As the social media and mobile trading era brought widespread use of tools which increase the accessibility of trading platforms to retail FX traders, resulting in higher volumes, there are certain firms in the retail FX sector which are beginning to seek other methods of leveraging ancillary services to maximize the trader’s lifetime value.
One such firm is South Africa’s ACM Gold, which has today entered into a collaboration with CorrSight in order to provide the Trader Compass service to ACM Gold’s new and existing client base via the company’s MetaTrader 4 platform.
Ensuring that traders remain engaged and are able to not only access their trading account whilst on the move, but also gain real time information and analytics which instill confidence, are key factors to generating volume and ensuring that acquisition costs are balanced with good customer loyalty.
ACM Gold’s Head of Product Development, Saad Sidat spoke to Forex Magnates today in order to detail the rationale behind the collaboration. “At this stage, we plan to test the product and measure its success with our traders.”
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“A prudent business model is one which caters to the requirements of each target market, and in Africa, news and analytics is very popular because people here like to be guided through each and every step, as traders are not as experienced as in some other regions. Therefore, by providing this as part of the customer experience, it will help with conversion and also retention,” explained Mr. Sidat.
Mr. Sidat detailed to Forex Magnates that if the test is successful, the CorrSight product will be then rolled out to the webtrader and mobile trading applications at a later stage, and will be made available with multiple language support, as well as integrating the service with ACM Gold’s Microsoft Dynamics CRM for proper notifications.
Certainly, Mr. Sidat concurs with the line of thinking that other methods of generating volume should be explored over and above that of social and mobile trading: “Now that mobile and social trading has been embraced by so many market participants, FX firms and traders alike, news and analytics is another method of engaging the traders and continuing to generate increasing retail volumes,” he said.
As far as the corporate decision to select CorrSight is concerned, Mr. Sidat today concluded by making a commercial statement that, ““We are excited to add CorrSight’s Traders’ Compass service to our platform so as to enhance the user experience of our customers and so that our customers are guided at each and every step to be successful traders and so that they can make better use of their trading funds in the best way possible. We believe that CorrSight’s service will yield great benefits to traders, and therefore this is an excellent addition to our product portfolio.”
Nir Yaffe, Co-Founder and VP Professional Services at CorrSight stated publicly that: “We believe that providing traders with real-time personalized feedback on their activity provides a huge positive impact on their trading experience and market understanding.”
“CorrSight’s Traders’ Compass is the most advanced real-time education and guiding service in the market, and we are thrilled to introduce it to ACM Gold’s customer base,” concluded Mr. Yaffe.