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The secret to excellent customer service in the forex market


In today’s financial world, customers want a personalized, fast, smooth, immersive cross-channel digital experience that meets and even anticipates their needs. This is especially true for millennials, a generation that is quickly becoming the dominant demographic. If we combine the expectations of millennials with their fundamentally different banking and investing habits, then it’s clear why modern brokers are changing their approach to meet these challenges.

The financial services industry is undergoing transformation in response to changing customer expectations and government regulations, but the road is steep and the competition fierce. Stricter consumer privacy regulations add layers of complexity to digital initiatives. Today’s customers expect near-instant gratification and resolution. Just2Trade provides intuitive platforms and applications, self-service capabilities and click-to-call/chat communication, among other innovations.

Our goal is to provide all of our customers with the highest quality, personalized customer support services. At Just2Trade, customer service has gone far beyond the call center operations of the past to become a true ecosystem of digital and human assistants. Customer representatives remain extremely important in the customer journey. However, their role is evolving towards providing more specialized financial customer service rather than mere administrative support functions.

The strength of our customer service impacts our bottom line and how our business is perceived by the world

Financial questions are very personal – approaching every customer with the same generic set of questions and offering them the same set of financial solutions would make us look more like a machine than a customer-centric institution.

So, to meet the growing expectations of our customers, we have assembled a team of proactive customer support representatives who understand their customers and have the skills to effectively resolve their issues.

We understand the importance of trust in financial services. Problem solving requires a tactical approach involving both technology and interpersonal skills. An empathetic customer relationship is particularly important. People need to be able to trust those responsible for their finances. Building trust is showing the customer that he is being listened to.

We believe in transparency with our customers. A lot of distrust comes from the idea that information is withheld. Due to the nature of financial services, there are some things you simply cannot tell. While you may not be deliberately opaque, if you’re not aware it could easily appear that way to a client. We strive to be empathetic in all of our customer interactions.

Most consumers (individuals and small businesses) view financial institutions as large, non-human entities that don’t care about their individual problems. This is especially relevant for millennials, who seek convenience with a personal touch. Studies have shown that millennials view financial institutions as one of the most detestable brands. Attracting this demographic is therefore a huge challenge, but one that we at Just2Trade are tackling by combining technology with human expertise to engage millennial customers and optimize their experience.

Training for success
The first steps are education and industrial training. Money is a sensitive subject for everyone, so having frontline employees with exceptional interpersonal skills and a high level of education is an asset for any financial institution. That’s why we’ve invested in training our employees to be ready to navigate all possible scenarios. All of our customer-facing employees receive extensive training so that they are aware of the full range of services we offer. They are also well versed in industry trends and best practices, allowing them to suggest what will work best for each of our clients.

We’ve eliminated slow service delivery and long wait times, an area where many financial institutions fail. Many financial institutions rely on outsourcing customer support to third-party service providers to respond to customer inquiries and issues. In our view, however, adding a layer of outsourcing only adds more hurdles and delays to a customer’s service process. More often than not, when a customer calls for assistance, they must navigate lengthy interactive voice response (IVR) systems and then wait in a queue to be connected to a customer service representative. . These customer service representatives might then need to refer your query to IVR or a specialist department, which only adds to wait times and customer frustration.

To avoid losing customers this way, instead of outsourcing, we leveraged technology and automation to scale customer service and control costs. We serve our customers directly. However, even with in-house customer service teams, there is a risk of delays when employees are prevented from implementing solutions due to company procedures and regulations. To work around this, we empower our advisors to resolve issues on the spot, making decisions that resolve issues without first getting approval from a manager. Our internal policies and procedures give them this freedom while keeping them accountable for the quality of service they provide to our customers.

It may seem like the cost of training may eat away at business results, but it will be offset by customers who stay with us because of our exemplary customer service. Investing in our workforce in this way is fundamental to the successful operation of the business.

The flip side of customer service is, of course, the effective use of technology. Artificial intelligence solutions enable us to ensure the constant availability of our services and to quickly detect and resolve usability issues or malicious activity against company applications and systems. Monitoring solutions, for example, enable early detection of fraud, helping to reduce false positives and improve the accuracy of identifying actual cases of fraud. Using such strategies allows us to work more effectively to protect our customers’ sensitive data, providing a service that is reassuring but does not place undue stress on the customer as we deal with fraud behind the scenes.

Technology is also a boon for customer onboarding. Opening a brokerage account has always been a long and complex undertaking, which required a face-to-face meeting. By integrating artificial intelligence solutions into our customer onboarding procedures – authenticating valid credentials, auto-filling form fields and performing live facial recognition, for example – the account opening process can take as as little as 10 minutes instead of days or even weeks.

The Value of Feedback
“It takes 20 years to build a reputation and five minutes to ruin it.” This classic Warren Buffett quote has only grown in relevance since the dawn of the digital age. This is certainly a motto we follow at Just2Trade, where the strength of our customer service impacts our bottom line and affects how our business is perceived by the world.

We strive to continuously improve the human and technological elements of the Just2Trade customer service experience, and feedback is critical in this business, critical to our understanding of customer satisfaction. We of course analyze customer service data such as ticket reopen rates and resolution time, as well as tracking certain key performance indicators (KPIs). These KPIs – which include customer asset growth; customer retention rate; average resolution times; and the volume of customer complaints – provide a behind-the-scenes look at how we interact with our customers. Using this information allows us to make better decisions for our customers who, seeing their specific needs met, are inclined not only to continue working with us, but also to become brand advocates for the company.

But KPIs alone are not enough. This data, along with data from our customer relationship management and support tool, can only tell part of the story. No one can anticipate customer needs better than customers themselves, which is why we also solicit customer feedback directly through online surveys. By doing so, we gain valuable insight into whether customers’ needs are met, which financial products or services they are interested in, their financial goals for the future, how their customer experience can be improved, and more.

It’s this information that allows us to stay nimble, meet customer needs with new services and products, solve existing problems, and make our customers feel valued. It is therefore not surprising that we have seen impressive growth in the level of client assets invested in recent years (see picture 1), a trend we believe will continue as new and existing customers recognize the importance of excellence in customer support services.

Just2Trade looks to the future with confidence and optimism. Our substantial investment in customer support services has paid off and will continue to do so. Financial services are changing and we are ready for this new world.

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