Forex CRM White Label Brokerage Solutions‎

Due to its highly lucrative nature and the booming it has recorded lately due to technological advancements and the spread of internet use which enable virtually anyone from across the globe to be able to become a forex trader or an online forex broker, the forex brokerage industry presents a massively competitive and challenging field to operate in. This highlights more than ever the crucial role that having an efficient CRM plays towards the success or failure of any forex brokerage venture.

What is CRM?

As revealed by its name, Customer Relationship Management (CRM) refers to a type of technology that enables the efficient and effective management of the entire spectrum of relationships with clients, from one single point. Having the right CRM in place can do wonders in terms of boosting both sales as well as overall staff productivity, since it caters for the easy and efficient organization of all contacts, leads and customers as well as providing invaluable intelligence and understanding as to their activities, preferences and behaviors.

Why is Forex CRM so important?

Why is Forex CRM so important

What is it that makes finding the best solution for your forex brokerage management needs such a pivotal point of concern? The answer lies in the actual nature of the forex trading market itself. Since this market purely runs and solely depends on data, and this data differs for individual and for each transaction at every different level, then the management of such data also entails an increased level of complexity, thus creating the need for more intricate and elaborate forms of CRM.

We’ve spent the last 30 years focusing on the T in IT, and we’ll spend the next 30 years focusing on the I.

Peter Drucker

Another characteristic of the forex brokerage business that enhances the importance of CRM is the fact that most forex brokers essential use the same or very similar trading platforms and the range of services they offer is almost identical. This makes it difficult for them to differentiate themselves adequately from their competitors and stand out from the crowd in the eyes of potential customers. 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.

myths about forex CRMs vs. the reality

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:

  • MYTH 1: It is simply another sales software
    Whether this statement is true or not it is a matter of perspective. Technically speaking a forex CRM is indeed a software and its ultimate objective is to improve a brokerage’s revenue. By efficiently and effectively recording, understanding and discerning the requirements of customers and helping the broker best serve and fulfill those needs, a CRM does contribute to increased sales, though it is not directly responsible for the selling per se. However, it would be almost impossible to grow a forex trading business without the backing of a solid forex CRM, while having one gives the brokerage the special edge over competitors by transforming otherwise mundane tasks into true customer-centric services.
  • MYTH 2: You don’t need it if you are a small brokerage
    This view may have been valid several years back when big companies had first started using CRM solutions. Today and thanks to the rapid technological advancements, forex CRM packages are largely compact and easy to install at a reasonable cost. Thus, instead of being an extra burden for smaller and newer brokers, a forex CRM is in fact an addition that is necessary and which help them become en par with their competitors and be able to compete on a level playing field. By benefiting from the easier and more streamlined sales process which results from an effective CRM, productivity levels are up and so are the overall revenues.
  • MYTH 3: You can only choose from what already exists
    This myth is not very accurate, though buying ready-made CRM solutions is indeed an option. However, as is also true in many other aspects of the business, it is perfectly feasible and indeed desirable that you engage in customization when it comes to your forex CRM. Depending on the specific business model that your forex brokerage employs you can ask a CRM provider to customize and tailor their offered solution package to better cater for and meet your own brokerage’s specific needs and requirements to help you create a bond between your offering and your clients and take your business to the next level.
  • MYTH 4: The CRM will not be compatible with your existing systems
    Building on the previous point on customization, this myth can also be diffused. Though it is possible that a CRM package might not be immediately compatible and an exact fit and match with your existing software systems, it is perfectly possible to achieve integration between technological systems through the right adjustments and customization. Again though, to achieve this you will need a CRM provider with the knowledge and expertise to deliver such integration following a thorough examination of your existing systems in use.
  • MYTH 5: A CRM is too expensive for a nascent forex brokerage
    This is another myth that might have been accurate in the past, but no longer so. In fact, today, there are several firms providing CRM solutions and their importance has made their usage widespread. As a result, you can obtain a forex CRM package at a very reasonable and affordable cost. Moreover, you will have to compare the cost of a CRM with the benefit and increase in the quality of your offering and the increase in your revenue which will result from its use, to be able to accurately determine if the cost is worth your while.

How To Choose The Best Forex CRM

How To Choose The Best Forex CRM

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

    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.

  • Management of Leads and Customer Journey Information

    To be worth your while your CRM should make the work of both your sales and marketing teams simpler and easier. If it doesn’t, then the CRM is not right for you. Ideally you should be able, with a single click, to have access to all your existing customers’ buying history and records, as well as all their other available data such as their demographics and trading habits. 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.

  • Management of all Partners at all levels

    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.

  • Segmentation of Customers

    A good forex CRM is one that will allow you to have a panoramic view of all your customers enabling your sales and customer service staff to offer each client a fully personalized treatment and approach, since they will be able to view all details regarding each trader’s habits, portfolio and profitability. 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.

  • Tracking of all communications in a unified manner

    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.

  • Regulation through technology

    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.

  • Reporting with Insight

    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. 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.

  • Full customization

    A CRM can be fully customized visually under your own logo and according to your brand’s identity, in terms of slogans, color schemes and overall look and feel. 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. Moreover, a CRM may be fully personalized and further customized to encompass all your business needs, by ensure the incorporation of all aspects of your operation, including payment solutions, chat tools, email marketing/service providers, webinar tools, VoIP / Telephony, SMS and more.

    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.

    Redefining The future

    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.

    How you gather, manage and use information will determine whether you win or lose.

    Bill Gates

    Against this backdrop brokerages also have to account for increased pressure and checks from regulatory authorities, which in turn makes the need for the usage of a purpose-built CRM solution even more dire.

    Obtaining the best and most well-suited CRM for your forex brokerage will equip you with a much better understanding of the needs, expectations, demands and requirements for your clients and put you in a much better position to be able to cater for them and meet them. In turn, this will lead to improved brand loyalty. Moreover, the CRM will make client acquisition more efficient, while marketing efforts will be more effective and better targeted, focusing on more accurately identified targets that bring better prospects and eventually lead to greater revenue growth.

    Let’s talk business

    At start-business-online our resident team of experts that have to date helped many players in the forex industry reach their maximum potential and achieve their goals, is in a unique position to advise and assist you in choosing the best CRM solution for your forex brokerage. Don’t miss the opportunity to get hold of the powerful tool that the right CRM will be once implemented in your forex brokerage, contact us today and let us help you excel, through an excellent forex CRM.

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Posted by
George Milios

George Milios

Lead Generation & Business Growth Specialist

Helping Companies Scale their Organic Traffic & Conversions over the long-term by implementing strategies that work. In addition, George is an avid cryptocurrency researcher, advisor, investor, and trader.

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