Financial CRM of LeanWork is a leading product that has been polished for nearly six years. Up to now, we have iterated more than 120 versions, released nearly 5000 new functions and optimizations, and received praise from nearly 1000 securities customers. Now it is a very mature securities CRM, and we don’t need to iterate and update as frequently as we did at the beginning, so we slow down the pace of product update, we focus more on bringing better pre-sales and after-sales service experience to all customers.

At the beginning of the year, despite the impact of the epidemic, everyone worked at home for a long time, but the scattered partners around the world still insisted on providing you with 7 * 12 hours of after-sales service, still using the fastest time and the best service to help customers solve all problems, we are still the "CRM with the best understanding of securities companies".

How useful is LeanWork CRM today?

We have received many customer requirements for 6 years. Because of the different scale, background and business of each customer, the needs related to "customization" are constantly emerging. As a SaaS product, how to "respond to all changes with no change" is the goal we have been exploring and implementing. How flexible can CRM be now? Let me speak slowly.

1. Customized brand information means that even if you and your competitors use CRM of LeanWork, you can also customize brand information so that users can not feel that it is from the same underlying system.

For each company, it has its unique brand information and brand color deeply rooted in the hearts of the people, LeanWork CRM To what extent can brand information be customized?

• Site domain name
• Site Icon
• Site tone
• Company logo
• Corporate name
• Company contact
• System language
• Login page background and layout of login box
• Custom menu
• Custom landing page

2. Custom approval process 10 types of trader tasks.

The circulation and management of various tasks are the core of the business operation of securities companies, LeanWork CRM. It supports the management of multiple process tasks. Each task type of securities firm can customize the approval process according to its own organizational structure, such as: what information needs to be provided at each step, who needs to approve, who can receive the notification after the task is initiated, and whether the notification method is SMS or email? Can be customized in task settings.

• Real account opening application
• Account opening application of the same name
• Deposit application
• Wire transfer deposit application
• Deposit application
• Application for adjustment of leverage
• Bind account application
• Application for modification of account owner information
• Reset transaction account password application
• Agent registration application
• Agent deposit application

3. Custom report account report.

In the era of digital transformation, the importance of data report is self-evident. LeanWork CRM Powerful report module built in18Common reports covering account related, Commission related and sales/Agency performance related 3 types.

• Consolidated account statement
• Statement of account funds
• Position inquiry
• List query
• Transaction history query
• Variety Commission Report
• Stop loss and profit statement
• New account statement
• Transaction commission return Report
• Return of commission
• Return of net income
• Profit sharing Commission return statement
• Net profit sharing Commission return statement
• Commission return Report
• Daily return Report
• Real time Commission return Report

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Business development and acquisition of target customers

1. Retain customers, increase the deposit amount, and extend the life cycle

For foreign exchange brokers, customers are the key to success, and the number and quality of customers will indirectly affect the operation of foreign exchange brokers. Especially with the rapid development of China's foreign exchange market, competition among brokers is becoming more intense. Everyone wants to occupy more positions on the big cake of the foreign exchange trading market. At this time, how to attract customers and retain them, increase the customer's deposit, let them trade as much as possible, and extend the life cycle of old customers is particularly important.

Forex brokers need to have a strong and attractive innovative trading system and a new marketing model to extend the average life cycle of traders, increase transaction volume and increase deposits.

2. Reduce customer acquisition costs and increase conversion rates

With the intensification of industry competition, the foreign exchange market has seen a rise in the cost of acquiring customers, but the conversion rate of customers is not high. The increase in customer acquisition costs will directly put pressure on platform operators. What a foreign exchange broker needs to do is to reduce the cost of acquiring customers and increase the conversion rate as much as possible.

Brokers need a back-end that can manage the customer acquisition process leanly, use software to count customer sources in real time, and find ways to improve customer conversion rates based on analysis results.

3. Systematic brand marketing and communication management

Forex brokers should have brand philosophy and awareness, effectively control the relationship between brands and consumers through brand management, and ultimately form a brand advantage, so that corporate behavior is more loyal to the core value and spirit of the brand, thereby maintaining continuous competitiveness.

The back office of a foreign exchange broker should have a systematic brand marketing and communication system, save labor costs, control the marketing process, automate marketing, and increase brand awareness.

IB Management System

Foreign exchange IB (Introducing Broker) is a role between investors and trading platforms, and is a channel provider of the platform. To put it bluntly, it is to act as a sales role in the industry, responsible for expanding the dealer market, acquiring more customers for the dealer, and getting a certain rebate from the dealer as a commission for sales.

IB focuses on finding cooperation platforms and developing customers. According to different operating methods and profit models, IB is mainly divided into rebate IB, customer service IB, trading signal IB, social media IB and white label IB. There are some platform chambers of commerce that set levels and advanced systems for IB, and different levels of IB can get different rebates.

Therefore, foreign exchange brokers need to have an IB management system. First, have IB level management. Avoid unclear IB affiliation; Second, the high degree of freedom of commission distribution. Can apply a variety of commission policies (spread percentage, pip value, net profit share, etc.), and can achieve automatic settlement; three, professional reports, at a glance. Both dealers and agents have the right to log in to view their trading performance, such as account openings, deposits, and transaction details.

The back office of the foreign exchange broker needs to easily cope with the update of the provided trading varieties, the setting of overnight interest, and the filtering of abnormal prices.

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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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.

Cost-effective

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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Dear Clients,

In the nationwide Celebration of  Chinese National Day, LEAN WORK wish you a pleasant golden week!

During the golden week, LEAN WORK's retention team still offer in time online consulting services  9:30-22:30 (GMT+8) . Normally we'll reply you within an hour.

Detail “Holiday Responsible Time Table” is listed as below for your information!

For a perfect experience, LEAN WORK sticks to provide customers with timely and optimal services all year round.

LEAN WORK will always be with you!

In August 2014, LEAN WORK launched the world's first Broker CRM system-BROKER WORK.

Five years refinement perfects BROKER WORK，which attracts over 500 Brokerages to choose it.

Five years of extensive exploration, BROKER WORK creates another innovation that provides customized versions for diversified brokerages.

This version hierarchy is the one that formed by splitting the original "united" product functions and combing fragments that perfectly match brokers' business requirements. BROKER WORK presently comes into two distinct versions: Standard version and Pro version.

Why we process version hierarchy?

Every revolution is the result of careful consideration.

This is the reason: Version hierarchy of BROKER WORK is "tailored broker CRM solutions " that derived from years of exploration in the financial field, over 500 diversified broker service experiences, extensive knowledge of forex, securities, and futures alongside with successive refinement of product functions.

From Client Portal to IB Portal, back-office approval to CRM, and finally to Business Intelligence. We never stop the in-depth analysis of broker business scenarios. This effort, to some extent, helps to successively extend the coverage of front end and middle end for the security business.

Brokerages served by LEAN WORK, are of diverse types: startup brokerages, small and medium brokerages, and transnational licensed brokerages. It can be found amid the service process that brokerages of different types, business model, operation growth mentality and needs of CRM tools are different.

Some brokers prefer cheap price to functions; some value process regulation that requires certain tools to improve management and operation efficiency; while others take importance in data security and function stability, especially internal and regulatory compliance.

Through further study, we found that BROKER WORK version hierarchy is of great use to better match functions brokers demanded, avoid unnecessary spend as well as achieve a demand-based purchase.

Meanwhile, streamlined value-added service will reduce the purchase cost whose component functions are classified into its corresponding product version. Clear version futures save brokers from hidden fees, they can simply select the desired version.

The business automation tool-BI dashboard, for instance, was a part of value-added service functions, now allocated into Standard and Pro version.

Standard or Pro?

Standard version and Pro version, are both designed for diversified brokers. The former is for small and medium-sized brokerages, the later for medium and large licensed brokerages.

LEAN WORK with years of experiences has noticed that small and medium brokerages mostly adopt "sales-oriented" business growth mode. They lay emphasis on customer relationship and sales process management. Furthermore, the management is of great awareness of process and compliance. In pursuit of higher efficiency and lower cost, they are eager for a comprehensive CRM tool that can manage internal workflows, customers and agents.

Standard version is designed based on the business model and pain points of small and medium-sized brokerages.

This version involves IB Portal, Client Portal, Back Office, and BI. The full-featured CRM system is able to realize the internal process standardization and improve operation efficiency of this kind of brokerages.

As regard to medium and large licensed brokerages, rules are different.

These brokerages, as a rule, are installed with sound sales, marketing teams and regulatory management system, with customers thoroughly covering many countries and regions. Likewise, managers are aware of "data-driven growth" and value data security and compliance, resulting in great complexity of the approval process.

Given that deficiency, we released the Pro version to content their business requirements.

Five highlights of BROKER WORK Pro version:

• Customer segmentation, as well as account segmentation, help brokers to achieve precise operation and refinement marketing.
• Custom tunning commission parameters provides high-efficiency and facilitated settlement.
• Customized approval process enables multi-level approval.
• The customized report supports the free combination of fields, create reports your design.
• Customized account open sheet and process assist brokers to comply with internal regulation and regulatory compliance.

KYC, Appropriateness Test, Exclusive Operation Promotion Links...There are much more strong futures awaiting for you. Come and learn more details.

Click here to know more about the detailed comparison of Standard version and Pro version.

Contact us

Our current customers can contact customer success manager in the after-sales group to be alerted about details. While new customers can get a free trial just by clicking "Application" to submit information or leaving a message in our WeChat.

Standard or Pro, which one do you prefer?

Not long ago, we did a small investigation.

The results of the survey changed my perception of brokerage and IB relationships.

I used to think that brokers and IB are "best CPs".

They are together to provide customers with the best trading and service experience.

Unexpectedly, mutual distrust can turn them into "enemy of interests."

Andy is the COO of an overseas licensed brokerage firm. He is responsible for the development and branding of the Asia Pacific market.

He was very upset recently.

"The supervision is getting stricter, the market is shrinking, and the competition is getting more intense. When I first came into the Asian market, I was full of confidence. I wanted to enter the market quickly through the local IBs. But the quality of the IB was too bad. I have encountered great difficulties. Even worse, I have also encountered some "bad IBs" who bring huge risks to the platform."

Andy said, "I am eager for quality IB resources. But it's too hard to find them."

Brokers are afraid of encountering "bad IBs", and IB is also afraid of encountering "bad platforms."

Li is the boss of an IB firm who has been doing business for many years.

Li said, "My biggest concern is the security of funds. My customers are all my old friends. They trust me very much. Now in this market, I am most afraid of encountering "bad platform" and the security of funds can not be guaranteed. I let my customers use several platforms to spread risk, but I still worry about the security of the funds. "

Li sometimes considers whether he should have his platform to ensure the security of funds or not. But the high cost and lack of experience of being a broker let him be discouraged.

Is the broker and IB the opposite of the interests?

Let's go back to the beginning of the IB.

IB, Introducing Broker, originated in the futures market and was later widely used in the foreign exchange market.

The main goal of IB is to provide services to localized customers and let the brokerage platform do the execution of the transaction and back-office operations.

Then IB can get a commission from brokers. In general, the more customers trade, the more commissions IB can earn. In the United States, IB is regulated by the NFA.

An IB can be a person, a group of people, or a company.

In theory, anyone can be an IB, but some individuals or businesses are more capable than others to be successful IBs, such as:
 High traffic website
 Stock/futures brokerage company
 Forex trader who made profit
 Asset management company
 Training institution
 A company builds trust with wealthy investors

Since IB's income is mainly from the broker's profits, why do the brokers not directly develop customers, but choose IB to provide services to customers?

Develop direct customers by broker themselves is a good way to obtain customers, but IB is also an important source of customer acquisition.

1.IB helps to improve customer acquisition efficiency and reduce the workload of brokers. Brokers focus on the mid- and back-office operations of the transaction, while IB focuses on providing specialized services to customers.

2. Open offices around the country to serve customers is too costly for brokers and does not have economic benefits. But this is what IB good at. Because they operate small offices across the country.

The reason why IB cooperates with brokers is mostly because of insufficient finance. Most IBs do not have the money to directly provide transactions to customers, which involves regulatory licenses, LPs, necessary technical facilities and the huge cost of maintaining trading platforms.

Brokers and IBs should be the "best CP", not the "enemy of interest."

So, how can brokers and IB become the "best CP"?

The biggest contradiction between brokers and IB is “lack of trust”. So it is especially important to regain trust.

For brokers, be open and transparent, ensure the security of funds, provide customers with good trading experience, these all help brokers to win the trust of quality IB.

Here are some important characteristics that brokers should have:
 Safeguard funds
 Provide a good trading experience
 Quality customer support/service
 Provide the necessary support for IB

For IB to achieve long-term success, they must keep the focus on customers.

To ensure the long-term interests, IBs should provide customers with quality services, appropriate education, and appropriate advice for different investors, so that the customer's life cycle can be extended.

To win the trust of customers and achieve mutual benefit, Brokers and IBs should trust each other and do their things.

Are you a broker or IB?

If you have a story that you would like to share with us, please feel free to contact us:

Email: marketing@lwork.com

Ok, after learning so much about financial CRM, how do you choose a CRM provider?

First of all, the product itself meets your needs or not.

Different brokers have different functional requirements for financial CRM systems. Some may only need basic account opening and task dealing functions, some require a full set of customer management, IB management and task dealing management, and some require special functions such as real-time rebates and scheduled rebates.

Brokers need to choose the right financial CRM system based on actual conditions.

Second, consider the brand and strength of the technology provider.

You'd better choose a CRM provider with stable business performance and sufficient technical talent.

Stable business performance can guarantee that they will provide you with stable technical services during the process of using their financial CRM system.

At the beginning of the establishment, brokers might not pay attention to the reliability of Financial CRM providers, and chose the "cheapest one". However, just after they used the CRM system, his technology provider went bankrupt. Eventually, brokers were unable to access CRM system data and their business was seriously affected.

Choosing a reliable financial CRM provider will ensure that there is technical support behind you. So you can focus on business growth without worrying about technology.

So, what key points should you consider when choosing a financial CRM provider?

1. Provider’s reputation in the whole industry. Are their product and technical strength verified by many peers?

2. The size of the company's technical team. How good is their technology, and can it provide long-term technical support?

Finally, consider cost and docking.

When considering costs, not only the price of the financial CRM system itself, but comprehensive costs should be considered.

1. The cost of the product itself

That is the price of the product itself, such as the monthly fee for a cloud-based financial CRM solution.

2. Docking costs

Data must be migrated to the financial CRM system in some way without losing potential customers, databases, follow up records, etc. The cloud financial CRM solution is simple and fast-docking, so it is convenient for brokers to quickly carry out business.

3. Cost of use

Is the performance of the financial CRM system stable and user-friendly?

Does the CRM provider provide adequate training and customer support?

These all affect your subsequent experience.

Your business may have just started, and you want to focus all your energy on business growth rather than technology development. The financial CRM system in SaaS mode is your best choice.

LEAN WORK's financial CRM system——Broker Work, serving more than 500 financial brokers, has comprehensive functions, stable performance, and mature technology, and is well received by the industry.

We mainly deploy financial CRM systems in SaaS mode, including Basic and Pro versions, and different versions have different functions. Start-up brokers can choose the Basic version to facilitate quick business. When the business grows, it can be upgraded directly from the Basic version to the Pro version to meet more business needs. Mature brokers can directly choose the Pro version to help your business grow.

At the same time, LEAN WORK also provides a privatization deployment solution to better meet the needs of brokers for data security, regulatory compliance, and internal business system integration.

Financial CRM solution—Broker Work

When you decide to purchase a financial CRM system to help your business grow, do you know where to find the most suitable financial CRM system?

These are the most common choices.

1.  Online search

In the Internet age, search engines have given us great convenience. With a search engine, we can almost know everything that happens in the world, including: What is the best financial CRM system?

Baidu and Google have a lot of introductions about financial CRM systems, but you need a keen eye to find the financial CRM system that is right for you.

2. Participate in industry exhibitions

Brokers can participate in financial industry exhibitions and find the most suitable financial CRM system at the exhibition.

For example, iFX EXPO is a high-end event for professional financial institutions. Many industry-related companies will be invited to participate in the exhibition, such as brokers, traders, IBs, and technology providers. LEAN WORK, as a leading financial technology provider, has invited to participate in the exhibition five times.

3. Peer recommendation

The circle of finance is not big, peer recommendation is also a way to choose financial CRM.

What financial CRM system is used by your peers? What are the advantages and disadvantages? You can explore from friends.

LEAN WORK's financial CRM system serves more than 500 financial brokers, and maybe your peers use our products.

4. Channel recommendation

For the brokerage platform that is being built, your contractor may recommend some financial CRM systems or include the financial CRM system in the construction solutions they provide.

Some contractors may even [give free CRM] in order to attract customers. However, please don't be blinded by [gift] and [free]. Be sure to understand the relevant functions of the product, and whether it can meet your business needs.

Online search, participation in exhibitions, peer recommendation, and channel recommendation are all good ways to choose financial CRM. But either way, you should try it before making a decision.

The best way is to [apply for a free trial]. This way you can quickly see if the function of the CRM system meets your needs or not.

Love Financial CRM?

No matter which financial CRM system you purchase, choosing the best time to buy can bring you the most benefit.

According to our experience, most brokers often purchase financial CRM systems during the following periods.

1. The middle and late stages of platform construction

For brokers who are building platforms, they will usually consider purchasing a financial CRM system in the middle and late stages of construction.

why?

The early stage of the construction process is mainly about company creation, official website design, and trading platform selection. In the middle and late stages of construction, you should consider the parts related to business processes, such as: How do customers open accounts? How to carry out customers’ follow-up management? How to manage IBs and perform rebates?

These issues are all related to financial CRM solutions. Therefore, brokers in the late stage of construction have to start to consider which supplier's financial CRM system to choose.

A good financial CRM system can help brokers solve customer account opening process, IB management issues, and customer follow-up, management, and task dealing issues, allowing brokers to manage platform business more automatically and efficiently.

2. New brokers need to replace the financial CRM system

New brokers that have just been established may have a tendency to replace the financial CRM system after 2-6 months of operation.

At the beginning of its establishment, brokers may have chosen a financial CRM system provided by a certain IT provider for various reasons, but it took two or three months to discover [it’s not easy to use].

Maybe the product itself is not designed properly, and can not meet the needs of the actual business process of the brokerage. Maybe that the brokerage needs some special functions, the existing CRM system cannot be satisfied.

There may be many reasons, but the end result is that new brokers are beginning to consider replacing existing financial CRM systems and choosing new technology providers.

3. Mature brokers open up new markets

With the tightening of supervision in Europe and the United States, more and more established veteran brokers have begun to implement a globalization strategy and lay out the Asia-Pacific market.

At this time, the financial CRM system used by the company headquarters is likely to be unable to meet the localized market demand, and the brokers need to purchase a more suitable financial CRM system.

For example, in China, Malaysia, and other countries and regions, the IB model is the most popular way to get customers.

Since the IB structure has many levels and many rebate rules, the financial CRM system of the brokerage company must have a multi-layered rebate function. Obviously, choosing the most appropriate financial CRM system will help brokers quickly adapt to the local market.

For example, well-known brokers such as LMAX have chosen the [Financial CRM System - BROKER WORK], which is popular among Asia Pacific brokers, to help them develop their local market business.

Are you building your brokerage platform now?

Or are you considering replacing your existing financial CRM system?

Or have you just entered the Asian market and want to find the best CRM solution?

No matter which situation you are in, choose the most suitable financial CRM system and start growing your business quickly!

Love Financial CRM?

Financial CRM of LeanWork is a leading product that has been polished for nearly six years. Up to now, we have iterated more than 120 versions, released nearly 5000 new functions and optimizations, and received praise from nearly 1000 securities customers. Now it is a very mature securities CRM, and we don’t need to iterate and update as frequently as we did at the beginning, so we slow down the pace of product update, we focus more on bringing better pre-sales and after-sales service experience to all customers.

At the beginning of the year, despite the impact of the epidemic, everyone worked at home for a long time, but the scattered partners around the world still insisted on providing you with 7 * 12 hours of after-sales service, still using the fastest time and the best service to help customers solve all problems, we are still the "CRM with the best understanding of securities companies".

How useful is LeanWork CRM today?

We have received many customer requirements for 6 years. Because of the different scale, background and business of each customer, the needs related to "customization" are constantly emerging. As a SaaS product, how to "respond to all changes with no change" is the goal we have been exploring and implementing. How flexible can CRM be now? Let me speak slowly.

1. Customized brand information means that even if you and your competitors use CRM of LeanWork, you can also customize brand information so that users can not feel that it is from the same underlying system.

For each company, it has its unique brand information and brand color deeply rooted in the hearts of the people, LeanWork CRM To what extent can brand information be customized?

• Site domain name
• Site Icon
• Site tone
• Company logo
• Corporate name
• Company contact
• System language
• Login page background and layout of login box
• Custom menu
• Custom landing page

2. Custom approval process 10 types of trader tasks.

The circulation and management of various tasks are the core of the business operation of securities companies, LeanWork CRM. It supports the management of multiple process tasks. Each task type of securities firm can customize the approval process according to its own organizational structure, such as: what information needs to be provided at each step, who needs to approve, who can receive the notification after the task is initiated, and whether the notification method is SMS or email? Can be customized in task settings.

• Real account opening application
• Account opening application of the same name
• Deposit application
• Wire transfer deposit application
• Deposit application
• Application for adjustment of leverage
• Bind account application
• Application for modification of account owner information
• Reset transaction account password application
• Agent registration application
• Agent deposit application

3. Custom report account report.

In the era of digital transformation, the importance of data report is self-evident. LeanWork CRM Powerful report module built in18Common reports covering account related, Commission related and sales/Agency performance related 3 types.

• Consolidated account statement
• Statement of account funds
• Position inquiry
• List query
• Transaction history query
• Variety Commission Report
• Stop loss and profit statement
• New account statement
• Transaction commission return Report
• Return of commission
• Return of net income
• Profit sharing Commission return statement
• Net profit sharing Commission return statement
• Commission return Report
• Daily return Report
• Real time Commission return Report

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Business development and acquisition of target customers

1. Retain customers, increase the deposit amount, and extend the life cycle

For foreign exchange brokers, customers are the key to success, and the number and quality of customers will indirectly affect the operation of foreign exchange brokers. Especially with the rapid development of China's foreign exchange market, competition among brokers is becoming more intense. Everyone wants to occupy more positions on the big cake of the foreign exchange trading market. At this time, how to attract customers and retain them, increase the customer's deposit, let them trade as much as possible, and extend the life cycle of old customers is particularly important.

Forex brokers need to have a strong and attractive innovative trading system and a new marketing model to extend the average life cycle of traders, increase transaction volume and increase deposits.

2. Reduce customer acquisition costs and increase conversion rates

With the intensification of industry competition, the foreign exchange market has seen a rise in the cost of acquiring customers, but the conversion rate of customers is not high. The increase in customer acquisition costs will directly put pressure on platform operators. What a foreign exchange broker needs to do is to reduce the cost of acquiring customers and increase the conversion rate as much as possible.

Brokers need a back-end that can manage the customer acquisition process leanly, use software to count customer sources in real time, and find ways to improve customer conversion rates based on analysis results.

3. Systematic brand marketing and communication management

Forex brokers should have brand philosophy and awareness, effectively control the relationship between brands and consumers through brand management, and ultimately form a brand advantage, so that corporate behavior is more loyal to the core value and spirit of the brand, thereby maintaining continuous competitiveness.

The back office of a foreign exchange broker should have a systematic brand marketing and communication system, save labor costs, control the marketing process, automate marketing, and increase brand awareness.

IB Management System

Foreign exchange IB (Introducing Broker) is a role between investors and trading platforms, and is a channel provider of the platform. To put it bluntly, it is to act as a sales role in the industry, responsible for expanding the dealer market, acquiring more customers for the dealer, and getting a certain rebate from the dealer as a commission for sales.

IB focuses on finding cooperation platforms and developing customers. According to different operating methods and profit models, IB is mainly divided into rebate IB, customer service IB, trading signal IB, social media IB and white label IB. There are some platform chambers of commerce that set levels and advanced systems for IB, and different levels of IB can get different rebates.

Therefore, foreign exchange brokers need to have an IB management system. First, have IB level management. Avoid unclear IB affiliation; Second, the high degree of freedom of commission distribution. Can apply a variety of commission policies (spread percentage, pip value, net profit share, etc.), and can achieve automatic settlement; three, professional reports, at a glance. Both dealers and agents have the right to log in to view their trading performance, such as account openings, deposits, and transaction details.

The back office of the foreign exchange broker needs to easily cope with the update of the provided trading varieties, the setting of overnight interest, and the filtering of abnormal prices.

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.

Get Forex CRM Free

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.

Cost-effective

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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Dear Clients,

In the nationwide Celebration of  Chinese National Day, LEAN WORK wish you a pleasant golden week!

During the golden week, LEAN WORK's retention team still offer in time online consulting services  9:30-22:30 (GMT+8) . Normally we'll reply you within an hour.

Detail “Holiday Responsible Time Table” is listed as below for your information!

For a perfect experience, LEAN WORK sticks to provide customers with timely and optimal services all year round.

LEAN WORK will always be with you!

In August 2014, LEAN WORK launched the world's first Broker CRM system-BROKER WORK.

Five years refinement perfects BROKER WORK，which attracts over 500 Brokerages to choose it.

Five years of extensive exploration, BROKER WORK creates another innovation that provides customized versions for diversified brokerages.

This version hierarchy is the one that formed by splitting the original "united" product functions and combing fragments that perfectly match brokers' business requirements. BROKER WORK presently comes into two distinct versions: Standard version and Pro version.

Why we process version hierarchy?

Every revolution is the result of careful consideration.

This is the reason: Version hierarchy of BROKER WORK is "tailored broker CRM solutions " that derived from years of exploration in the financial field, over 500 diversified broker service experiences, extensive knowledge of forex, securities, and futures alongside with successive refinement of product functions.

From Client Portal to IB Portal, back-office approval to CRM, and finally to Business Intelligence. We never stop the in-depth analysis of broker business scenarios. This effort, to some extent, helps to successively extend the coverage of front end and middle end for the security business.

Brokerages served by LEAN WORK, are of diverse types: startup brokerages, small and medium brokerages, and transnational licensed brokerages. It can be found amid the service process that brokerages of different types, business model, operation growth mentality and needs of CRM tools are different.

Some brokers prefer cheap price to functions; some value process regulation that requires certain tools to improve management and operation efficiency; while others take importance in data security and function stability, especially internal and regulatory compliance.

Through further study, we found that BROKER WORK version hierarchy is of great use to better match functions brokers demanded, avoid unnecessary spend as well as achieve a demand-based purchase.

Meanwhile, streamlined value-added service will reduce the purchase cost whose component functions are classified into its corresponding product version. Clear version futures save brokers from hidden fees, they can simply select the desired version.

The business automation tool-BI dashboard, for instance, was a part of value-added service functions, now allocated into Standard and Pro version.

Standard or Pro?

Standard version and Pro version, are both designed for diversified brokers. The former is for small and medium-sized brokerages, the later for medium and large licensed brokerages.

LEAN WORK with years of experiences has noticed that small and medium brokerages mostly adopt "sales-oriented" business growth mode. They lay emphasis on customer relationship and sales process management. Furthermore, the management is of great awareness of process and compliance. In pursuit of higher efficiency and lower cost, they are eager for a comprehensive CRM tool that can manage internal workflows, customers and agents.

Standard version is designed based on the business model and pain points of small and medium-sized brokerages.

This version involves IB Portal, Client Portal, Back Office, and BI. The full-featured CRM system is able to realize the internal process standardization and improve operation efficiency of this kind of brokerages.

As regard to medium and large licensed brokerages, rules are different.

These brokerages, as a rule, are installed with sound sales, marketing teams and regulatory management system, with customers thoroughly covering many countries and regions. Likewise, managers are aware of "data-driven growth" and value data security and compliance, resulting in great complexity of the approval process.

Given that deficiency, we released the Pro version to content their business requirements.

Five highlights of BROKER WORK Pro version:

• Customer segmentation, as well as account segmentation, help brokers to achieve precise operation and refinement marketing.
• Custom tunning commission parameters provides high-efficiency and facilitated settlement.
• Customized approval process enables multi-level approval.
• The customized report supports the free combination of fields, create reports your design.
• Customized account open sheet and process assist brokers to comply with internal regulation and regulatory compliance.

KYC, Appropriateness Test, Exclusive Operation Promotion Links...There are much more strong futures awaiting for you. Come and learn more details.

Click here to know more about the detailed comparison of Standard version and Pro version.

Contact us

Our current customers can contact customer success manager in the after-sales group to be alerted about details. While new customers can get a free trial just by clicking "Application" to submit information or leaving a message in our WeChat.

Standard or Pro, which one do you prefer?

Not long ago, we did a small investigation.

The results of the survey changed my perception of brokerage and IB relationships.

I used to think that brokers and IB are "best CPs".

They are together to provide customers with the best trading and service experience.

Unexpectedly, mutual distrust can turn them into "enemy of interests."

Andy is the COO of an overseas licensed brokerage firm. He is responsible for the development and branding of the Asia Pacific market.

He was very upset recently.

"The supervision is getting stricter, the market is shrinking, and the competition is getting more intense. When I first came into the Asian market, I was full of confidence. I wanted to enter the market quickly through the local IBs. But the quality of the IB was too bad. I have encountered great difficulties. Even worse, I have also encountered some "bad IBs" who bring huge risks to the platform."

Andy said, "I am eager for quality IB resources. But it's too hard to find them."

Brokers are afraid of encountering "bad IBs", and IB is also afraid of encountering "bad platforms."

Li is the boss of an IB firm who has been doing business for many years.

Li said, "My biggest concern is the security of funds. My customers are all my old friends. They trust me very much. Now in this market, I am most afraid of encountering "bad platform" and the security of funds can not be guaranteed. I let my customers use several platforms to spread risk, but I still worry about the security of the funds. "

Li sometimes considers whether he should have his platform to ensure the security of funds or not. But the high cost and lack of experience of being a broker let him be discouraged.

Is the broker and IB the opposite of the interests?

Let's go back to the beginning of the IB.

IB, Introducing Broker, originated in the futures market and was later widely used in the foreign exchange market.

The main goal of IB is to provide services to localized customers and let the brokerage platform do the execution of the transaction and back-office operations.

Then IB can get a commission from brokers. In general, the more customers trade, the more commissions IB can earn. In the United States, IB is regulated by the NFA.

An IB can be a person, a group of people, or a company.

In theory, anyone can be an IB, but some individuals or businesses are more capable than others to be successful IBs, such as:
 High traffic website
 Stock/futures brokerage company
 Forex trader who made profit
 Asset management company
 Training institution
 A company builds trust with wealthy investors

Since IB's income is mainly from the broker's profits, why do the brokers not directly develop customers, but choose IB to provide services to customers?

Develop direct customers by broker themselves is a good way to obtain customers, but IB is also an important source of customer acquisition.

1.IB helps to improve customer acquisition efficiency and reduce the workload of brokers. Brokers focus on the mid- and back-office operations of the transaction, while IB focuses on providing specialized services to customers.

2. Open offices around the country to serve customers is too costly for brokers and does not have economic benefits. But this is what IB good at. Because they operate small offices across the country.

The reason why IB cooperates with brokers is mostly because of insufficient finance. Most IBs do not have the money to directly provide transactions to customers, which involves regulatory licenses, LPs, necessary technical facilities and the huge cost of maintaining trading platforms.

Brokers and IBs should be the "best CP", not the "enemy of interest."

So, how can brokers and IB become the "best CP"?

The biggest contradiction between brokers and IB is “lack of trust”. So it is especially important to regain trust.

For brokers, be open and transparent, ensure the security of funds, provide customers with good trading experience, these all help brokers to win the trust of quality IB.

Here are some important characteristics that brokers should have:
 Safeguard funds
 Provide a good trading experience
 Quality customer support/service
 Provide the necessary support for IB

For IB to achieve long-term success, they must keep the focus on customers.

To ensure the long-term interests, IBs should provide customers with quality services, appropriate education, and appropriate advice for different investors, so that the customer's life cycle can be extended.

To win the trust of customers and achieve mutual benefit, Brokers and IBs should trust each other and do their things.

Are you a broker or IB?

If you have a story that you would like to share with us, please feel free to contact us:

Email: marketing@lwork.com

Ok, after learning so much about financial CRM, how do you choose a CRM provider?

First of all, the product itself meets your needs or not.

Different brokers have different functional requirements for financial CRM systems. Some may only need basic account opening and task dealing functions, some require a full set of customer management, IB management and task dealing management, and some require special functions such as real-time rebates and scheduled rebates.

Brokers need to choose the right financial CRM system based on actual conditions.

Second, consider the brand and strength of the technology provider.

You'd better choose a CRM provider with stable business performance and sufficient technical talent.

Stable business performance can guarantee that they will provide you with stable technical services during the process of using their financial CRM system.

At the beginning of the establishment, brokers might not pay attention to the reliability of Financial CRM providers, and chose the "cheapest one". However, just after they used the CRM system, his technology provider went bankrupt. Eventually, brokers were unable to access CRM system data and their business was seriously affected.

Choosing a reliable financial CRM provider will ensure that there is technical support behind you. So you can focus on business growth without worrying about technology.

So, what key points should you consider when choosing a financial CRM provider?

1. Provider’s reputation in the whole industry. Are their product and technical strength verified by many peers?

2. The size of the company's technical team. How good is their technology, and can it provide long-term technical support?

Finally, consider cost and docking.

When considering costs, not only the price of the financial CRM system itself, but comprehensive costs should be considered.

1. The cost of the product itself

That is the price of the product itself, such as the monthly fee for a cloud-based financial CRM solution.

2. Docking costs

Data must be migrated to the financial CRM system in some way without losing potential customers, databases, follow up records, etc. The cloud financial CRM solution is simple and fast-docking, so it is convenient for brokers to quickly carry out business.

3. Cost of use

Is the performance of the financial CRM system stable and user-friendly?

Does the CRM provider provide adequate training and customer support?

These all affect your subsequent experience.

Your business may have just started, and you want to focus all your energy on business growth rather than technology development. The financial CRM system in SaaS mode is your best choice.

LEAN WORK's financial CRM system——Broker Work, serving more than 500 financial brokers, has comprehensive functions, stable performance, and mature technology, and is well received by the industry.

We mainly deploy financial CRM systems in SaaS mode, including Basic and Pro versions, and different versions have different functions. Start-up brokers can choose the Basic version to facilitate quick business. When the business grows, it can be upgraded directly from the Basic version to the Pro version to meet more business needs. Mature brokers can directly choose the Pro version to help your business grow.

At the same time, LEAN WORK also provides a privatization deployment solution to better meet the needs of brokers for data security, regulatory compliance, and internal business system integration.

Financial CRM solution—Broker Work

When you decide to purchase a financial CRM system to help your business grow, do you know where to find the most suitable financial CRM system?

These are the most common choices.

1.  Online search

In the Internet age, search engines have given us great convenience. With a search engine, we can almost know everything that happens in the world, including: What is the best financial CRM system?

Baidu and Google have a lot of introductions about financial CRM systems, but you need a keen eye to find the financial CRM system that is right for you.

2. Participate in industry exhibitions

Brokers can participate in financial industry exhibitions and find the most suitable financial CRM system at the exhibition.

For example, iFX EXPO is a high-end event for professional financial institutions. Many industry-related companies will be invited to participate in the exhibition, such as brokers, traders, IBs, and technology providers. LEAN WORK, as a leading financial technology provider, has invited to participate in the exhibition five times.

3. Peer recommendation

The circle of finance is not big, peer recommendation is also a way to choose financial CRM.

What financial CRM system is used by your peers? What are the advantages and disadvantages? You can explore from friends.

LEAN WORK's financial CRM system serves more than 500 financial brokers, and maybe your peers use our products.

4. Channel recommendation

For the brokerage platform that is being built, your contractor may recommend some financial CRM systems or include the financial CRM system in the construction solutions they provide.

Some contractors may even [give free CRM] in order to attract customers. However, please don't be blinded by [gift] and [free]. Be sure to understand the relevant functions of the product, and whether it can meet your business needs.

Online search, participation in exhibitions, peer recommendation, and channel recommendation are all good ways to choose financial CRM. But either way, you should try it before making a decision.

The best way is to [apply for a free trial]. This way you can quickly see if the function of the CRM system meets your needs or not.

Love Financial CRM?

No matter which financial CRM system you purchase, choosing the best time to buy can bring you the most benefit.

According to our experience, most brokers often purchase financial CRM systems during the following periods.

1. The middle and late stages of platform construction

For brokers who are building platforms, they will usually consider purchasing a financial CRM system in the middle and late stages of construction.

why?

The early stage of the construction process is mainly about company creation, official website design, and trading platform selection. In the middle and late stages of construction, you should consider the parts related to business processes, such as: How do customers open accounts? How to carry out customers’ follow-up management? How to manage IBs and perform rebates?

These issues are all related to financial CRM solutions. Therefore, brokers in the late stage of construction have to start to consider which supplier's financial CRM system to choose.

A good financial CRM system can help brokers solve customer account opening process, IB management issues, and customer follow-up, management, and task dealing issues, allowing brokers to manage platform business more automatically and efficiently.

2. New brokers need to replace the financial CRM system

New brokers that have just been established may have a tendency to replace the financial CRM system after 2-6 months of operation.

At the beginning of its establishment, brokers may have chosen a financial CRM system provided by a certain IT provider for various reasons, but it took two or three months to discover [it’s not easy to use].

Maybe the product itself is not designed properly, and can not meet the needs of the actual business process of the brokerage. Maybe that the brokerage needs some special functions, the existing CRM system cannot be satisfied.

There may be many reasons, but the end result is that new brokers are beginning to consider replacing existing financial CRM systems and choosing new technology providers.

3. Mature brokers open up new markets

With the tightening of supervision in Europe and the United States, more and more established veteran brokers have begun to implement a globalization strategy and lay out the Asia-Pacific market.

At this time, the financial CRM system used by the company headquarters is likely to be unable to meet the localized market demand, and the brokers need to purchase a more suitable financial CRM system.

For example, in China, Malaysia, and other countries and regions, the IB model is the most popular way to get customers.

Since the IB structure has many levels and many rebate rules, the financial CRM system of the brokerage company must have a multi-layered rebate function. Obviously, choosing the most appropriate financial CRM system will help brokers quickly adapt to the local market.

For example, well-known brokers such as LMAX have chosen the [Financial CRM System - BROKER WORK], which is popular among Asia Pacific brokers, to help them develop their local market business.

Are you building your brokerage platform now?

Or are you considering replacing your existing financial CRM system?

Or have you just entered the Asian market and want to find the best CRM solution?

No matter which situation you are in, choose the most suitable financial CRM system and start growing your business quickly!

Love Financial CRM?

Financial CRM of LeanWork is a leading product that has been polished for nearly six years. Up to now, we have iterated more than 120 versions, released nearly 5000 new functions and optimizations, and received praise from nearly 1000 securities customers. Now it is a very mature securities CRM, and we don’t need to iterate and update as frequently as we did at the beginning, so we slow down the pace of product update, we focus more on bringing better pre-sales and after-sales service experience to all customers.

At the beginning of the year, despite the impact of the epidemic, everyone worked at home for a long time, but the scattered partners around the world still insisted on providing you with 7 * 12 hours of after-sales service, still using the fastest time and the best service to help customers solve all problems, we are still the "CRM with the best understanding of securities companies".

How useful is LeanWork CRM today?

We have received many customer requirements for 6 years. Because of the different scale, background and business of each customer, the needs related to "customization" are constantly emerging. As a SaaS product, how to "respond to all changes with no change" is the goal we have been exploring and implementing. How flexible can CRM be now? Let me speak slowly.

1. Customized brand information means that even if you and your competitors use CRM of LeanWork, you can also customize brand information so that users can not feel that it is from the same underlying system.

For each company, it has its unique brand information and brand color deeply rooted in the hearts of the people, LeanWork CRM To what extent can brand information be customized?

• Site domain name
• Site Icon
• Site tone
• Company logo
• Corporate name
• Company contact
• System language
• Login page background and layout of login box
• Custom menu
• Custom landing page

2. Custom approval process 10 types of trader tasks.

The circulation and management of various tasks are the core of the business operation of securities companies, LeanWork CRM. It supports the management of multiple process tasks. Each task type of securities firm can customize the approval process according to its own organizational structure, such as: what information needs to be provided at each step, who needs to approve, who can receive the notification after the task is initiated, and whether the notification method is SMS or email? Can be customized in task settings.

• Real account opening application
• Account opening application of the same name
• Deposit application
• Wire transfer deposit application
• Deposit application
• Application for adjustment of leverage
• Bind account application
• Application for modification of account owner information
• Reset transaction account password application
• Agent registration application
• Agent deposit application

3. Custom report account report.

In the era of digital transformation, the importance of data report is self-evident. LeanWork CRM Powerful report module built in18Common reports covering account related, Commission related and sales/Agency performance related 3 types.

• Consolidated account statement
• Statement of account funds
• Position inquiry
• List query
• Transaction history query
• Variety Commission Report
• Stop loss and profit statement
• New account statement
• Transaction commission return Report
• Return of commission
• Return of net income
• Profit sharing Commission return statement
• Net profit sharing Commission return statement
• Commission return Report
• Daily return Report
• Real time Commission return Report

Free Trial

Business development and acquisition of target customers

1. Retain customers, increase the deposit amount, and extend the life cycle

For foreign exchange brokers, customers are the key to success, and the number and quality of customers will indirectly affect the operation of foreign exchange brokers. Especially with the rapid development of China's foreign exchange market, competition among brokers is becoming more intense. Everyone wants to occupy more positions on the big cake of the foreign exchange trading market. At this time, how to attract customers and retain them, increase the customer's deposit, let them trade as much as possible, and extend the life cycle of old customers is particularly important.

Forex brokers need to have a strong and attractive innovative trading system and a new marketing model to extend the average life cycle of traders, increase transaction volume and increase deposits.

2. Reduce customer acquisition costs and increase conversion rates

With the intensification of industry competition, the foreign exchange market has seen a rise in the cost of acquiring customers, but the conversion rate of customers is not high. The increase in customer acquisition costs will directly put pressure on platform operators. What a foreign exchange broker needs to do is to reduce the cost of acquiring customers and increase the conversion rate as much as possible.

Brokers need a back-end that can manage the customer acquisition process leanly, use software to count customer sources in real time, and find ways to improve customer conversion rates based on analysis results.

3. Systematic brand marketing and communication management

Forex brokers should have brand philosophy and awareness, effectively control the relationship between brands and consumers through brand management, and ultimately form a brand advantage, so that corporate behavior is more loyal to the core value and spirit of the brand, thereby maintaining continuous competitiveness.

The back office of a foreign exchange broker should have a systematic brand marketing and communication system, save labor costs, control the marketing process, automate marketing, and increase brand awareness.

IB Management System

Foreign exchange IB (Introducing Broker) is a role between investors and trading platforms, and is a channel provider of the platform. To put it bluntly, it is to act as a sales role in the industry, responsible for expanding the dealer market, acquiring more customers for the dealer, and getting a certain rebate from the dealer as a commission for sales.

IB focuses on finding cooperation platforms and developing customers. According to different operating methods and profit models, IB is mainly divided into rebate IB, customer service IB, trading signal IB, social media IB and white label IB. There are some platform chambers of commerce that set levels and advanced systems for IB, and different levels of IB can get different rebates.

Therefore, foreign exchange brokers need to have an IB management system. First, have IB level management. Avoid unclear IB affiliation; Second, the high degree of freedom of commission distribution. Can apply a variety of commission policies (spread percentage, pip value, net profit share, etc.), and can achieve automatic settlement; three, professional reports, at a glance. Both dealers and agents have the right to log in to view their trading performance, such as account openings, deposits, and transaction details.

The back office of the foreign exchange broker needs to easily cope with the update of the provided trading varieties, the setting of overnight interest, and the filtering of abnormal prices.

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.

Get Forex CRM Free

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.

Cost-effective

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.

Get Forex CRM Free

Dear Clients,

In the nationwide Celebration of  Chinese National Day, LEAN WORK wish you a pleasant golden week!

During the golden week, LEAN WORK's retention team still offer in time online consulting services  9:30-22:30 (GMT+8) . Normally we'll reply you within an hour.

Detail “Holiday Responsible Time Table” is listed as below for your information!

For a perfect experience, LEAN WORK sticks to provide customers with timely and optimal services all year round.

LEAN WORK will always be with you!

In August 2014, LEAN WORK launched the world's first Broker CRM system-BROKER WORK.

Five years refinement perfects BROKER WORK，which attracts over 500 Brokerages to choose it.

Five years of extensive exploration, BROKER WORK creates another innovation that provides customized versions for diversified brokerages.

This version hierarchy is the one that formed by splitting the original "united" product functions and combing fragments that perfectly match brokers' business requirements. BROKER WORK presently comes into two distinct versions: Standard version and Pro version.

Why we process version hierarchy?

Every revolution is the result of careful consideration.

This is the reason: Version hierarchy of BROKER WORK is "tailored broker CRM solutions " that derived from years of exploration in the financial field, over 500 diversified broker service experiences, extensive knowledge of forex, securities, and futures alongside with successive refinement of product functions.

From Client Portal to IB Portal, back-office approval to CRM, and finally to Business Intelligence. We never stop the in-depth analysis of broker business scenarios. This effort, to some extent, helps to successively extend the coverage of front end and middle end for the security business.

Brokerages served by LEAN WORK, are of diverse types: startup brokerages, small and medium brokerages, and transnational licensed brokerages. It can be found amid the service process that brokerages of different types, business model, operation growth mentality and needs of CRM tools are different.

Some brokers prefer cheap price to functions; some value process regulation that requires certain tools to improve management and operation efficiency; while others take importance in data security and function stability, especially internal and regulatory compliance.

Through further study, we found that BROKER WORK version hierarchy is of great use to better match functions brokers demanded, avoid unnecessary spend as well as achieve a demand-based purchase.

Meanwhile, streamlined value-added service will reduce the purchase cost whose component functions are classified into its corresponding product version. Clear version futures save brokers from hidden fees, they can simply select the desired version.

The business automation tool-BI dashboard, for instance, was a part of value-added service functions, now allocated into Standard and Pro version.

Standard or Pro?

Standard version and Pro version, are both designed for diversified brokers. The former is for small and medium-sized brokerages, the later for medium and large licensed brokerages.

LEAN WORK with years of experiences has noticed that small and medium brokerages mostly adopt "sales-oriented" business growth mode. They lay emphasis on customer relationship and sales process management. Furthermore, the management is of great awareness of process and compliance. In pursuit of higher efficiency and lower cost, they are eager for a comprehensive CRM tool that can manage internal workflows, customers and agents.

Standard version is designed based on the business model and pain points of small and medium-sized brokerages.

This version involves IB Portal, Client Portal, Back Office, and BI. The full-featured CRM system is able to realize the internal process standardization and improve operation efficiency of this kind of brokerages.

As regard to medium and large licensed brokerages, rules are different.

These brokerages, as a rule, are installed with sound sales, marketing teams and regulatory management system, with customers thoroughly covering many countries and regions. Likewise, managers are aware of "data-driven growth" and value data security and compliance, resulting in great complexity of the approval process.

Given that deficiency, we released the Pro version to content their business requirements.

Five highlights of BROKER WORK Pro version:

• Customer segmentation, as well as account segmentation, help brokers to achieve precise operation and refinement marketing.
• Custom tunning commission parameters provides high-efficiency and facilitated settlement.
• Customized approval process enables multi-level approval.
• The customized report supports the free combination of fields, create reports your design.
• Customized account open sheet and process assist brokers to comply with internal regulation and regulatory compliance.

KYC, Appropriateness Test, Exclusive Operation Promotion Links...There are much more strong futures awaiting for you. Come and learn more details.

Click here to know more about the detailed comparison of Standard version and Pro version.

Contact us

Our current customers can contact customer success manager in the after-sales group to be alerted about details. While new customers can get a free trial just by clicking "Application" to submit information or leaving a message in our WeChat.

Standard or Pro, which one do you prefer?

Not long ago, we did a small investigation.

The results of the survey changed my perception of brokerage and IB relationships.

I used to think that brokers and IB are "best CPs".

They are together to provide customers with the best trading and service experience.

Unexpectedly, mutual distrust can turn them into "enemy of interests."

Andy is the COO of an overseas licensed brokerage firm. He is responsible for the development and branding of the Asia Pacific market.

He was very upset recently.

"The supervision is getting stricter, the market is shrinking, and the competition is getting more intense. When I first came into the Asian market, I was full of confidence. I wanted to enter the market quickly through the local IBs. But the quality of the IB was too bad. I have encountered great difficulties. Even worse, I have also encountered some "bad IBs" who bring huge risks to the platform."

Andy said, "I am eager for quality IB resources. But it's too hard to find them."

Brokers are afraid of encountering "bad IBs", and IB is also afraid of encountering "bad platforms."

Li is the boss of an IB firm who has been doing business for many years.

Li said, "My biggest concern is the security of funds. My customers are all my old friends. They trust me very much. Now in this market, I am most afraid of encountering "bad platform" and the security of funds can not be guaranteed. I let my customers use several platforms to spread risk, but I still worry about the security of the funds. "

Li sometimes considers whether he should have his platform to ensure the security of funds or not. But the high cost and lack of experience of being a broker let him be discouraged.

Is the broker and IB the opposite of the interests?

Let's go back to the beginning of the IB.

IB, Introducing Broker, originated in the futures market and was later widely used in the foreign exchange market.

The main goal of IB is to provide services to localized customers and let the brokerage platform do the execution of the transaction and back-office operations.

Then IB can get a commission from brokers. In general, the more customers trade, the more commissions IB can earn. In the United States, IB is regulated by the NFA.

An IB can be a person, a group of people, or a company.

In theory, anyone can be an IB, but some individuals or businesses are more capable than others to be successful IBs, such as:
 High traffic website
 Stock/futures brokerage company
 Forex trader who made profit
 Asset management company
 Training institution
 A company builds trust with wealthy investors

Since IB's income is mainly from the broker's profits, why do the brokers not directly develop customers, but choose IB to provide services to customers?

Develop direct customers by broker themselves is a good way to obtain customers, but IB is also an important source of customer acquisition.

1.IB helps to improve customer acquisition efficiency and reduce the workload of brokers. Brokers focus on the mid- and back-office operations of the transaction, while IB focuses on providing specialized services to customers.

2. Open offices around the country to serve customers is too costly for brokers and does not have economic benefits. But this is what IB good at. Because they operate small offices across the country.

The reason why IB cooperates with brokers is mostly because of insufficient finance. Most IBs do not have the money to directly provide transactions to customers, which involves regulatory licenses, LPs, necessary technical facilities and the huge cost of maintaining trading platforms.

Brokers and IBs should be the "best CP", not the "enemy of interest."

So, how can brokers and IB become the "best CP"?

The biggest contradiction between brokers and IB is “lack of trust”. So it is especially important to regain trust.

For brokers, be open and transparent, ensure the security of funds, provide customers with good trading experience, these all help brokers to win the trust of quality IB.

Here are some important characteristics that brokers should have:
 Safeguard funds
 Provide a good trading experience
 Quality customer support/service
 Provide the necessary support for IB

For IB to achieve long-term success, they must keep the focus on customers.

To ensure the long-term interests, IBs should provide customers with quality services, appropriate education, and appropriate advice for different investors, so that the customer's life cycle can be extended.

To win the trust of customers and achieve mutual benefit, Brokers and IBs should trust each other and do their things.

Are you a broker or IB?

If you have a story that you would like to share with us, please feel free to contact us:

Email: marketing@lwork.com

Ok, after learning so much about financial CRM, how do you choose a CRM provider?

First of all, the product itself meets your needs or not.

Different brokers have different functional requirements for financial CRM systems. Some may only need basic account opening and task dealing functions, some require a full set of customer management, IB management and task dealing management, and some require special functions such as real-time rebates and scheduled rebates.

Brokers need to choose the right financial CRM system based on actual conditions.

Second, consider the brand and strength of the technology provider.

You'd better choose a CRM provider with stable business performance and sufficient technical talent.

Stable business performance can guarantee that they will provide you with stable technical services during the process of using their financial CRM system.

At the beginning of the establishment, brokers might not pay attention to the reliability of Financial CRM providers, and chose the "cheapest one". However, just after they used the CRM system, his technology provider went bankrupt. Eventually, brokers were unable to access CRM system data and their business was seriously affected.

Choosing a reliable financial CRM provider will ensure that there is technical support behind you. So you can focus on business growth without worrying about technology.

So, what key points should you consider when choosing a financial CRM provider?

1. Provider’s reputation in the whole industry. Are their product and technical strength verified by many peers?

2. The size of the company's technical team. How good is their technology, and can it provide long-term technical support?

Finally, consider cost and docking.

When considering costs, not only the price of the financial CRM system itself, but comprehensive costs should be considered.

1. The cost of the product itself

That is the price of the product itself, such as the monthly fee for a cloud-based financial CRM solution.

2. Docking costs

Data must be migrated to the financial CRM system in some way without losing potential customers, databases, follow up records, etc. The cloud financial CRM solution is simple and fast-docking, so it is convenient for brokers to quickly carry out business.

3. Cost of use

Is the performance of the financial CRM system stable and user-friendly?

Does the CRM provider provide adequate training and customer support?

These all affect your subsequent experience.

Your business may have just started, and you want to focus all your energy on business growth rather than technology development. The financial CRM system in SaaS mode is your best choice.

LEAN WORK's financial CRM system——Broker Work, serving more than 500 financial brokers, has comprehensive functions, stable performance, and mature technology, and is well received by the industry.

We mainly deploy financial CRM systems in SaaS mode, including Basic and Pro versions, and different versions have different functions. Start-up brokers can choose the Basic version to facilitate quick business. When the business grows, it can be upgraded directly from the Basic version to the Pro version to meet more business needs. Mature brokers can directly choose the Pro version to help your business grow.

At the same time, LEAN WORK also provides a privatization deployment solution to better meet the needs of brokers for data security, regulatory compliance, and internal business system integration.

Financial CRM solution—Broker Work

When you decide to purchase a financial CRM system to help your business grow, do you know where to find the most suitable financial CRM system?

These are the most common choices.

1.  Online search

In the Internet age, search engines have given us great convenience. With a search engine, we can almost know everything that happens in the world, including: What is the best financial CRM system?

Baidu and Google have a lot of introductions about financial CRM systems, but you need a keen eye to find the financial CRM system that is right for you.

2. Participate in industry exhibitions

Brokers can participate in financial industry exhibitions and find the most suitable financial CRM system at the exhibition.

For example, iFX EXPO is a high-end event for professional financial institutions. Many industry-related companies will be invited to participate in the exhibition, such as brokers, traders, IBs, and technology providers. LEAN WORK, as a leading financial technology provider, has invited to participate in the exhibition five times.

3. Peer recommendation

The circle of finance is not big, peer recommendation is also a way to choose financial CRM.

What financial CRM system is used by your peers? What are the advantages and disadvantages? You can explore from friends.

LEAN WORK's financial CRM system serves more than 500 financial brokers, and maybe your peers use our products.

4. Channel recommendation

For the brokerage platform that is being built, your contractor may recommend some financial CRM systems or include the financial CRM system in the construction solutions they provide.

Some contractors may even [give free CRM] in order to attract customers. However, please don't be blinded by [gift] and [free]. Be sure to understand the relevant functions of the product, and whether it can meet your business needs.

Online search, participation in exhibitions, peer recommendation, and channel recommendation are all good ways to choose financial CRM. But either way, you should try it before making a decision.

The best way is to [apply for a free trial]. This way you can quickly see if the function of the CRM system meets your needs or not.

Love Financial CRM?

No matter which financial CRM system you purchase, choosing the best time to buy can bring you the most benefit.

According to our experience, most brokers often purchase financial CRM systems during the following periods.

1. The middle and late stages of platform construction

For brokers who are building platforms, they will usually consider purchasing a financial CRM system in the middle and late stages of construction.

why?

The early stage of the construction process is mainly about company creation, official website design, and trading platform selection. In the middle and late stages of construction, you should consider the parts related to business processes, such as: How do customers open accounts? How to carry out customers’ follow-up management? How to manage IBs and perform rebates?

These issues are all related to financial CRM solutions. Therefore, brokers in the late stage of construction have to start to consider which supplier's financial CRM system to choose.

A good financial CRM system can help brokers solve customer account opening process, IB management issues, and customer follow-up, management, and task dealing issues, allowing brokers to manage platform business more automatically and efficiently.

2. New brokers need to replace the financial CRM system

New brokers that have just been established may have a tendency to replace the financial CRM system after 2-6 months of operation.

At the beginning of its establishment, brokers may have chosen a financial CRM system provided by a certain IT provider for various reasons, but it took two or three months to discover [it’s not easy to use].

Maybe the product itself is not designed properly, and can not meet the needs of the actual business process of the brokerage. Maybe that the brokerage needs some special functions, the existing CRM system cannot be satisfied.

There may be many reasons, but the end result is that new brokers are beginning to consider replacing existing financial CRM systems and choosing new technology providers.

3. Mature brokers open up new markets

With the tightening of supervision in Europe and the United States, more and more established veteran brokers have begun to implement a globalization strategy and lay out the Asia-Pacific market.

At this time, the financial CRM system used by the company headquarters is likely to be unable to meet the localized market demand, and the brokers need to purchase a more suitable financial CRM system.

For example, in China, Malaysia, and other countries and regions, the IB model is the most popular way to get customers.

Since the IB structure has many levels and many rebate rules, the financial CRM system of the brokerage company must have a multi-layered rebate function. Obviously, choosing the most appropriate financial CRM system will help brokers quickly adapt to the local market.

For example, well-known brokers such as LMAX have chosen the [Financial CRM System - BROKER WORK], which is popular among Asia Pacific brokers, to help them develop their local market business.

Are you building your brokerage platform now?

Or are you considering replacing your existing financial CRM system?

Or have you just entered the Asian market and want to find the best CRM solution?

No matter which situation you are in, choose the most suitable financial CRM system and start growing your business quickly!

Love Financial CRM?

Financial CRM of LeanWork is a leading product that has been polished for nearly six years. Up to now, we have iterated more than 120 versions, released nearly 5000 new functions and optimizations, and received praise from nearly 1000 securities customers. Now it is a very mature securities CRM, and we don’t need to iterate and update as frequently as we did at the beginning, so we slow down the pace of product update, we focus more on bringing better pre-sales and after-sales service experience to all customers.

At the beginning of the year, despite the impact of the epidemic, everyone worked at home for a long time, but the scattered partners around the world still insisted on providing you with 7 * 12 hours of after-sales service, still using the fastest time and the best service to help customers solve all problems, we are still the "CRM with the best understanding of securities companies".

How useful is LeanWork CRM today?

We have received many customer requirements for 6 years. Because of the different scale, background and business of each customer, the needs related to "customization" are constantly emerging. As a SaaS product, how to "respond to all changes with no change" is the goal we have been exploring and implementing. How flexible can CRM be now? Let me speak slowly.

1. Customized brand information means that even if you and your competitors use CRM of LeanWork, you can also customize brand information so that users can not feel that it is from the same underlying system.

For each company, it has its unique brand information and brand color deeply rooted in the hearts of the people, LeanWork CRM To what extent can brand information be customized?

• Site domain name
• Site Icon
• Site tone
• Company logo
• Corporate name
• Company contact
• System language
• Login page background and layout of login box
• Custom menu
• Custom landing page

2. Custom approval process 10 types of trader tasks.

The circulation and management of various tasks are the core of the business operation of securities companies, LeanWork CRM. It supports the management of multiple process tasks. Each task type of securities firm can customize the approval process according to its own organizational structure, such as: what information needs to be provided at each step, who needs to approve, who can receive the notification after the task is initiated, and whether the notification method is SMS or email? Can be customized in task settings.

• Real account opening application
• Account opening application of the same name
• Deposit application
• Wire transfer deposit application
• Deposit application
• Application for adjustment of leverage
• Bind account application
• Application for modification of account owner information
• Reset transaction account password application
• Agent registration application
• Agent deposit application

3. Custom report account report.

In the era of digital transformation, the importance of data report is self-evident. LeanWork CRM Powerful report module built in18Common reports covering account related, Commission related and sales/Agency performance related 3 types.

• Consolidated account statement
• Statement of account funds
• Position inquiry
• List query
• Transaction history query
• Variety Commission Report
• Stop loss and profit statement
• New account statement
• Transaction commission return Report
• Return of commission
• Return of net income
• Profit sharing Commission return statement
• Net profit sharing Commission return statement
• Commission return Report
• Daily return Report
• Real time Commission return Report

Free Trial

Business development and acquisition of target customers

1. Retain customers, increase the deposit amount, and extend the life cycle

For foreign exchange brokers, customers are the key to success, and the number and quality of customers will indirectly affect the operation of foreign exchange brokers. Especially with the rapid development of China's foreign exchange market, competition among brokers is becoming more intense. Everyone wants to occupy more positions on the big cake of the foreign exchange trading market. At this time, how to attract customers and retain them, increase the customer's deposit, let them trade as much as possible, and extend the life cycle of old customers is particularly important.

Forex brokers need to have a strong and attractive innovative trading system and a new marketing model to extend the average life cycle of traders, increase transaction volume and increase deposits.

2. Reduce customer acquisition costs and increase conversion rates

With the intensification of industry competition, the foreign exchange market has seen a rise in the cost of acquiring customers, but the conversion rate of customers is not high. The increase in customer acquisition costs will directly put pressure on platform operators. What a foreign exchange broker needs to do is to reduce the cost of acquiring customers and increase the conversion rate as much as possible.

Brokers need a back-end that can manage the customer acquisition process leanly, use software to count customer sources in real time, and find ways to improve customer conversion rates based on analysis results.

3. Systematic brand marketing and communication management

Forex brokers should have brand philosophy and awareness, effectively control the relationship between brands and consumers through brand management, and ultimately form a brand advantage, so that corporate behavior is more loyal to the core value and spirit of the brand, thereby maintaining continuous competitiveness.

The back office of a foreign exchange broker should have a systematic brand marketing and communication system, save labor costs, control the marketing process, automate marketing, and increase brand awareness.

IB Management System

Foreign exchange IB (Introducing Broker) is a role between investors and trading platforms, and is a channel provider of the platform. To put it bluntly, it is to act as a sales role in the industry, responsible for expanding the dealer market, acquiring more customers for the dealer, and getting a certain rebate from the dealer as a commission for sales.

IB focuses on finding cooperation platforms and developing customers. According to different operating methods and profit models, IB is mainly divided into rebate IB, customer service IB, trading signal IB, social media IB and white label IB. There are some platform chambers of commerce that set levels and advanced systems for IB, and different levels of IB can get different rebates.

Therefore, foreign exchange brokers need to have an IB management system. First, have IB level management. Avoid unclear IB affiliation; Second, the high degree of freedom of commission distribution. Can apply a variety of commission policies (spread percentage, pip value, net profit share, etc.), and can achieve automatic settlement; three, professional reports, at a glance. Both dealers and agents have the right to log in to view their trading performance, such as account openings, deposits, and transaction details.

The back office of the foreign exchange broker needs to easily cope with the update of the provided trading varieties, the setting of overnight interest, and the filtering of abnormal prices.

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.

Get Forex CRM Free

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.

Cost-effective

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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Dear Clients,

In the nationwide Celebration of  Chinese National Day, LEAN WORK wish you a pleasant golden week!

During the golden week, LEAN WORK's retention team still offer in time online consulting services  9:30-22:30 (GMT+8) . Normally we'll reply you within an hour.

Detail “Holiday Responsible Time Table” is listed as below for your information!

For a perfect experience, LEAN WORK sticks to provide customers with timely and optimal services all year round.

LEAN WORK will always be with you!

In August 2014, LEAN WORK launched the world's first Broker CRM system-BROKER WORK.

Five years refinement perfects BROKER WORK，which attracts over 500 Brokerages to choose it.

Five years of extensive exploration, BROKER WORK creates another innovation that provides customized versions for diversified brokerages.

This version hierarchy is the one that formed by splitting the original "united" product functions and combing fragments that perfectly match brokers' business requirements. BROKER WORK presently comes into two distinct versions: Standard version and Pro version.

Why we process version hierarchy?

Every revolution is the result of careful consideration.

This is the reason: Version hierarchy of BROKER WORK is "tailored broker CRM solutions " that derived from years of exploration in the financial field, over 500 diversified broker service experiences, extensive knowledge of forex, securities, and futures alongside with successive refinement of product functions.

From Client Portal to IB Portal, back-office approval to CRM, and finally to Business Intelligence. We never stop the in-depth analysis of broker business scenarios. This effort, to some extent, helps to successively extend the coverage of front end and middle end for the security business.

Brokerages served by LEAN WORK, are of diverse types: startup brokerages, small and medium brokerages, and transnational licensed brokerages. It can be found amid the service process that brokerages of different types, business model, operation growth mentality and needs of CRM tools are different.

Some brokers prefer cheap price to functions; some value process regulation that requires certain tools to improve management and operation efficiency; while others take importance in data security and function stability, especially internal and regulatory compliance.

Through further study, we found that BROKER WORK version hierarchy is of great use to better match functions brokers demanded, avoid unnecessary spend as well as achieve a demand-based purchase.

Meanwhile, streamlined value-added service will reduce the purchase cost whose component functions are classified into its corresponding product version. Clear version futures save brokers from hidden fees, they can simply select the desired version.

The business automation tool-BI dashboard, for instance, was a part of value-added service functions, now allocated into Standard and Pro version.

Standard or Pro?

Standard version and Pro version, are both designed for diversified brokers. The former is for small and medium-sized brokerages, the later for medium and large licensed brokerages.

LEAN WORK with years of experiences has noticed that small and medium brokerages mostly adopt "sales-oriented" business growth mode. They lay emphasis on customer relationship and sales process management. Furthermore, the management is of great awareness of process and compliance. In pursuit of higher efficiency and lower cost, they are eager for a comprehensive CRM tool that can manage internal workflows, customers and agents.

Standard version is designed based on the business model and pain points of small and medium-sized brokerages.

This version involves IB Portal, Client Portal, Back Office, and BI. The full-featured CRM system is able to realize the internal process standardization and improve operation efficiency of this kind of brokerages.

As regard to medium and large licensed brokerages, rules are different.

These brokerages, as a rule, are installed with sound sales, marketing teams and regulatory management system, with customers thoroughly covering many countries and regions. Likewise, managers are aware of "data-driven growth" and value data security and compliance, resulting in great complexity of the approval process.

Given that deficiency, we released the Pro version to content their business requirements.

Five highlights of BROKER WORK Pro version:

• Customer segmentation, as well as account segmentation, help brokers to achieve precise operation and refinement marketing.
• Custom tunning commission parameters provides high-efficiency and facilitated settlement.
• Customized approval process enables multi-level approval.
• The customized report supports the free combination of fields, create reports your design.
• Customized account open sheet and process assist brokers to comply with internal regulation and regulatory compliance.

KYC, Appropriateness Test, Exclusive Operation Promotion Links...There are much more strong futures awaiting for you. Come and learn more details.

Click here to know more about the detailed comparison of Standard version and Pro version.

Contact us

Our current customers can contact customer success manager in the after-sales group to be alerted about details. While new customers can get a free trial just by clicking "Application" to submit information or leaving a message in our WeChat.

Standard or Pro, which one do you prefer?

Not long ago, we did a small investigation.

The results of the survey changed my perception of brokerage and IB relationships.

I used to think that brokers and IB are "best CPs".

They are together to provide customers with the best trading and service experience.

Unexpectedly, mutual distrust can turn them into "enemy of interests."

Andy is the COO of an overseas licensed brokerage firm. He is responsible for the development and branding of the Asia Pacific market.

He was very upset recently.

"The supervision is getting stricter, the market is shrinking, and the competition is getting more intense. When I first came into the Asian market, I was full of confidence. I wanted to enter the market quickly through the local IBs. But the quality of the IB was too bad. I have encountered great difficulties. Even worse, I have also encountered some "bad IBs" who bring huge risks to the platform."

Andy said, "I am eager for quality IB resources. But it's too hard to find them."

Brokers are afraid of encountering "bad IBs", and IB is also afraid of encountering "bad platforms."

Li is the boss of an IB firm who has been doing business for many years.

Li said, "My biggest concern is the security of funds. My customers are all my old friends. They trust me very much. Now in this market, I am most afraid of encountering "bad platform" and the security of funds can not be guaranteed. I let my customers use several platforms to spread risk, but I still worry about the security of the funds. "

Li sometimes considers whether he should have his platform to ensure the security of funds or not. But the high cost and lack of experience of being a broker let him be discouraged.

Is the broker and IB the opposite of the interests?

Let's go back to the beginning of the IB.

IB, Introducing Broker, originated in the futures market and was later widely used in the foreign exchange market.

The main goal of IB is to provide services to localized customers and let the brokerage platform do the execution of the transaction and back-office operations.

Then IB can get a commission from brokers. In general, the more customers trade, the more commissions IB can earn. In the United States, IB is regulated by the NFA.

An IB can be a person, a group of people, or a company.

In theory, anyone can be an IB, but some individuals or businesses are more capable than others to be successful IBs, such as:
 High traffic website
 Stock/futures brokerage company
 Forex trader who made profit
 Asset management company
 Training institution
 A company builds trust with wealthy investors

Since IB's income is mainly from the broker's profits, why do the brokers not directly develop customers, but choose IB to provide services to customers?

Develop direct customers by broker themselves is a good way to obtain customers, but IB is also an important source of customer acquisition.

1.IB helps to improve customer acquisition efficiency and reduce the workload of brokers. Brokers focus on the mid- and back-office operations of the transaction, while IB focuses on providing specialized services to customers.

2. Open offices around the country to serve customers is too costly for brokers and does not have economic benefits. But this is what IB good at. Because they operate small offices across the country.

The reason why IB cooperates with brokers is mostly because of insufficient finance. Most IBs do not have the money to directly provide transactions to customers, which involves regulatory licenses, LPs, necessary technical facilities and the huge cost of maintaining trading platforms.

Brokers and IBs should be the "best CP", not the "enemy of interest."

So, how can brokers and IB become the "best CP"?

The biggest contradiction between brokers and IB is “lack of trust”. So it is especially important to regain trust.

For brokers, be open and transparent, ensure the security of funds, provide customers with good trading experience, these all help brokers to win the trust of quality IB.

Here are some important characteristics that brokers should have:
 Safeguard funds
 Provide a good trading experience
 Quality customer support/service
 Provide the necessary support for IB

For IB to achieve long-term success, they must keep the focus on customers.

To ensure the long-term interests, IBs should provide customers with quality services, appropriate education, and appropriate advice for different investors, so that the customer's life cycle can be extended.

To win the trust of customers and achieve mutual benefit, Brokers and IBs should trust each other and do their things.

Are you a broker or IB?

If you have a story that you would like to share with us, please feel free to contact us:

Email: marketing@lwork.com

Ok, after learning so much about financial CRM, how do you choose a CRM provider?

First of all, the product itself meets your needs or not.

Different brokers have different functional requirements for financial CRM systems. Some may only need basic account opening and task dealing functions, some require a full set of customer management, IB management and task dealing management, and some require special functions such as real-time rebates and scheduled rebates.

Brokers need to choose the right financial CRM system based on actual conditions.

Second, consider the brand and strength of the technology provider.

You'd better choose a CRM provider with stable business performance and sufficient technical talent.

Stable business performance can guarantee that they will provide you with stable technical services during the process of using their financial CRM system.

At the beginning of the establishment, brokers might not pay attention to the reliability of Financial CRM providers, and chose the "cheapest one". However, just after they used the CRM system, his technology provider went bankrupt. Eventually, brokers were unable to access CRM system data and their business was seriously affected.

Choosing a reliable financial CRM provider will ensure that there is technical support behind you. So you can focus on business growth without worrying about technology.

So, what key points should you consider when choosing a financial CRM provider?

1. Provider’s reputation in the whole industry. Are their product and technical strength verified by many peers?

2. The size of the company's technical team. How good is their technology, and can it provide long-term technical support?

Finally, consider cost and docking.

When considering costs, not only the price of the financial CRM system itself, but comprehensive costs should be considered.

1. The cost of the product itself

That is the price of the product itself, such as the monthly fee for a cloud-based financial CRM solution.

2. Docking costs

Data must be migrated to the financial CRM system in some way without losing potential customers, databases, follow up records, etc. The cloud financial CRM solution is simple and fast-docking, so it is convenient for brokers to quickly carry out business.

3. Cost of use

Is the performance of the financial CRM system stable and user-friendly?

Does the CRM provider provide adequate training and customer support?

These all affect your subsequent experience.

Your business may have just started, and you want to focus all your energy on business growth rather than technology development. The financial CRM system in SaaS mode is your best choice.

LEAN WORK's financial CRM system——Broker Work, serving more than 500 financial brokers, has comprehensive functions, stable performance, and mature technology, and is well received by the industry.

We mainly deploy financial CRM systems in SaaS mode, including Basic and Pro versions, and different versions have different functions. Start-up brokers can choose the Basic version to facilitate quick business. When the business grows, it can be upgraded directly from the Basic version to the Pro version to meet more business needs. Mature brokers can directly choose the Pro version to help your business grow.

At the same time, LEAN WORK also provides a privatization deployment solution to better meet the needs of brokers for data security, regulatory compliance, and internal business system integration.

Financial CRM solution—Broker Work

When you decide to purchase a financial CRM system to help your business grow, do you know where to find the most suitable financial CRM system?

These are the most common choices.

1.  Online search

In the Internet age, search engines have given us great convenience. With a search engine, we can almost know everything that happens in the world, including: What is the best financial CRM system?

Baidu and Google have a lot of introductions about financial CRM systems, but you need a keen eye to find the financial CRM system that is right for you.

2. Participate in industry exhibitions

Brokers can participate in financial industry exhibitions and find the most suitable financial CRM system at the exhibition.

For example, iFX EXPO is a high-end event for professional financial institutions. Many industry-related companies will be invited to participate in the exhibition, such as brokers, traders, IBs, and technology providers. LEAN WORK, as a leading financial technology provider, has invited to participate in the exhibition five times.

3. Peer recommendation

The circle of finance is not big, peer recommendation is also a way to choose financial CRM.

What financial CRM system is used by your peers? What are the advantages and disadvantages? You can explore from friends.

LEAN WORK's financial CRM system serves more than 500 financial brokers, and maybe your peers use our products.

4. Channel recommendation

For the brokerage platform that is being built, your contractor may recommend some financial CRM systems or include the financial CRM system in the construction solutions they provide.

Some contractors may even [give free CRM] in order to attract customers. However, please don't be blinded by [gift] and [free]. Be sure to understand the relevant functions of the product, and whether it can meet your business needs.

Online search, participation in exhibitions, peer recommendation, and channel recommendation are all good ways to choose financial CRM. But either way, you should try it before making a decision.

The best way is to [apply for a free trial]. This way you can quickly see if the function of the CRM system meets your needs or not.

Love Financial CRM?

No matter which financial CRM system you purchase, choosing the best time to buy can bring you the most benefit.

According to our experience, most brokers often purchase financial CRM systems during the following periods.

1. The middle and late stages of platform construction

For brokers who are building platforms, they will usually consider purchasing a financial CRM system in the middle and late stages of construction.

why?

The early stage of the construction process is mainly about company creation, official website design, and trading platform selection. In the middle and late stages of construction, you should consider the parts related to business processes, such as: How do customers open accounts? How to carry out customers’ follow-up management? How to manage IBs and perform rebates?

These issues are all related to financial CRM solutions. Therefore, brokers in the late stage of construction have to start to consider which supplier's financial CRM system to choose.

A good financial CRM system can help brokers solve customer account opening process, IB management issues, and customer follow-up, management, and task dealing issues, allowing brokers to manage platform business more automatically and efficiently.

2. New brokers need to replace the financial CRM system

New brokers that have just been established may have a tendency to replace the financial CRM system after 2-6 months of operation.

At the beginning of its establishment, brokers may have chosen a financial CRM system provided by a certain IT provider for various reasons, but it took two or three months to discover [it’s not easy to use].

Maybe the product itself is not designed properly, and can not meet the needs of the actual business process of the brokerage. Maybe that the brokerage needs some special functions, the existing CRM system cannot be satisfied.

There may be many reasons, but the end result is that new brokers are beginning to consider replacing existing financial CRM systems and choosing new technology providers.

3. Mature brokers open up new markets

With the tightening of supervision in Europe and the United States, more and more established veteran brokers have begun to implement a globalization strategy and lay out the Asia-Pacific market.

At this time, the financial CRM system used by the company headquarters is likely to be unable to meet the localized market demand, and the brokers need to purchase a more suitable financial CRM system.

For example, in China, Malaysia, and other countries and regions, the IB model is the most popular way to get customers.

Since the IB structure has many levels and many rebate rules, the financial CRM system of the brokerage company must have a multi-layered rebate function. Obviously, choosing the most appropriate financial CRM system will help brokers quickly adapt to the local market.

For example, well-known brokers such as LMAX have chosen the [Financial CRM System - BROKER WORK], which is popular among Asia Pacific brokers, to help them develop their local market business.

Are you building your brokerage platform now?

Or are you considering replacing your existing financial CRM system?

Or have you just entered the Asian market and want to find the best CRM solution?

No matter which situation you are in, choose the most suitable financial CRM system and start growing your business quickly!

Love Financial CRM?