How can A Well-designed CRM Reduce A Broker’s Cost?

Leveraging Customer Relationship Management (CRM) software to organize daily tasks can help brokerage firms work better and reduce costs. A well-crafted CRM optimizes revenues and profits by automating many business processes. It also decreases the time spent on those actions. But does it mean that CRM aims to make people rush, pick up the pace and work faster? While it might sound like this, in reality, CRM takes out the pressure by organizing and prioritizing teamwork. 

With the help of CRM, a broker can improve quality leads​, thus, pay less on acquiring new clients. In addition, many applications responsible for marketing campaigns, data reporting, payment transactions, and customer service are concentrated in one CRM. So, brokers can avoid spending money on more than one program to meet their business objectives. 

CRM saves money in many ways​, and here is how else it can cut down a broker's cost and increase efficiency. 

Back office and UI/UX design in CRM

A broker's back office and UI/UX design in CRM connect employee needs and a broker goal, making it a tangible experience for both. They are responsible for the interface-focused strategy establishing patterns for internal business operations and visual design. Even more, they cater to rapid and cost-effective reiteration. 

A person who seeks to start an online trading brokerage from scratch has two options - build their own in-house product or outsource a CRM system. But the question is, why spend time and money on reinventing the wheel? 

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Commercial CRM has gone a long way from its inception and today can provide brokers customizable and flexible back-office solutions. Subsequently, sales, compliance, marketing, and retention teams have the freedom to use them in the way that best suits the online broker. 

On top of that, holistic CRM ensures that the back office UI/UX design is intuitive, so reps can find exactly what they need without difficulty. When a sales agent spends too much time looking for their inbox or calls history to contact a lead, they waste time and eventually money. Similarly, if it takes many clicks to do a specific task or the buttons are unclear, and the flow of actions doesn't make sense, then a user experience is insufficient. 

Contrary to this, all back-office features at ClickaCRM are easily navigated. These are:

• Client profile management

• Report Management

• KYC Management

• Marketing and reporting tools 

• RegTech tools

• Trading instrument and accounts management

• Payment processor integration

Clicka's design team is likewise always available at brokers' fingerprints should there be a need to adjust user experience and interface or deliver quality assurance. 

Time and money spent on learning user operation 

Employing the right CRM gives brokerage teams more time to connect with clients. Instead of less productive manual operations, Customer Relationship Management automates daily tasks across sales and marketing. Some examples would be instant lead distribution, automated alerts not to forget an action, email tracking linked to CRM, task recurrence, etc. 

CRM's automated functionalities free employees so they could spend more time interacting with prospective depositors and shorten the time spent on teaching new team members how to use a back-office system. 

Tried and tested CRM with a simplified UX on its own is a good visual tool and resource to train novice members. For instance, while learning on a dashboard demo, they can get firsthand knowledge of the back office, trading platform, or trader account. As a result, the training becomes faster and brokers spend less money on training. 

Tech support provided by a CRM vendor to the broker

Since CRM stores data about leads, phone calls, emails, messages, and deposits/withdrawals, it right away has a positive impact on customer service. With all that information in hand, a broker's team can easily address complaints. 

The CRM software automatically logs emails, records, and logs phone calls. If a client complains about poor service, a manager can listen to a recording of the call. Or, if a sales agent says they responded politely and quickly, a manager can cross-check the claim by reviewing their sales agent's communication log. 

Furthermore, unlike the common understanding that tech support is primarily designed to solve customer issues, the modern CRM tech solution extends to supporting internal processes. For example, one of the advantages of CRM tech support is ticketing setup. It enables teams to prioritize clients and enhance customer satisfaction by falling neatly into problems and tackling tasks promptly. 

Markedly, brokers don't need to invest in a separate app to excel in customer care and technical assistance. As a low-cost alternative, they can use the CRM software that embraces all the elements of internal and external tech support. Plus, brokers don't have to hire IT specialists for CRM maintenance because the CRM vendor provides a dedicated IT staff all around the clock at no additional cost, not to mention, they can forget about version control and update schedules.  

Minimizing CRM installation time

Many brokers hesitate to move to a new CRM system because they fear the installation might take too long. Although the transition does take some time, it won't be so discouraging as a broker may expect.  

Accelerated implementation of ClickaCRM is carried out by a sound strategy involving our clients' CRM needs, cleansing, formatting, and importing data, testing, and team training. A good user experience design also facilitates adoption. Above all is our experience in realizing CRM projects for brokers operating an online trading enterprise.  

Conclusion

In terms of operating costs and time, a ready-to-use Customer Relationship Management software such as ClickaCRM gives a broker a cutting edge in managing a user-friendly back office. It can also be customized to mirror broker sales and marketing strategies, customer service, and IT support routines. 

One of the core elements of seamless CRM integration is constant training on a user operation provided by a CRM vendor.

Finally, a broker can install CRM and get it running smoothly, and teams can sign into CRM from their computer desktops and start using it immediately. 

About ClickaCRM

ClickaCRM is an expert in online sales, marketing, and call center management.

About the Author

Ellen Roberts, Head of Sales at ClickaCRM (sales@clickacrm.com)