The secret of great customer service in the forex market. By listening to feedback, maximising technological and AI advancements, and hiring
Forex customer service secrets.
As long as a company listens to customer feedback, maximizes technological advancements, and hires knowledgeable and trained staff, it can provide expert and individualized customer support.
Nowadays, customers expect a cross-channel digital experience that is personalized, fast, seamless, immersive, and anticipates their needs. A generation that has rapidly become the majority is the millennial generation. Modern brokers are responding to these challenges by changing their approaches based on millennials’ expectations and their fundamentally different banking and investing habits.
Customers’ expectations and government regulations are forcing the financial services industry to transform, but the steep road and the competition are fierce. Digital initiatives are made more complex by stricter consumer privacy regulations. Customer service is expected to be near-instantaneous today. In addition to intuitive platforms and apps, click-to-call/chat communication, and self-service capabilities, just2Trade provides a wide variety of innovative features.
We strive to provide our clients with the highest quality customer support. A veritable ecosystem of digital and human assistants has emerged at Just2Trade’s customer service department, which has gone far beyond the call center operations of the post. Customer service representatives continue to play an important role in the customer journey. They are now providing more specialized financial customer service than merely administrative assistance.
It would make us appear more like a machine than a client-centric institution to approach every customer with the same generic questions and offer them the same financial solutions.
So Having built a team of proactive customer service representatives who understand their customers and have the ability to effectively address their issues, we can meet the increased expectations of our clients.
Financial services require trust. The solution to a problem requires both technological and interpersonal skills. The importance of developing an empathetic relationship with customers cannot be overstated. Trust must be built between people and those in charge of their finances. Customer trust is built by listening to them.
Our clients deserve transparency from us. Information withholding is a major source of mistrust. You cannot say certain things in the financial sector because of the nature of the industry. Even if you don’t intend to be opaque, if you aren’t mindful, you might appear to be so to clients. Every interaction with a customer should be empathetic.
The majority of consumers (individuals and small businesses) do not see financial institutions as friendly, human entities. It is especially relevant for millennials, who are looking for convenience and personalization. According to studies, millennials have the most negative perceptions of financial institutions. As a result, attracting millennial customers presents a huge challenge, but one we are overcoming at Just2Trade by combining technology and human expertise.
Training for success
Training and education are the first steps. The subject of money is sensitive for everyone, which is why financial institutions need frontline employees with outstanding interpersonal skills and a high education level. Because of this, we train our employees to be able to handle all possible scenarios. We provide extensive training to our customer-facing employees so they are aware of the full range of services we provide. Their knowledge of industry trends and best practices allows them to suggest what will work best for each client.
Many financial institutions fall short when it comes to service delivery and waiting times. Customers’ requests and problems are often handled by third-party service providers. We believe that adding a layer of outsourcing only complicates a client’s Process of delivering services. Customers typically have to navigate lengthy interactive voice response systems (IVRs) and wait in a queue to speak to a customer service representative when they call for assistance. A customer service representative may need to route your query back to the IVR or a specialized department, which only adds to the frustration and wait time of the customer.
Rather than outsourcing customer service and controlling costs, we have leveraged technology and automation to scale customer service. Direct client service is what we offer. There is always the risk of delays occurring when employees are prevented from acting on solutions due to company procedures and regulations. Instead of requiring a manager’s approval before making decisions, we empower our advisors to solve problems on the spot. They have this freedom, but we still hold them accountable for the quality of service they provide.
Training costs may seem to be eating away at the company’s bottom line, but customers who stick with us because of our exceptional customer service will make up for it. This kind of investment in our workforce is fundamental to our business’s success.
It goes without saying that the effective use of technology is another important aspect of customer service. We can quickly detect and resolve usability issues or malicious activity against our applications and systems via artificial intelligence solutions. Early fraud detection solutions, such as monitoring solutions, reduce false positives and improve the accuracy of identifying actual fraud cases. As we handle fraud behind the scenes, we provide a reassuring service that does not place undue stress on our customers, since these strategies enable us to protect their sensitive data more efficiently.
When it comes to onboarding clients, technology is also a boon. Brokerage accounts have historically been complex and time consuming to open, requiring in-person meetings. As an example, the account opening process can take as little as 10 minutes if artificial intelligence solutions are integrated into our client onboarding processes – authenticating IDs, auto-populating form fields, and performing live face recognition.
The value of feedback
In the digital age, Warren Buffett’s classic quotation is more relevant than ever. “It takes 20 years to build a reputation, and five minutes to ruin it.” At Just2Trade, our customer service has a direct impact on our bottom line and how the world perceives us.
We strive to continually improve the human and technical aspects of the Just2Trade customer service experience. Feedback is crucial in understanding customer satisfaction in this endeavor. In addition to monitoring certain Key Performance Indicators (KPIs), we analyze customer service data like reopen rates and time-to-resolution. KPIs, such as growth in client assets, customer retention rates, average resolution times, and volume of client complaints, provide insight into our customer service. Using this information enables us to make better decisions for our customers who, seeing theirs. The clients who have their specific needs met are more likely to remain with us and become corporate brand ambassadors.
It’s not enough to simply track KPIs. We can only tell part of the story based on data gathered from our CRM and helpdesk tools. We also solicit customer feedback directly through online surveys because no one can anticipate customer needs better than customers themselves. This gives us valuable insight into whether customers’ needs are being met, which financial products or services they are interested in, their financial goals for the future, and how their customer experience can be improved.
As a result of these insights, we are able to respond to customers’ needs by offering new products and services, troubleshooting existing ones, and making them feel valued. As new and existing clients recognize the importance of quality customer support services, we’ve seen impressive growth in the level of client assets invested in recent years (see Fig 1).
The future looks bright for Just2Trade. We have invested heavily in customer support services and we will continue to do so. We are ready for the changes taking place in financial services.