How to Drive Your Brokerage Business With Forex CRM?
Customer communications is a key challenge for financial services companies. With forex brokers popping up every day, the competition becomes more fiercer. The challenges that all brokers, specially start-ups, face are that finding new leads is hard enough, and keeping clients engaged is even harder.
Solving the challenges that brokers face is exactly how Customer relationship management (CRM) works. As a valuable resource for forex brokers, CRMs could help accumulate data on clients and leads all in one place so as to make informed decisions.
The Importance of CRM
Improves Lead Generation and Conversions
Every CRM system has its own process for lead tracking and management. Just like how sales are recorded, records of leads can be tracked in the CRM system that helps to understand the number of customers contacted for a given duration, the topic of discussion, queries made and other such date.
But the truth is that Sales teams often spend too much time generating leads and then fail to convert them into sales. According to a study by CRO Insights, lead generation problems amount to 53.3% of the sales execution challenges.
(Source: Miller Heiman Group)
However, Lead quality can be increased and company goals met with the help of CRM. A CRM tool can increase your chances of conversion and reduce the length of the sales cycle. With the right data on hand, a CRM also enables the sales team to communicate with prospects in an effective manner.
Retain more clients and grow revenue
Keeping track of customer sentiment and their activity helps improve retention and long term profitability.
Data provided by SuperOffice suggests that CRM software market is the biggest software market in the world. By 2025, the CRM industry is expected to reach over $80 billion.
(Source: SuperOffice)
Centralize brokerage control
CRMs connect data from all platforms, providers and systems into a central hub so you could make more effective business decisions while don’t have to waste valuable time looking for the email exchange you need.
Keeping all relevant emails, documents, and phone calls in one place will ensure you’re never at a loss for the relevant information you need.
Must-Have Features For a Forex CRM
The CRMs for forex brokers are more like a complete broker management system, featured by three basic functions: back office tools, IB portals, and a traders' room.
Back Office Tools
The Back Office area was developed exclusively for forex brokerages to accommodate extra features for the broker and its clients. This improves the brokerage services and allows you to work in the most efficient manner.
The back-office is connected to your brokerage’s CRM and can be seamlessly integrated with your trading platforms such as MT4/MT5 or any other trading tools. It is also tightly integrated with any Multi-Account Manager tools and with the client portals to ensure all trading data is passed through flawlessly.
IB or Partner Portal
There’s one other thing you should look for in a CRM–a partner portal. Growing your brokerage usually means offering partnerships and accepting new IBs. A CRM with a partner portal lets you empower IBs by giving them access to accounts so that they can help convert leads and support clients making deposits.
Trader's Room
The Trader’s Room is a web-based portal built for you but designed specifically with your traders in mind. Under the secure login you and your clients will have access to thousands of features, from registering new accounts to electronic deposits to managing system languages and live chat.
For example, Some of the important features for a IB or Partner portal may include:
Instant Account Opening
Multi-tier Agent Structures
Integrated Account
Detailed Report
KYC and AML compliance tools
Commission Setting
Deposit / Withdrawal
7/24 Service
Increasing your forex market share in the current competitive environment is almost guaranteed to be a challenge without a CRM in place. To find forex CRM solution providers, Visit Fazzaco’s Directory to know more about the list, products, services related to CRM.
Subscribe Now
