How AI Chatbots are Improving Lead Conversion Rate for FX Brokers? Norby’s Co-founder Speaks

Customer is King. Like other industry, this holds true for FX brokerage business. Forex brokers do everything in their power to lead customers to their site in order to convert them into an active trader, but in many occasions they quit or choose another provider, partly because it takes too long to get the necessary information. 

One of solutions for this dilemma is AI chatbots. In this interview, Maxim Shilo, co-founder of Norby​, unpacks just how AI chatbots are improving the conversion rate from a lead to a live trader.

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Fazzaco: Hello, Max, happy to have you at Fazzaco. Firstly, please tell us a bit about yourself and Norby?

Max: Hey! Well, my business partner and I are actually both active daytraders.

Despite the tough industry we have a very open and have optimistic outlook on life. It’s like a game to us.

A big playground to have fun in and level up our characters and create new paths. We see no value or reason for anyone to be pessimistic or negative.

This does not serve or have any benefit to you as a human. What we value is growth as humans.

Growth physically, mentally, emotionally, spiritually...you name it!

Norby’s inception however, came to fruition after we saw the chatbot market wasn’t really satisfying the people’s needs to the extent that it has the potential to do.

So we joined forces with technical developers and started developing innovative and fresh solutiopn to the market which can fill the gap of customer satisfaction.

Fazzaco: How hard is it to acquire and retain customers in FX industry?

Max: FX industry customer acquisition cost is the highest, along with sports betting - it takes a lot of money to get a customer and nothing guarantees lifelong relationship. They come & go. Especially hard if you educate him from beginner to advanced and then they leave… Nothing is guaranteed! This is also one of the pain points brokerages are pointing out and we are helping them with.

We are confident that we have a product of high value + as experienced day traders we know the market and what the brokers are lacking in terms of customer support and onboarding processes. This edge has allowed us to pave ways into high end brokers hands. We are sure that the value we offer will make it an easy choice for them.

Fazzaco: What solutions Norby offering to solve these challenges?

Max: Norby offers immense cost efficiency which allows the brokerages to save up a significant amount on money (up to 65% on CS management).

It offers fast, imminent answers with humanlike intelligence.. and all of that 24/7 creating a massive edge over the competition with a boost in customer satisfaction.

You can chat with Norby even by voice! Norby can make sales for you or help new leads to active traders via onboarding process! Another key word is Customization, we can make it a lot to the company’s liking.

Fazzaco: As you know, what is the average customer service response time as well as the best channels for customer service, email, phone, live chat etc?

Max: Well regarding most companies, they have live customer support agents. The average response time regarding chat windows ranges between 1-5 minutes according to our research. Regarding emails that time is much longer, it can take from couple hours to more than a day in response time. We deem the best and quickest way for customer support is through a live chat window however and that’s what we are working on developing and perfecting.

In comparison to live agents Norby is able to give immediate answers 24/7. Truth is, most of the requests are repetitive anyway.

Fazzaco: Compared with long waiting or no response, traders also get bored with one-size-fit-all answers from AI chatbot. What unique products or technology does Norby provide to solve this?

Max: Well, with Norby there is no waiting time. Plus the extra layer of comfort added by a possibility to express your request through voice chat is a big plus. It adds gamification. Since majority of people are spread through different social media channels, we have also taken that into consideration. You can communicate with a broker’s Norby through most of the major social media platforms, making it even more easier and accessible. The fast response time in relationship with the whole Norby dynamic enables for a very pleasant customer experience. Our chatbot is nothing but fun to talk to - it can make jokes and be your partner. Each broker is unique and each Norby for each broker is unique as well!

Fazzaco: How broker’s relationship with chatbots evolved over the past years?

Max: As we are in year 2021, more and more people are beginning to realize that the adaptation of bots taking over customer service is inevitable, at least for the most part. The people that may have ignored the idea of integration of such software have taken different stances as of now. They start to see much value in it especially in the desperate times the world is facing currently. In 5 years time there will be 50% less CS agents talking live to their customers. Its definitely trending and there are many reasons to follow the trend.

Fazzaco: What do you think the AI-based customer service will we see for the next few years?

Max: Growth and increase in intelligence. Norby is based on machine learning, so it is ever learning new subjects and topics. So eventually it may be completely indistinguishable from an actual live person. It may sound scary but we have taken the approach of abiding by as many humanly factors as possible. Let it be said that there shall always remain an option for the customers to speak with an actual human agent if needed, but generally speaking - the bots are taking over the world.