5 Reasons why you need a Forex CRM

Nov 16, 2019 | General

​There are several reasons a Forex firm needs to consider utilising a CRM system, particularly with the current regulatory demands the industry faces and the fierce competition that exists. In this article, let’s examine 5 specific reasons why you should opt for a Forex CRM.


1. Managing leads and opportunities

You want a smart and intuitive (automated) system that can manage leads and opportunities effectively and easily. This especially benefits your sales team and marketing specialists for purposes of nurturing and converting quality leads, building effective customer profiles, monitoring trading behaviours and trade history, establishing customer profitability, formulating targeted sales and marketing campaigns customised to each customer (or segments 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. Streamlining operational activities

Dealing with the complexities of the Forex industry can become a costly exercise, hindered by multiple processes and regulatory procedures that impact data collection, compliance, marketing activities and customer interactions. The QoreFX CRM platform is intuitive and has been built to tackle these challenges, streamlining your processes and acting as a central focus point for your organisation. It has a collection 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 required for client’s accounts and transactions as defined by regulatory procedures and by your business. Examples of documents include identity documents, proof of residence, power of attorneys, and signature samples. A translations module can handle the translation of a client’s documents from and to different languages as defined by regulators and the business. This module provides a way of limiting access to translators so that they can only view pertinent documents within the CRM and no other customer sensitive information.


3. Integration of systems

Depending on your requirements, something like the QoreFX CRM system can be integrated with multiple other systems including your trading platforms, website, members area, KYC and AML systems, telephony system, live chat, payment gateways, as well as your back-office/ERP. This provides you with a centralised hub of powerful data and real-time business and customer insights, enabling you to make better business decisions, improve operational efficiency, speed up response times, boost reporting capabilities and increase customer satisfaction.


4. Optimising KYC and AML procedures

Forex companies today are subject to considerable scrutiny due to the regulatory requirements they are governed by, particularly when it comes to KYC and AML checks on prospective customers. How these due diligence procedures are implemented impacts the on-boarding of new clients and the process by which all necessary client information is collected. 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.


5. Marketing automation

Marketing automation software eliminates the need to manually send out individual emails or any other type of marketing content. By integrating the software into your CRM, you can formulate and send optimised messages / marketing collateral through your system to contacts in your CRM database segmented by where they are in the sales funnel. The QoreFX platform for instance has many applications pre-integrated to assist with a variety of popular functions, for e.g. MailChimp, allowing you to send targeted email campaigns in bulk, directly to your contacts already loaded into your system; EPIK for producing custom video marketing, CLICKATELL for bulk SMS marketing, and many more.

Contact us for a free DEMO of the QoreFX CRM and find out how we can help you enhance your operations and drive business growth.