How important is the use of a CRM in retail brokerage?
Very important, as any broker worth their salt will tell you. Reputable brokers offer a variety of resources and tools like CRMs, which help clients to develop trading skills and make smarter decisions.
What is a CRM?
A CRM is a Customers Relationship Management system which assists brokerage firms to track and coordinate how they relate with both current and potential customers. With the automated services a good CRM provides, smart brokers can efficiently manage thousands of important customers, leaving a positive effect on all involved.
Today, CRMs have evolved beyond just providing some form of basic structure to include more functionality. They can be customized to fit a broker’s unique business model and enhanced to match current complex procedures in a user-friendly manner.
Some of the updated functions a CRM provides include;
- Back Office Functions: provides AI-based verification services to assist in fulfilling automated compliance obligations (KYC and AML) during onboarding
- Members Area: Provides a members area where customers can control their profile (releasing overhead for the broker)
- In-built Compliance Requirements: Controls account opening procedures by using risk-detection tools and uploads compliance documents
- Marketing Automation: Sends prioritized and targeted emails and SMS to leads and customers through an automated, user-friendly control panel
- Automated Sales Pool Channels: Module provides flexible client management by automatically assigning customers to several sales pools
- Dynamic Reporting: Configurable reporting tools generate valued reports, track sales and marketing trends, visualize comparisons, and manage risk and compliance
- Integration with Trading platforms: Provides a smooth two-way integration with platforms like MT4 and MT5, and access to trading information like risk indicators and customer balances/transactions
These next-level features and many more help the broker to increase conversion and maintain retention, and top-level support. Overall, this is good for business and also has a positive impact on the experience of the customer with the broker, keeping them happy and loyal.
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