5 mistakes that forex brokers do and ruin their customer experience

Do you feel impatient when a video starts buffering?

Do you get angry when you want some answers but the brands just don’t give you?

If so, then you represent today’s customers perfectly. In this age of technology when we have 5G connectivity and apps; still if organizations fail to deliver good customer service, that’s just suicide in the market.

Today, customer service is one of the main COMPETITIVE DIFFERENTIATORS. There are so many ways brands can ruin their reputation but bad customer service is the one prime reason why it goes wrong for many brands.

Cloud Forex CRM has researched upon the 5 top ways a brand can ruin its reputation – by giving bad customer service. Read on…

1. Not having strong digital presence

Customers and especially traders – they are analytical people who are usually tech-savvy and good with numbers. A forex broker needs to have a robust digital presence through website, social media, and trading app. They consolidate a broker’s digital presence but that’s not enough, isn’t it? You need to constantly update them, optimize them and promote yourself over others. The battle is fought on the internet to reach out maximum number of customers; a brand needs strong digital presence. Not having one amounts to bad customer service because you are not allowing the potential and existing customers to come to you.

2. Not having feedback mechanisms

Whatever services you are offering traders, as a forex broker – do you know how happy they are with it? On your app, on your social media, on search engine, on website, on chatbot – a brand has so many avenues to engage the customers or just people in general – to ask for feedback. Feedback gives you an opportunity to get real testimonials and honest suggestions. A brand should listen to the customers and resolve their doubts. This is the only way to know if you are giving good customer service or not? If you don’t ask for feedback, it will lead to repeated mistakes and that ruins the reputation the most.

3. Not having the latest CRM 2.0 app

Managing customer relationship is one of the most crucial aspect of being a forex broker. But it is not possible even if you deploy a team for it. A broker needs to leverage technology and empower the teams to manage communication and relationship with the customers. CRM means Customer Relationship Management. It is a software which helps you take care of aspects of CRM such as Role Management, Ticketing Support System, MT4/ MT5 Integration, E-Wallet, Payment Gateway and many more and it also gives real-time notifications along with dynamic reports. The new generation CRM 2.0 software is equipped to handle a huge number of queries at the same time.

4. Not having good associate channels

Apart from offering people a platform for forex trading, a broker also needs associates channels such as Liquidity Providers, Payment Service Providers, and Banks to execute those trades. These associates also play a crucial part in the forex trading ecosystem. And if a broker doesn’t choose them wisely, he might end up creating bad customer service experience. The traders always blame the broker for any sort of glitches and it certainly ruins the reputation of a forex broker. There are consultants who can guide you to the ideal channel partner for your chosen markets. You can take their help but make sure you have the best of associate channels.

5. Not having reliable technology partner

As you can see that entire forex trading ecosystem is dependent on technology and a forex broker needs to be at par with the prevailing tech trends. For that, you need a technology partner or offshore partner for IT development. Because starting from the website to social media and trader’s room, everything requires constant upgrades. If you do not have a reliable technology partner, your trading platform and digital presence might develop glitches which ultimately result in bad customer service. And that leads to BAD REPUTATION. So, it is a must for a budding forex broker – get a solid tech partner onboard for sailing smooth in the turbulent waters.

Cloud Forex CRM 2.0 is one of the most effective CRM system if you are thinking about creating your own forex brokerage. It gives a lot of tools and functionalities with which your team can manage relationships with potential and existing customers very easily. This makes a big difference in this era of technology, when the customers are online and they expect you to be the same. So, get yourself the best technology and technology partner – Cloud Forex CRM. Request a free demo HERE or get in touch with us on WhatsApp or send an email to [email protected].

Remember, reputation is the one thing that everyone lives for!!!