Forex CRM-an indispensable tool for foreign exchange brokers

Lean Work
05/18/2020 10:10

What is a CRM system?

Customer relationship management (CRM) is a computer system used to manage the company's interactions with potential and current customers. It stores customer data and historical information about their interactions with your company. Companies, such as brokerage companies, use this data to improve business relationships, especially focusing on customer satisfaction and loyalty, which ultimately drives profitability and sales growth.

The foreign exchange CRM system has unique functions unique to the industry. The foreign exchange CRM system is generally divided into three parts:

  • Customer system: manage potential and current customer information and accounts
  • IB system: management introduces the broker network, usually combined with the broker rebate system
  • Back-end system: Broker's management of clients and IB.

Features of Forex CRM:

1. Keep as many potential customers as possible for the company

Through the CRM system, you can distinguish between potential customers and customers already served, customers who need to follow up, and customers who have not yet been contacted. You can get simple information about the contact person and contact time, so you can prevent potential and existing customers from being lost due to neglect or improper management.

2. Record customer information and service history information

CRM stores the following information for each customer: status, demographics, needs, intentions—and any operational information about your business can be saved. All of these contribute to customer service and follow-up service tracking, cross-selling, up-selling, etc.

3. Understand customer intent, analyze preferences, improve products and services

The CRM system provides brokers with objective customer status reports to better analyze customer behavior and preferences. You can get real, actionable data, and then integrate this data into better products and services-to show to your direct audience.

4. Ensure the uniqueness of customer information, simplify customized services

Duplicate or unnecessary customer information can be easily deleted. In addition, before contacting the client, the broker will have a database of information about the client so that he / she can view historical information, current wishes and needs, information about the last contact, etc. This valuable information will guide the broker to provide personalized services to customers.

5. Achieve information sharing within the enterprise to avoid loss of customer data due to personnel changes

The process of collecting, screening, tracking and maintaining customer information is recorded and permanently stored by the system. Administrators can assign access rights based on job responsibilities or users, so everyone can see what he / she needs to see about performing work. The system can also easily reassign customers when personnel change, so that no data is lost and customers can continue to be served.

6. Help the management team keep abreast of business progress

Managers can view business reports, sales records, business analysis, and other data at any time, simplifying management and sales monitoring processes.

7. Knowledge sharing to improve the quality of sales clerks

Brokers can share information in the "backstage" of the system, so that business personnel can learn and find information at any time, and further improve their business skills.

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