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High-quality tools help to take the brokerage business to the next level. How can business founders benefit from choosing the Forex CRM system?
What is the Forex CRM system
A top-notch Customer Relationship Management system helps brokerages to communicate with brokers and investors. This tool establishes internal and external communication on a White Label trading platform. As for now, there are some distinctions between brokerage companies as each business chooses a CRM system for implementing their own strategies. Although dealing desks, tools, and currency pairs may be the same, a full-fledged Customer Relationship Management system helps overtake competitors and benefit from it. This is why business owners need to learn more what is Forex Management before choosing the CRM solution.
CRM allows brokers to optimize interactions with their customers and set contacts with traders/investors or newcomer players who might enter the dealing desk. Brokerage companies use Customer Relationship Management systems for lead generation, working with MT4/MT5 trading platforms, reporting networks, multi-level introducing brokers (IBs), and other solutions for better communication.
Newer traders are highly uncertain about the whole financial market, from the foreign exchange to the first-class cryptocurrency exchange software. Therefore, brokers depend on CRM more than ever as a full-fledged system can skyrocket the Forex brokerage business. Let’s figure out what is Forex CRM and how it works.
How is it essential to implement a top-notch CRM system?
Customer Relationship Management systems have been widely used in the financial industry for years, and the FX sphere is no different. A working CRM system is a catalyst of rapid growth for any broker, whether a prime company or a newcomer.
The retail trading market provides excellent opportunities for anyone. However, dozens of companies need to find a customizable solution that helps to stand out among competitors. Such an effective instrument like CRM will be important in the upcoming years. Further, the high-quality Customer Relationship Management system increases your chance to obtain more traders.
Forex prime brokers need specific features for permanent automation of the client service. The deposit processing control is one of the most in-demand components in Forex CRM systems. It includes tools for integrating different payment providers (global and regional), acquiring services, and an extensive reporting network.
Moreover, CRM must meet all consumer demands in terms of data management. The first-class system needs to provide immediate reports with the most minute details about transactions, compliance, marketing campaigns, and other activities.
The full-fledged CRM also has a wide variety of tools for integration. An error-free operation with MetaTrader 4 and 5, VoIP system, and messaging instruments is a must.
Finally, the Forex broker CRM system must assure traders that their rights are appropriately protected.
Features of the Forex CRM System
- CRM systems help to execute different operations quickly and without permanent monitoring by the company staff. For example, buying and selling assets, filling orders, deposit and withdrawal operations are performed automatically. Therefore, automation saves time and money for further development.
- The intuitive interface simplifies the communication with traders and investors; this is why employees can send SMS and emails in a matter of seconds. Moreover, all navigation and messaging features are collected in one place.
Key advantages of a CRM system
- Customer Relationship Management systems provide clients with a well-developed personal account. It opens access to all brokerage services (deposit & withdrawal, creating accounts, applying for a KYC/AML procedure, and many more).
- The White Label FX brokerage company employees can use CRM for establishing marketing, sales, and lead management. There are also well-designed trading instruments that help increase the conversion rate and improve interaction with traders/investors. Further, a CRM system creates immediate reports that are easily accessible for auditors and responsible persons.
- Traders also get access to the personal wallet with replenishment and withdrawing tools. Moreover, investors can use this menu to transfer assets to the MT5 trading account.
The financial sphere offers various CRM for Forex brokers; this is why deciding on the right one is a core task for business owners. A Customer Relationship Management system is a must for providing high-quality brokerage service.
First of all, you need to discover the capabilities of your computer software, the business demands, plans for development, and working strategies. Further, your staff must consider the main goals of using the CRM and a set of system requirements. If you aim to establish a high-end system, you need to plan all vital features for your business carefully. First and foremost, determine your needs, available resources, and benefits. Some brokerage companies may choose the cloud CRM solution, while others need to implement the desktop software.
Before choosing the right CRM for your business, create a list of features worthy of attention and compare some available options on the Forex market. After that, decide the main demands of your brokerage and problematic points to solve with CRM software. The most prominent obstacles are traffic gaps, interaction with potential traders/investors, and vulnerable software.
Another key element is setting up a Customer Relationship Management system that covers traders’ needs. It is necessary to pay attention to issues that would improve the internal processes of the White Label Forex company, but optimizing the external communication is also worth noting. The success of your business relies on your customer base, so you need to work out future interaction strategies.
Besides, you need to find out if the preferred CRM software has automatic tools. It will cut expenses and allow traders to get their orders executed immediately.
Another aspect is maintaining the trader’s personal account in the dealing desk as Forex brokerages can manipulate clients via this tool. It helps to analyze requests and register users that meet the regulatory body’s requirements, as well as the international trading norms. Traders/investors can also use a personal account for financial operations. For instance, they may receive and make payments, deposit and withdraw money from the platform, create an account, etc. The back-office department of the FX brokers also exploits the CRM system, dealing with withdrawal operations and profit optimization.
How to implement the high-end CRM system
When talking about the personal account on the brokerage platform, it is worth noting that it relates to the Customer Relationship Management system. The Forex CRM solution, in turn, helps to determine what people may become active users of the broker platform. The specific software appoints a specific employee who is responsible for communication with potential market participants. Further, this person also provides all trade information.
It is easy for employees to interact with consumers as they have personal accounts in the CRM system. The platform executes most of the routine operations automatically. All actions made by clients are saved, and managers can open the transaction history and analyze it at any reasonable time. Meanwhile, the responsible employee must control a limited number of operations (replenishment of an account, withdrawal from the wallet, technical issues in the dealing desk, etc.)
B2Core is a perfect choice for newer brokerage companies. The company provides ready-made and innovative solutions for an FX business. Business founders can use them to analyze the behavior of the potential market participants and decide on the approval. It allows the establishment of an optimal trading platform for newer clients and an active customer base. B2Core is a leading Forex CRM Provider on the market. The team of experts helps to develop a high-end strategy and reach new highs.
