The 2020 CRM Guide – How to Choose the Right Solution

Customer Relationship Management (CRM) Customer Relationship Management (CRM) Customer Relationship Management (CRM) is a way for brokers to manage the firm’s contacts with existing and potential clients. The firm is using data available from the customer’s trading activity to determine an appropriate course of action when aiming to retain or onboard the customer.This technology is also an effective tool in managing a company's interaction with both current and potential clients. CRMs use data analysis regarding clients’ history with a company to improve business relation Customer Relationship Management (CRM) is a way for brokers to manage the firm’s contacts with existing and potential clients. The firm is using data available from the customer’s trading activity to determine an appropriate course of action when aiming to retain or onboard the customer.This technology is also an effective tool in managing a company's interaction with both current and potential clients. CRMs use data analysis regarding clients’ history with a company to improve business relation Read this Term) is an integral component of businesses worldwide. Nowhere is this truer than the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term space, which relies on CRMs to help centralize data for optimized or future usage.

CRMs help forex brokers perform a wide range of tasks. This includes tracking their client’s data, including money transfers, deposits or withdrawals as other functions.

Given the importance on this technology, it is now more important than ever to find a singular platform that can effectively manage all tasks required by brokerages.

Indeed, 2020 has seen a groundswell of activity in markets following the outbreak of Covid-19.

This has resulted in an explosion of volumes, interest in overall trading, and an increase in the pool of potential clients looking to engage with brokers.

Why Use CRM Technology in 2020?

CRMs have proven to be the best means available for several tasks, all of which are vital to the success of forex brokerages.

The centralization of customer data is perhaps its most important job, with CRMs able to access all relevant information to help procure new clients and kindle new relationships.

These solutions are ideal for saving and cataloguing information on the cloud, ensuring it is never misplaced or simply lost.

Beyond this, CRMs ensure optimized sales processing, starting with the acquisition of potential leads to converting these into new customers.

CRMs are also highly valuable for brokers looking to better allocate their time spent retaining clients.

Such solutions are ideal in maintaining steady contact with clients to ensure that lead ultimately turn into a sale.

Where to Find the Right CRM?

Given this shift in conditions, many venues have either looked to onboard existing CRMs or attempted to develop their own technology in-house.

Historically speaking, dedicated CRM providers have proven to be the most effective in fine-tuning this product, given economies of scale in terms of developmental talent.

Ultimately, there is simply substitute for an effective CRM in the FX industry. This is why there has been and will continue to be such a strong market for this technology in the retail space.

While there are many options to choose from, XCritical has distinguished itself in this regard, having engineering a polished product with finished out-of-the-box solutions.

The company has rolled out one of the most complete products to date, encompassing all brokerage needs in one cohesive solution.

Users interested in this technology can schedule a demo with XCritical today.

Whether you are an existing broker or looking to enter the retail market, XCritical offers something for all parties.