Why Call Centers Don’t Cut It In FX
It’s tempting for a broker to consider outsourcing either its sales team or customer service to a call center. Based on our experience, however, we believe this can be a costly mistake for the reasons that follow.
Limited Support – The retail forex industry has a steep learning curve, something those with experience in FX won’t disagree with. For this reason both the new employees of a brokerage as well as traders must be properly educated. Call centers, especially the more cost effective ones, simply won’t be able to provide the depth of service required to properly assist a forex trader with their inquiries. With the exception of basic questions like password resets or withdrawal requests, most assistance will need to be escalated to a trained staff member. This subject of education leads to the next point.
Knowing the Lingo – Like any industry, forex has its own vernacular. Ask a stranger on the street what a pip is, what’s a swap, where cable is trading at, or if they trade with an STP broker, and you are bound to get a confused reply. Even if one were to employ an experienced sales staff, it will take time for them to understand FX lingo before they can sell properly. For this reason we argue that utilizing both a generic call center for support as well as sales simply won’t cut it when it comes to the forex industry.
Sales and Customer Service – The most successful brokerages are those who employ a sales oriented support team as well as sales staff. There are a couple reasons for this. 1) The existing clients of a brokerage tend to account for a larger share of new capital than a recently onboarded trader. Because of this, it’s crucial that a broker employs a team capable of not only maintaining the client relationship but also equipped with the knowledge to provide upselling opportunities; solely focusing on new sales is a mistake as it leaves potential money on the table. 2) Inbound business represents the greatest chance of new acquisitions. To be clear, by using the term “inbound ” we are referring to an engagement by the prospect, taking the form of an email, call, or chat. The forex industry is highly competitive, making the initial inbound call by a prospect possibly the only chance the broker has at winning the trader. A well-intentioned, but untrained call center employee simply won’t know the right questions to ask to get to the sale. In addition, a support team only trained on basic level assistance will miss potential upsell opportunities.
Cultural Differences – Finally, what makes FX such a lucrative business is its global appeal. This also represents a challenge for a call center, which most likely does not offer the breadth of multi-lingual support and sales assistance needed for a brokerage to be successful. Although a broker could look to cut corners by hiring an English-speaking staff, the team would most likely not be aware of the cultural differences required to both increase sales and keep existing traders happy
The Best of Both Worlds
At Atomiq Consulting we leverage our extensive network of global contacts to provide a solution that can help your brokerage increase sales rapidly, with an experienced team to boot. Rather than spending months training a team on FX sales or relying on a call center that is inadequate for this industry, let us help you grow your account base starting this week. Even if you are still debating hiring a call center, or simply have more questions we are more than happy to have a conversation. Furthermore, if you have general questions about your brokerage, we are here to help, simply contact us today.
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