What Type of CRM do Forex Companies Need?
In the field of financial services, the digitization is increased and the growth is driven by the generation of more and more leads and retention of your existing customers. That's why A CRM has become an unavoidable component for Forex Brokers world wide as the brokers have understood by now how the CRM improves customer management and their experiences with the end-users.
The functioning of a Forex Brokerage is very different from any other service providers. To engage and interact with thousands of traders daily, a broker needs a CRM that is built in a way that helps the brokerage provide responsive support. At the same time it should be able to inform the traders about the latest promotional offers on products and repeat deposits in their trading accounts. And of course the CRM should be capable of keeping track of the trading activities and journey of any individual client.
So the CRM for Forex Brokers must allow the brokers to gather, store and analyze customer data. There has to be security of storing personal and sensitive information and ability to offer personalized services with respect to individual trader's trading patterns. Support to IBs and affiliates is a must here. As a broker you must have a system that makes you stand out in this competitive market by providing a smooth and seamless experience to your traders.
So while choosing a CRM provider you must look for the below features:
Capacity to work on multiple platforms:
The CRM you choose should be multi-functional and platform independent. It should remain compatible with regard to the location and the trading platforms you use.
Highly flexible and can be customized as per requirement:
The CRM you choose should reflect your brand and provide a complete experience to your users of using a white label CRM. It has to ensure professionalism and consistency in terms of branding across your website, client and partner portals and your social media platforms. All the other components like chat tools, email support, payment solutions, notifications and messaging should be customizable.
The broker has to face a lot of regulatory challenges. So the Forex CRM should in turn ease the process for the broker. If it allows effortless KYC and verification and follows anti-money laundering guidelines, then only it will be useful. The sales team should be able to keep track of trader's activities, KYC protocols, deposit and withdrawal management and give a complete compliance on marketing as well.
Provides more power to the sales team:
With the use of Forex CRM the sales team should feel stronger as this software eases the generating and nurturing of leads for the entire team including IBs and affiliates. The CRM should track the contact information, the root from where the lead has arrived and the current sales stage it is in, so that it becomes easier for the sales team to take follow ups and lead the conversations.
IB and affiliate management:
If you provide the right tool to them, the efficiency and productivity of your IBs and affiliates is likely to increase. While choosing a perfect CRM, make sure it gets easily integrated with your existing IB and MAM system. Even with multiple levels of IBs it should be capable of payment of rebates and commissions. It should be able to allow seamless management of partners with multi-level support, tracking of referral links, provision of marketing materials and more.
Easy back office management:
Apart from providing a strong client portal, the CRM you choose should offer very efficient and powerful tools for back office including trading support for multi-assets, client support portal, reporting tools, security settings that can be customized as per need. Also you should get a right to custom reports, and configure trading conditions in order to realize the best customer experiences.
Seamless API integration:
If you get seamless integration with APIs you definitely can cut costs on maintenance, administration and server hardware. Without server side software or hardware, you can easily transit from one platform to another. This should be like a cloud based infrastructure which offers easy localization of data, minimal latency and instant scalability.
Thus, the Forex company needs a CRM that drives business growth by allowing a broker to provide best of all customer service along with extending support across boundaries. One should look for a CRM with powerful tools that can gather and analyze the data on a vast scale. Dynamic reports should be generated in order to ease the customer segmentation, business strategies development and efficiency of overall operations.