Improving the Customer On-boarding Experience

Dec 5, 2019 | General

No matter the industry, the effectiveness and simplicity of your client on-boarding process is critical in creating a user experience that converts. In the Forex industry, improving your company’s on-boarding procedure/s is vital so as to maintain a competitive edge in what is a highly competitive global industry. Below are four ways in which this can be achieved:


1. Simplify your KYC procedures

You want a software solution that will ensure you comply with all due diligence and AML regulatory requirements by which all companies operating in the financial services sector are governed. But this solution must be simple enough to navigate so that it does not negatively impact the on-boarding of new customers, particularly the process by which their data is collected. You want those customers to stay on your platform long enough to be converted into actual traders. QoreFX Member’s Area offers advanced client on-boarding with KYC functionality making it easy for prospective clients to use and ensuring that your forex firm acquires the information it needs to be compliant. This includes the automation of new registrations and the use of multiple steps to validate contact information and verify documents. Custom questionnaires can also be built into your registration process and categorise clients properly according to their scores.


2. Customised Appropriateness test

Prospective customers need to satisfy regulatory requirements, including MiFID directives, to be allowed to trade in the forex market. To ensure compliance, customers must complete an appropriateness test that assesses whether they have the knowledge required to understand the risks that come with trading in this market. It stands to reason then that an effective appropriateness test plays a crucial role in the on-boarding process. QoreFX enables you to build a customised appropriateness survey that can be pre-populated into the registration form during onboarding. It allows brokers to create a unique, standardised set of questions that will establish whether the customer has a proper understanding of the implications that come with forex trading.


3. Integrate 3rd party KYC providers

You need a platform that will seamlessly integrate with 3rd party verification providers like WorldCheck to be able to carry out appropriate due diligence checks immediately, during the on-boarding process. Built into the registration process, these checks need to be comprehensive and quick. The QoreFX Member’s Area provides you with the ability to choose the 3rd party providers you want to integrate so that verification can be executed straight away, in real time, without the need to delay prospective customers from completing your on-boarding procedures.


4. Streamline business operations

Forex companies typically receive multiple requests that need to be handled quickly and efficiently for a successful acquisition and conversion process. Streamlining the process by which these requests come in and then handled is crucial. It requires an automated software solution that can standardise incoming requests properly, and then redirect them to where they need to go without the need for intervention by employees. This solution also needs to have the ability to automate regulatory compliance in a way that requires minimal human interaction, except when necessary. 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. This inevitably results in quicker response turnaround to customer queries because of automation and standardisation, speeding up lead conversion considerably during on-boarding, and boosting the customer experience.


Are you ready to improve the customer on-boarding experience and convert leads into active traders quickly and easily?

Schedule a free DEMO and find out more about how the QoreFX Member’s area solution can help you achieve these objectives.