3 of the Biggest Challenges Facing Forex Firms Today

Jan 17, 2020 | General

There are several challenges facing Forex firms today, particularly when one considers the competitiveness of the industry as well as the regulatory requirements that the sector must comply with. To ensure compliance as well as achieve successful lead generation and conversion to maintain profitability and boost the bottom line, Forex firms usually turn to innovative CRM systems to help them achieve these objectives.

So, what are some of the top challenges that brokerages are addressing using an innovative Forex CRM system?


1. The effective management of leads and opportunities

Forex brokerages are seeking an intelligent and intuitive (automated) system that can manage leads and opportunities efficiently to help their sales team and marketing specialists nurture and convert quality leads, build strategic customer profiles, monitor trading behaviours and trade history, establish customer profitability, accurately forecast anticipated sales, and deliver marketing campaigns customised to each customer (or group of customers), and more.

The QoreFX CRM platform can be used to record and process marketing leads and incomplete client registrations. It also supports a variety of fields related to customer trading accounts, compliance and external campaign tracking. An accounts module is used to centralise a client’s information and group all trading accounts of a client. Accounts are usually created through the lead conversion process but can also be entered manually or automatically completed through API integration, providing you with a holistic overview of all clients.


2. Simplifying operational processes and procedures

Operating a Forex firm comes with it multiple operational processes and obligatory regulatory procedures that have a huge impact data collection, compliance, marketing activities and customer engagement.

The QoreFX CRM platform is intuitive and has been built to tackle these challenges, streamlining workflows and acting as a central focus point for your organisation. It has a variety of modules which can record business activities such as calls, meetings, emails, and live chat. A documents module can be used for storing and processing documents needed for client’s accounts and transactions as defined by regulatory procedures and by your business, for e.g. identity documents, proof of residence, power of attorneys, and signature samples. A translations module can manage the translation of a client’s documents from and to different languages as set out by regulators and the business, but restricting access to translators so that they can only view selective documents within the CRM pertinent to the translation, and no other confidential customer information.


3. The optimisation of KYC and AML procedures

Forex companies have to be consistently cognisant of the regulatory requirements by which they are governed, especially the KYC and AML checks that must be conducted on prospective customers. How these due diligence procedures are carried out have a significant impact on the onboarding of new clients and the process by which all necessary client information is gathered.

The QoreFX Member’s Area is a fully automated, fully responsive web solution that integrates with the QoreFX CRM. QoreFX captures all the business processes you require along with those required by regulators and provides a secure channel to receive client’s requests in a standardised format, routing to the correct department automatically. New registrations can be fully automated or include multiple steps to validate contact information, verify documents and more, dependent on business rules. Custom questionnaires can also be built into your registration process to categorise clients appropriately according to their scores.