How does a foreign exchange broker choose a CRM system?

Lean Work
05/09/2020 17:17

In today's extremely rich material, all walks of life pay attention to "people-oriented", have changed from the traditional business model to "customer-centric" operating model, customer acquisition and retention has become the company's top priority.

CRM systems, also known as customer relationship management systems, exist in response to this demand. It is a new management mechanism based on the "one-to-one theory of customer relationship", aimed at improving the relationship between the enterprise and the customer. It is mainly a kind of auxiliary software that helps enterprises achieve the goals of attracting new customers, retaining old customers, turning existing customers into loyal customers, providing customer service and further enhancing the relationship between the enterprise and customers.

Importance of foreign exchange CRM system

In the foreign exchange industry, the clients of brokers are traders. Each broker has a huge customer resource. These clients can be divided into potential clients, opened clients, deposited clients, traded clients or dormant clients, etc. Clients, brokers need to adopt different marketing strategies.

At the same time, there are IBs of different levels ranging from dozens to hundreds of people in the industry, forming a huge and complex multi-level agency network, which leads to a huge amount of information for each client of the broker Attention, the relationship network between customers is even more complicated. Inadequate management may result in the loss of client resources for brokers that are difficult to obtain.

And a powerful CRM system can help brokers to collect customer information, and organize and classify them reasonably, carry out a variety of marketing activities in a targeted manner, and achieve accurate contact with customers. This can not only increase the conversion of new customers, but also increase customer retention and IB's enthusiasm.

Classification of CRM system

There are various CRM systems on the market to meet the needs of enterprises. According to different standards, CRM systems can be divided into many types.

Generally speaking, according to the different types of CRM system technology, it can be divided into three types: collaboration, data analysis and operation. Collaboration helps companies integrate all business processes in the front and back office; data analysis helps companies collect data, conduct behavior analysis, and helps companies make decisions; and operation helps companies communicate and contact users. Since these three types have their own limitations, some CRM systems can integrate different functions into one, providing enterprises with a full range of assistance.

According to different service objects, CRM systems can also be divided into B2B (channel-oriented or terminal) systems or B2C (consumer-oriented). According to different platforms, they can be divided into traditional CRM systems and online CRM systems.

At present, the CRM system in the foreign exchange market can also be divided into three categories, which are customized, general and special.

Customized CRM system: Customized CRM system refers to the CRM system that brokers personalize according to their own business needs. This system is naturally the most compatible with the broker, but the corresponding development technology and cost requirements are also relatively high;

General-purpose CRM system: General-purpose CRM system refers to CRM systems applicable to various industries. Such systems are relatively common on the market, with low prices and high universality. When the relative functions are relatively simple, the efficiency is relatively high. low.

Dedicated CRM system: Dedicated CRM system refers to some software technology providers in the foreign exchange industry. It is a CRM system developed in accordance with the business process of the foreign exchange industry . It has more comprehensive functions and can meet the requirements of general brokers. Technical maintenance.

Specific functions of foreign exchange CRM system

In addition to the functions provided by ordinary CRM systems, foreign exchange CRM systems usually incorporate a rebate system and have some unique functions, which can generally be divided into three parts.

Customer system: The main function of the customer system is the customer's information and account management, specifically including account registration, MT4 account opening, bank card information management, certificate management, password reset, lever adjustment, online deposit and withdrawal, transfer and remittance, capital flow Wait;

IB system: The main functions undertaken by the IB system are the management of customers and subordinate IBs, including IB information management, customer management, customer order management, customer commission management, commission setting, commission statistics, IB level management, etc .;

Back-end system: The function of the back-end system is mainly the management of clients and IB by brokers, including account opening management, deposit and withdrawal management, transfer management, certificate management, leverage adjustment, commission setting, product setting, IB management, exchange rate management, announcement and many more.

How to choose a foreign exchange CRM system

The CRM system available on the market may have 80% of the same functions. However, the success or failure of a company often depends on the remaining 20%. Therefore, it is also very important to choose the CRM system correctly.

So how to choose an excellent foreign exchange CRM system, mainly from three aspects:

Brand awareness

Brand is one of the biggest guarantees of product quality. A well-known brand usually represents the public's long-term trust in it, and the CRM system is no exception. Providers with high brand awareness often have more solutions, higher technical support and better service teams. Therefore, generally speaking, the functions of the more well-known CRM products will be more powerful and the upgrade iteration will be faster.

Functional perfection

As we have said above, the foreign exchange CRM system is more demanding than other CRM systems. For example, many crm systems have problems with commission settlement reports. Common performance such as trading volume, deposits, and account openings may be normal, but when they involve complex commission reports, they will appear very confusing. Can not be seen at a glance, causing trouble to the broker. Therefore, the broker should carefully examine the functions of the CRM system and strive for the completeness of each function.

Of course, brokers can also choose a CRM system with highly flexible customization functions, and configure the corresponding functions according to their specific needs.


Every broker wants a powerful, smooth, and high-quality system, but correspondingly, outstanding quality also means high prices. This is a big burden for brokers, especially those who have just started. In terms of CRM system selection, it is not possible to consider only quality or price. It is necessary to consider the service level, technical support, implementation cycle and other aspects of the supplier to choose the one with the highest cost performance. In addition to these, the system's data carrying capacity, charging standards, whether to support automatic upgrades, whether to support mobile terminal operations, etc. are also factors that need to be considered.

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