One year on, the industry’s total turnover increased by almost 15% to RM118.4 billion, and the Malaysian Association of Money Services Business (MAMSB) is expecting a further 5% growth this year, in line with the country’s gross domestic product growth.
The rapid growth of the industry which includes money changing, remittance and wholesale currency businesses among others, is why good customer service is extremely important.
This is especially so as MSB industry players are constantly interacting and servicing millions of travellers, both locals and international, said MAMSB president Ramasamy K Veeran.
Ramasamy was speaking at the world’s first benchmarking survey on MSB industry players on Saturday, before announcing the winners of the MSB customer experience (MCX) benchmarking and awards later that evening.
The aim of the survey, organised by MAMSB and conducted by Frost & Sullivan, was to recognise outstanding MSB companies that have demonstrated leadership and commitment in delivering exceptional customer experiences.
Over 3,000 customers were interviewed face to face, in a bid to discover their personal experience upon completion of their transactions.
About 124 member firms participated in the survey.
The results were then filtered to decide the top performers in five categories.
The first category, Outstanding Customer Experience for Currency Exchange (large company), was won by Merchantrade Asia Sdn Bhd.
The second award, for Outstanding Customer Experience for a Remittance Company, went to Placid Express Sdn Bhd.
The third, Outstanding Customer Service Professional for the Currency Exchange Company category, went to Adcrew Sdn Bhd, while EZ Money Express Sdn Bhd won the fourth category for Outstanding Customer Service Professional for a Remittance Company.
The fifth and final award, Outstanding Customer Experience for Currency Exchange Company (Small and Medium), was bagged by Adcrew Sdn Bhd.