Get that Forex edge and take advantage of SaaS solutions
Looking for ways to get ahead in the FX industry? We list down the reasons why SaaS is the best way to go
Science and financial technology executive Darren Qian is Founder & CEO of LEANWORK, a global CRM provider for the FX business. His professional background spans more than 12 years of foreign exchange industry
What makes the world go round?
The expression, “money makes the world go round” is one of the most common phrases in modern-day speech. Chances are you’ve heard the expression yourself or have heard someone else say it. You don’t need a degree in finance to know that the world runs on a daily exchange of money.
Trading in the modern era
By definition, trading simply refers to participating in an exchange of goods and services. Most people do it on a daily basis and in small ways, but there are those who do it on a larger scale and in a much bigger market.
Foreign exchange, most commonly referred to as Forex, is the most liquid and largest financial market in the world. It operates 24 hours a day, seven days a week with trillions of dollars being exchanged every single day.
It’s no wonder why more and more traders engage in Forex. They are also constantly on the lookout for brokers who can provide them with the right trading platform. If you’re a broker looking to get ahead of the game, using technology to your advantage is no doubt a key driver to success.
Get ahead of the game
Nowadays, implementing software as a service or SaaS has become an increasingly popular way of running and paying for software. Unlike application service providers or ASPs that emerged in the 90s, SaaS relies on the Web and can be accessed via a web browser which eliminates the need to install software on the users’ personal computers.
Another major difference is that instead of licensing and paying a lump sum, companies can pay for the time that employees actually use the software or opt to buy a monthly subscription fee that makes it a more flexible and cost-efficient choice. But that’s not the only way companies can save money. Another advantage of SaaS is reducing IT support costs by outsourcing their hardware and software needs to the provider.
All of this is made possible because SaaS providers are built to support multi-tenancy. Think of it this way, similar to how a landlord rents an apartment building to many occupants, a SaaS provider runs a single, very large instance of software that is rented by all users.
Each user has a dedicated share of this instance. Through multi-tenancy, software improvements and bug fixes can be pushed out to all users at once. It also lets providers publish application programming interfaces so that subscribers can customize their own experience and even program their own software modules.
Strengthening ties through technology
SaaS presents multiple advantages, but how can it work for you? At at the end of the day it all boils down to customer satisfaction. The right technology can help you achieve that by simplifying business operations, giving you more time to cater to clients.
One of the key factors to defining the customer experience is the quality of communication. For example, imagine getting home from work, tired and hungry. You eagerly order a box of pizza, only for it to arrive cold and with the wrong toppings.
That’s enough reason to make anyone mad but how a customer would react will be largely based on how the seller would handle its communication. Do you apologize? Offer a refund? Similarly, brokers must be responsive to their clients’ needs.
By simplifying the brokers’ business operations, the right technology can free up their time to focus on finding the right solutions and making sure that processes go smoothly.
A good software platform also provides the tools that help brokers manage customer relationships and maintain regular communications. By being able to control the process in a more efficient manner, brokers are able to offer a better service and potentially, get better results.
In essence, the right software benefits the brokers in more ways than one. Not only does it make operations more efficient, business also grows because brokers don’t miss out on sales opportunities or lose clients through poor communication.
Regardless of the size of your brokerage, SaaS can help you achieve your goals, enhance business growth and provide a better service – all without breaking the bank.
