Why Brokers use CRM?

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? 

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.   

Want To Find Out More?  

Subscribe here to learn more about technologies used by retail Brokers in the financial services sector. To discover more about leading CRMs in the industry, fill out the form below. 

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