Their CRM is thus one of the few areas where they can actually achieve this needed differentiation and effective and efficient CRM practices can have a hugely positive impact on the overall success of any forex brokerage endeavor. The quality of a forex CRM solution will depend on the expertise of its provider. Therefore, before choosing the CRM solution for your own forex brokerage , make sure the people developing it have a solid background in and in-depth understanding of the forex market as a whole.
They should know all about the forex trading platforms and how they work, as well as knowing all about the roles and behaviours of all parties and partners involved in the trading process. This knowledge and understanding is what enables a forex CRM solution provider to come up with solutions that only cater to the core needs of a brokerage, but also take into consideration the overall needs of the venture and offer a solution that is easily compatible, scalable and adaptive to future needs as well as easily integratable with other aspects of the business.
Being a rather intricate and complex issue, forex CRM technologies are surrounded by myths that make it even more complicated for brokers to take the right decision when choosing their forex CRM or even make them wonder if they actually need one. So, let us diffuse some of those myths and paint a clearer picture of the situation:. Having explained what a CRM is and showcased why it is both important and necessary for a successful forex brokerage, let us now explore in greater depth the main key features a good CRM should have so that it can really help your brokerage grow and have a real impact and difference on how you operate:.
A single, all-inclusive Management Platform Ideally and in order to be more efficient and effective, a CRM solution should be an all-inclusive package, an all-in-one solution that all staff members in the brokerage should resort to, since through it they will be able not only to manage data, but also manage their interactions with clients and other partners, such as introducing brokers.
Moreover, through the CRM you should also be able to manage all marketing activities and monitor and assess staff performance. Through an Application Programming Interface, your CRM should be able to allow the integration with existing tools, such as your trading platform and others in an easy, seamless manner. To be worth your while your CRM should make the work of both your sales and marketing teams simpler and easier. This will be a great tool in the hands of the sales team, who will be able to tailor make their approach and pursue all emerging cross and up selling opportunities.
Moreover, through the CRM the marketing will be able to check which marketing campaigns have actually delivered results, to be able to replicate what is proven to work, while also identifying ineffective efforts in order make the necessary corrections and amendments so that confidence in your brand can be enhanced. Since your CRM will be able to track, automate and split payments it will make the management of the payment of commissions and other relations with your affiliates and partners, such as introducing brokers, less tricky and much simpler, allowing you to enjoy the full benefits that come with multi-level partner network management.
Ideally, your CRM should also allow the encryption of data, so that for purposes of privacy and security certain information is not available for viewing all access by all system users. Also, the CRM makes it easy to separate and segment customers according to whether they are new, or existing or depending on their trading volume or other factors allow for more personalization in the approach that in turn enhances loyalty and customer retention.
A CRM that is fully integrated with your trading platform is very useful since not having to switch between back end and front ensures that administration staff is always on the know when their action is needed. This eliminates downtime and means real savings in time and improved productivity.
An effective CRM solution will enable you to schedule tasks and customer follow ups, ensuring that no client is left unattended to. By being able to access all relevant information on their screen your staff will be able to take informed and correct decisions when dealing each client. To maximize the potential gain from your CRM, make sure that all your data, including all communications, be they in the form of phone calls, live chats, emails or in person, as well as all PPC and social media campaigns, are effectively integrated into the CRM and easily retrievable and accessible at any time.
Your CRM is directly linked to increased satisfaction from your clients, because by adopting a centralized data approach and all data is efficiently collected you can offer faster response times and ensure duplication is avoided.
Depending on the jurisdiction where your brokerage operates there are several regulatory compliance requirements that you will need to abide by that go beyond the mere identity verification of customers, chief amongst which are Anti Money Laundering AML rules and Know Your Customer KYC requirements. Your CRM could help you use its technology to your benefit to remedy such regulatory headaches by integrating with electronic identity verification eIDV allowing you to easily apply the necessary due diligence prior to accepting each new client. Being packed with all your data, your CRM can go a long way in helping you streamline all your operations and reach optimal efficiency, while also help in devising better organizational strategies.
Forex CRM and Back Office – White Label Brokerage Solutions
Both can be achieved by analyzing the insightful and purposeful reports that your CRM can generate. Provided your CRM is fully integrated with your trading platform it will be able to produce accurate reports based on trading platform derived data, such as, but not limited to, trading statistics, transactions, balances, leads, revenue and dividends.
Having access to a full array of reports through your CRM is an asset that could prove invaluable given that the forex trading landscape and environment is volatile and prone to rapid changes that require adaptability and flexibility on behalf of brokerages in order to survive. This visual uniformity will help you come across as serious and professional in the eyes of customers and help add recognition and status to your brokerage brand.
In order to benefit from all these features and others that a CRM can offer you, make sure that as a forex broker who choose the right CRM and obviously choose one that has been specifically designed for forex trading. The online retail forex trading sector is governed by similar trends as most other online services sectors. The primary trend is the fact that customer experience is the major driving force behind every purchase decision. Moreover, in the forex field, it costs five times more to acquire a customer than to retain them it becomes evident that a high churn rate is to be avoided at all costs.
Segmenting customers based on their trade volumes or other factors and maintaining personalized relationships with customers is key to this.
Ultimate Forex CRM - I.D. Ion Enterprise Technologies Ltd
The Sanfrix CRM allows one to schedule tasks, callbacks and follow-ups using the calendar thereby ensuring that no customer is left waiting. Moreover, all the relevant information on one screen allows the agent to make informed and efficient decisions. Effective integration of data from phone calls, live chat, emails, chats, PPC and social media campaigns into the CRM also maximizes potential.
Also, the efficient data collection and centralized data approach of a good forex CRM eliminates duplication and promotes faster response time, leading to higher client satisfaction. Since forex trading is a global market, there are multiple sets of regulatory compliance that apply, depending on the regions where the brokerage operates.
CRM and Traders Room and Partner Multi Tier System and Portal designed for Forex Brokers.
Since both these require due diligence to be carried out for each customer on the part of the brokerage, a forex CRM that understands these aspects and integrates with electronic identity verification eIDV manages to complete this process without any hassles. All the data that is in a CRM makes it a powerful tool that allows for increased operational efficiency and helps organizations create better strategies by generating insightful reports.
Given that regulations can change rapidly in the forex trading environment, access to all possible reports is a crucial game-changer for a brokerage. Your CRM can be customized to meet your brand guidelines such as logo, color schemes, etc. Sanfrix offers a fully customizable CRM specific to forex brokerages, that are reliable and easy-to-use.
There are several other features and benefits that make it essential for your forex brokerage to choose a CRM that is designed for forex trading.
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Sanfrix offers forex CRM solutions for small businesses as well as enterprise-level companies. To understand all the exciting possibilities better, download our product guide and request a free demo today! I not to mention my pals happened to be going through the best key points found on your site and so the sudden I got a terrible feeling I never expressed respect to the blog owner for those tips. Those boys ended up joyful to study them and have in fact been enjoying these things. Many thanks for genuinely so considerate and then for having such superb tips most people are really needing to be informed on.
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