efforts and increase your sales volume.
In light of the above points, the cost of using traditional forex board can stack up while it provides limited possibility to add value to your business. It’s necessary to also consider how fast you can realise benefits and the net benefit you can gain from your foreign exchange rate display, as opposed to only considering the initial investment you will have to make.