Why proper CRM usage is critical for your Forex Brokerage

For Forex Retail Brokers, CRM technology is crucial for the success of a Forex brokerage, both small and large, and will help to grow the business, reduce costs and retain existing customers.

In the past few years there has been a change in the CRM methodology concept and more and more Forex CRM vendors, integrators and technology suppliers have started to create and customize CRM solutions for the Forex industry that can be integrated to other systems in the organization.

LXCRM, part of the LXSuite solution and is based on Microsoft Dynamics CRM, and is one such solution. LXCRM’s main focus is on Forex Brokers. It’s built to support every day activities such as opening a Trading Account, Monetary Transactions Integration with Mt4 Trading Platform. LXCRM is also integrated with Mass Mailing, Affiliate Management and Lead Screening Systems. We’re currently in the process of migration to CRM 2011 and enhancing the product integration with the Trading Platform, Phone & SMS Integration.

In the Forex industry, this customization of CRM solutions, such as LXCRM, immediately spells ‘Trading Platform Integration’. This concept is also referred to as xRM – Extended Relationship Management: Adapting CRM systems to manage more than just customers.

Why we choose Microsoft Dynamics as the base for our Forex CRM

Microsoft Dynamics is the best solution in the market today for xRM solution and Integration tool since it’s based on the Microsoft .Net Framework. Using Microsoft Dynamics as your Forex Brokerage CRM solution gives your Forex brokerage significant advantages:

  • Enhanced Automation

    Using the built in Work Flow Engine of Microsoft Dynamics we can customize business logic rules according to a client’s business model (i.e. Send email to Conversion Owner when the lead hasn’t been contacted for more than x Days).

  • Quick Deployment

    When CRM is a part of a package solution, the deployment process is quick and clean. Using the Microsoft Dynamics plug-ins functionality allows us to develop and/or acquire already developed out-of-the-box solutions for CRM 2011.

  • Multi-System Integration

    Connecting to other systems using API is easier and faster than ever.

  • Security

    Using Microsoft Dynamics Security Roles for users, Field Level Security (View/Edit Permissions) and field audit history out-of-the-box keeps your data safe.

  • Usability

    User interface of Microsoft Dynamics CRM 2011 is familiar and easy to anyone who has used Microsoft Office applications.

Using your Forex brokerage CRM to improve retention

The main and most important benefit of a Forex Brokerage CRM solution is an efficient Customer Retention process. The sole purpose of a Forex CRM solution will be to enable and empower the Broker CRM users to retain more traders. The combination of a strong CRM core system along with Trading Platform Integration will make the difference. Combining Trading Platform Integration and customizing Business Logic Rules (using the Microsoft Dynamics Work Flow Engine) of can make a pretty powerful retention tool for Forex Brokers.

Imagine you could customize notifications to stakeholders (Retention Owner, Retention Manger, Trader) about a Margin Call Event Sent to CRM from the Trading Platform without having to write (or waiting for the development of ) a single line of code. Once the Margin Call Integration Feature has been developed, all one has to do is to use the data within CRM and customize different Business Rules. Since the cost of this customization is close to zero (Microsoft Dynamics Work Flow Engine is out-of-the-box), you could even change your mind!