Business | General
Discipline and loyalty are all that matter
In a world where business competition is tough, a little service goes a long way, says BR Shetty, managing director and chief executive of global finance company UAE Exchange.
- By Cleofe Maceda, Staff Reporter
- Published: 00:36 March 5, 2008
Dubai: In a world where business competition is tough, a little service goes a long way, says BR Shetty, managing director and chief executive of global finance company UAE Exchange.
The company, which specialises in fast money transfers and foreign currency exchange, was one of the winners of Mohammad Bin Rashid Al Maktoum Business Award 2007 in the finance category.
Established in 1980 with 55 branches across the country, and hundreds more abroad, the exchange house now enjoys 60 per cent of the UAE market, serving the majority of expatriates from India, Bangladesh, Sri Lanka and the Philippines.
Priding itself for being able to transfer money anywhere in the world within one minute, the company records an average of $15 million daily collections in the UAE alone.
"It's our efficient internal IT system and good service that made us won this award.
"Within one minute, we transfer money anywhere in the world. The secret of our success is our human contribution, customer loyalty, employer loyalty and our [commitment] to do something good," Shetty told Gulf News.
"Nowadays, the only language you can understand is service. Everybody is selling the same commodity; one little service makes the difference," Shetty added.
Shetty said they had encountered a lot of challenges since they first set up shop in the UAE 28 years ago, but by constantly striving to establish a strong network and promote good customer service, they're able to sustain their business.
"We had a lot of hiccups, but it's a matter of discipline and loyalty to customers and to employers. Over the years, we have established credibility because of our service. Also, networking is the main thing for the exchange [business]," Shetty said.
Big network
According to the company's website, the exchange house has a business network of over 20,000 agent locations across over 75 countries and a relationship with more than 130 correspondent banks spanning five continents.
Its product portfolio boasts of a number of services that cover demand drafts, wire transfers, instant worldwide money transfers, credit card settlement services and cash advances, associate branch money transfers, purchase, retailing and wholesale dealing of foreign currency bank notes.
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