Wise, formerly known as TransferWise Company is considered to be the London based financial technology organization. It was incorporated by the Estonian businessmen Kristo Kaarmann as well as Taavet Hinrikus during January 2011 (Wise.com 2022). The system of the company is mainly compared to the hawala money related transfer based system. The company is majorly headquartered at Shoreditch, England. The different services offered by the company include financial services along with remittance.
As commented by Tampubolon and Purba (2021), the business banking is done by the people without high rates, hidden charges along with monthly fees. Through this, there will be no hassle international business account and with the help of the same, they pay the employees, get paid, and also manage the cash flow overseas in the accurate way. These all are done in one particular place. The company is capable of safeguarding the money in top financial institutions, and they are considered to be the authorized financial services provider. They are trying to perform brilliantly in the market and as a result, they will be able to perform brilliantly in the competitive environment.
The main aim and purpose of the respective literature review is to understand the performance of the company TransferWise with the proper detailing generated from the data. There will be inclusion of the different competitors which will be beneficial in understanding the overall progress of the company in the detailed way. With the help of the proper models and theories, the overall analysis will be done which will be suitable for understanding the overall progress of the company and the limitations which need to be ascertained (Sesar, Hunjet and Primorac 2021). Through this, the overall analysis can be done in detailed way and as a result, it will be giving the best picture for the performance of the company.
Presentation of Data
As commented by Noteboom et al. (2021), as of 2021 fiscal year, the overall gross profit of London based money transfer platform mainly amounted to 260 million British pounds. This is roughly 72 million British pounds more than in the previous fiscal year. It is noted that during the first year of their operations, the transactions with the Wise mainly amounted to mainly €10 million. From the different reports of the company Gazi et al. (2021), it is found that in the year 2012, Wise was mainly named as the 20 hottest tech start-ups in East London. The recognition was given by The Guardian and it was one of the major aspects which helped the company in growing tremendously.
As seen in the Reports of the Company Niknejad et al. (2021), during the month of April 2013, the Company Wise also stopped mainly letting the users properly purchase the Bitcoin, citing the pressure basically from different banking based providers. The independent comparison site named Monito has also revealed that the Wise Company was on the average of 83% cheaper than big four UK based banks on the major kind of currency kind of routes. However, this could be helping in reaching to the 90% cheaper in the specific areas. Moreover, the different other data which were being showcased includes the fact that during May 2015, Wise was also being ranked number 8 on the CNBC’s Disrupter List as well as result, the company has been able to give the best in the market for becoming the best in the market (Nguyen and Mohamed 2021).
Moreover, as discovered by Latif, Bunce and Ahmad (2021), during July 2020, company also disclosed the secondary level investment of around $319 million as well as has reached the overall valuation of around $5 billion, led by the new kind of investor D1 Capital Partners as well as existing kind of shareholder kind of Lone based Pine Capital and through this, the company has been doing funding in the accurate manner. On the contrary, it is found that in the month of May 2016, the claim made by Wise of “You Save up to 90% Against Banks” was mainly treated as misleading by the Advertising Standards related Authority. This has been quite a setback for the company and due to this; it has impacted the brand image of the company in the negative way. During June 2020, after the different experts raised the ethical as well as privacy based concerns around digital COVID-19 pandemic immunity kind of passports; Wise was quite helpful in developing the aspects (Ilyas et al. 2021). In this, the company mainly conceded the immunity based passports and these are not the perfect kind of solution and the co-founder Hinrikus also said that they will not launch publicly until there will be the specific and scientific kind of consensus on the COVID-19 community.
As commented by Hindarsah (2021), with the help of the different data from the company’s website along with other prospects like CNBC or The Guardian, it becomes quite clear that the company has few advantages and loopholes which have helped them in growing tremendously in nature. These will be quite advantageous for them in managing the business in the positive way. The loopholes need to be ascertained which will be allowing them to grow and as a result, they will be capable of understanding the prospects of the company in the large manner. Wise is quite profitable in nature and has been the same since the year 2017 (Haque, Fernando and Caputi 2021). The latest net profit figure for fiscal year ending March 2020 came in at the £21.3 million. These are the quite a lot of the data which will be beneficial in understanding the position of TransferWise company in the competitive business scenario.
Presentation of the Models and Theories
Till the present time, the Company TransferWise has been serving 8 million customers and in this, more than 30% of the international transfers are instant (GAZI et al. 2021). It also recently launched new services for the business, banks, and along with achieved the $5 billion valuation, after secondary level of sale of $319 million in the July 2020, taking the total raise in the primary along with secondary funding for over $1 billion. In this manner, the company has been quite profitable in their business and as a result, it has given the scope to develop the best in the market.
From the overall analysis of the data for TransferWise Company, the customer satisfaction is the key and integral element for them. In this, as commented by Hindarsah (2021), the Disconfirmation Theory plays the integral role which helps in postulating the fact that customers compare the new service related experience with the standards they have already developed. As discussed by Farahani and Tohidi (2021), the customer satisfaction is defined as the feelings of the pleasure or the disappointment of the person that will be resulting from comparing the product’s perceived performance or the outcome against the expectations.
In case of TransferWise Company, they have been quite particular in understanding the process that the people are quite happy and the customer satisfaction rate is high in nature. This showcases the fact that as commented by DAM and DAM (2021), the firm like the TransferWise Company mainly increases the satisfaction through increasing the perceived performance of the product or decreasing the expectations. The no-hassle international business account by TransferWise gives them the scope to develop the best aspects and as a result, it has given the exact level of the privilege to obtain the large number of customers in their company.
In addition, as commented by Baah et al. (2021), the decision-making models play the integral role which helps the teams in simplifying the decision-making based processes and collaborate in the effective manner. In case of TransferWise Company, the decision-making of the teams had been quite effective which has given the actual scope to deliver the best and model also provide the effective steps for the teams in order to follow and create the effective solutions and also describe the processes in clear way to the different other team members. As described by Aracil, Nájera-Sánchez and Forcadell (2021), the Rational Decision-Making Model helps in understanding the different facts and figures which will be beneficial in learning regarding the prospects which will be preferred by the different people.
In case of TransferWise Company, the main aspect which needs to be ascertained is that the Stakeholders are the primary element of the company and their analysis and the comparison with competitors become the primary element which needs to be analyzed. In such scenario, as discussed by Al-Dmour et al. (2021), the rational model of the decision-making is the advanced kind of decision-making model and as a result, it will be suitable for the business to grow efficiently in nature. TransferWise has always been quite accurate in understanding the problem, establishing the decision-making criteria which will be helping the stakeholders to ascertain the issues in the accurate way.
From the overall introduction and the discussion of the data along with the theories and models, it becomes quite clear in nature that the company TransferWise Company has introduced the effortlessly paying international invoices, vendors along with employees. This is done with the help of the real exchange rate in 80 countries and this is 6x cheaper than the old school banks and 19x cheaper than the PayPal. As commented by Aracil, Nájera-Sánchez and Forcadell (2021), this will be quite beneficial in understanding that the company is quite similar to the different financial banking institutions; however, as a result, they will be able to perform brilliantly in the market to grow and perform efficiently in the market. With the Wise business, the person can be receiving the local bank details, for more 10 different currencies. This will be giving them the customers for the easy, free way for getting the best in the market.
The different analysis of the data from the different recommended websites and the company’s financial statements helps in understanding the fact that proper efficiency is the key and integral element which will be beneficial for transferring the money to the other currencies and also send them to the foreign bank account (Al-Dmour et al. 2021). In the different majority of the cases, the transfer via Wise will be quite cheaper than the regular international based bank transfer. These will be beneficial in understanding and gaining the best aspects in the market. The Wise Company is essentially considered to be the P2P (client-client) online money exchange and through this, they will be able to gain the best aspects in the market. The major benefit for having the Wise Account over the traditional kind of bank account is that it will be able to manage the money without the borders (Baah et al. 2021). There will be no such international transaction fees or the outrageous exchange rates. Through this, the people will be able to get the real kind of exchange rate and the low fees with Wise.
Wise is considered to be one of the great options for the businesses making the transactions all over the world. As discussed by Baah et al. (2021), the Customer Satisfaction is the key and integral element in these businesses as this will be giving them the scope to provide the best and achieve the real time outcomes. The people mainly prefer to understand the different discrepancies which they suffer from other traditional banks and the difference in the TransferWise is quite visible. These are the few elements which make them quite different from the others and gain competitive advantage in the market. From the analysis of the different reports, it becomes clear that the Gross Profit of TransferWise Company mainly increased in the steady manner since the year 2016.
As of the year 2021, overall gross profit of London based money kind of transfer platform mainly amounted to 260 million British pounds and due to this, it gives the best solution to the company in regards to the different elements of the growth. The different data driven from the various sources help in understanding the fact that proper efficiency is the key and integral aspect in different scenarios and as a result, it will be giving the best to the companies in the near future. There has been around 260.5 million increases in the GDP which will be beneficial in understanding the best in the market and achieve the competitive edge against the others as well (Gazi et al. 2021). As a result, it will be allowing the people to perform well and as a result, it will be giving them the scope to deliver the optimum in the market in the accurate way.
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