Why Choosing the Right CRM is Your Most Important Decision of 2020

A working CRM is on a shortlist for requirements to succeed for all players in the retail industry.

The entire financial services industry has been thrust into a state of transition with the outbreak of the novel Coronavirus or Covid-19.

A key byproduct of the virus has been the rapid growth of potential investors, with billions of individuals worldwide stuck at home.

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The news cycle has also given them unprecedented exposure to financial markets, namely FX, equities, and cryptos.

Consequently, brokers have been looking to make inroads with large swaths of potential clients. By extension, other venues have been looking to enter the market with volumes at historic levels.

Given the uncertainty of this unprecedented situation, companies have become more reliant on customer relationship management or CRMs than ever before.

The driver that can help facilitate this goal is a really functional CRM.

What is the Value of a Good CRM?

CRMs are nothing new to the financial services industry, though they have long been an integral component of the FX space in particular.

Whether you are an existing player in the retail space or are looking to make a new splash, a working CRM is on a shortlist for requirements to succeed.

It is anyone’s guess how long the Coronavirus will affect the financial markets. Seemingly overnight, conditions have shifted in favor of brokerages, with market volatility soaring to all-time highs.

Despite the potential for opportunity, the stakes have never been higher as brokers must deal with a shifting space that’s always been defined by competition.

This is why choosing the right CRM is essential for brokers, not just in 2020 but beyond. The right CRM can give brokers the best chance at generating leads and contacts.

Of course, there is no shortage of providers on the market, so selecting the right solution is not a simple feat.

When it comes to CRMs, brokers are looking for specific metrics customer service automation benchmarks both on sale and retention.

By this analogy, it’s best to determine what solutions can most effectively improve your business.

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One of the most important or sought-after elements of CRMs in the FX space is deposit processing controls.

This includes integration with various payment systems and card processing services, the ability to see detailed payment reports, including failed transaction attempts.

Additionally, a CRM should be able to satisfy all of your customer data management needs.

The best CRMs on the market create detailed reports that include personal, trading, compliance, marketing, and other necessary customer information in real-time.

An optimal CRM also comes equipped with a wide range of platform features and integration. Integration with various trading platforms, namely MT4, is a prerequisite.

A CRM should also ideally allow you to call customers, send emails, and SMS signals to individuals or groups of customers.

Finally, CRMs, like everything else, should be both safe and reliable.

With the increased risk of cyber threats, the emphasis should be on effective security protocols and on a dedicated environment with limited access.

Identifying the Right CRM

Many brokers or new players in the retail FX space have opted to invest in CRMs. This technology, among others, has proven to be the glue that binds the industry together.

With the aforementioned shifting of market conditions, many venues are looking at developing their own CRMs.

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.

There is no substitute for an optimal CRM in the FX industry, which is why there has continued to be such a strong market for this technology in the retail space.

For its part, XCritical has distinguished itself in this regard, engineering a finished product with out-of-the-box solutions.

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

Whether you are an existing broker or looking to enter the retail market, XCritical offers something for all parties. Explore more of what the group can offer you by scheduling a demo today.

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