2020 Survival Guide: Servicing Brokerages and Outlasting Covid-19

Smartologic's Máté Farkas discusses the state of the industry and Smartologic’s place in it.

In just a few months, 2020 has already rewritten the playing field for brokers and solutions providers. Despite this uncertainty, some companies have relied on strong foundations and product suites to adjust to the industry grappling with Covid-19.

One of these companies is Smartlogic Technologies, which has stayed ahead of competitors with an innovative approach to catering to brokerages and other services within the Fintech sphere.

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Finance Magnates spoke with Máté Farkas for his in-depth perspective on the state of the industry and Smartologic’s place in it.

The financial services space has been completely upended in the past month. How does Smartologic’s service suite meet the demands of this new reality?

Smartologic is a tech-oriented company, and many of our services and solutions are very much focused on thriving in the online sphere. 

Many industry best practices are stuck at the moment, many traditional marketing channels are down, and events, such as exhibitions and meetups are canceled.  

Máté Farkas, Smartologic
Máté Farkas, Smartologic

As industry experts, we help our clients to restructure their operations and utilize this situation: our unique CRM solutions for call-centers, which are also suitable for a remote office environment, greatly help brokers to both set up a brokerage from scratch and get their feet on the market in these times or to optimize their sales team performance and results. 

We see significantly increased demand for these services, which are heavily based on online activities.

What makes Smartologic unique relative to its competition?

We focus on what really matters: delivering better business results for our clients and for us. In an ever-changing world, as we can clearly see nowadays, companies and ventures need true allies, and we have such a mindset. 

We’re looking at our clients as friends and an integral part of our scope of work – their success is entwined with our success, and we bring this attitude to any project we take, big or small. 

Given the impact of Coronavirus, is the pool of previously untapped traders a temporary phenomenon, or can this demographic really be harnessed by brokers?

As on the one hand, the sports betting industry is struggling, and on the other hand, most individuals understand the massive changes on the markets, this is a once in a decade (or two) opportunity for brokers to onboard new clients. 

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The virus forces masses to sit at home, and many people who were previously oblivious to trading. 

Suddenly these individuals started to direct their attention to the economic effects of the crisis and to new possibilities to earn additional income via trading.

Probably for the first time, they understand the opportunities to make money both when the markets fall, and when they rise, so we believe a proper call to action and an efficient tools for running such operations can make countless new clients for brokerages.

What are some of the most common mistakes venues make when trying to launch a brokerage, and how can these be avoided? 

The bottom line for establishing a successful brokerage or a maximum performance call-center is summarized in one question: how good it can convert. Most departments can be average as long as the sales are outstanding, and since we are living in the age of data, brokerages have to use intelligent systems to improve conversion rates. 

Basically, it comes down to this – we are bombarded every day with numerous landing pages out there.

However, without cutting edge technology at the background to make the time management of the sales department more efficient and to maximize the utilization of incoming leads, a venture will eventually find itself far behind in the race.

This is because the more long-term-strategy-oriented competitors, the ones who understand the game on a broader scope and that invested in more advanced technology to automate and manage leads more efficiently, will simply beat it out of the game sooner rather than later.

Smartologic has been ahead of the curve for a while now. What are the company’s plans to stay ahead in the second half of 2020? 

One of the main values of Smartologic has always been “agility.” Over the years, we’ve been lucky or had the correct foresight to identify the “next big thing,” the coming trend, and to quickly respond and open up to it, whether its Fintech, Propertech, or other. 

We find that while most other market players take their time in adjusting to changes in their routine, we simply do it better and faster.

Perhaps it’s because of our more hands-on approach to projects or because of our vast network of high profile partners across Europe and the ME, whatever the reason may be – our offers and services, especially when it comes to solutions and support for forex call-center, are built for this online climate, and we’re confident about what’s ahead of us. 

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