OANDA partners with CONVRS to enhance client onboarding

Rick Steves

“We wanted to upgrade our onboarding protocols to better reflect this, extending our channels of communication to include the world’s most popular social media and mobile messaging apps”.

OANDA has announced the multi-asset trading company has selected CONVRS to enhance the account opening process and better engage with clients.

The personalized customer engagement platform was established in 2018 and is presently used by over 25 financial intermediaries including leading FX/CFD brokers and digital banking solutions.

The FX broker will leverage CONVRS’ capabilities to have prospective traders in the emerging markets opening a demo account directly from a wide range of messaging apps, including Facebook Messenger, WhatsApp, LINE, Telegram, and SMS in 53 languages.

Kurt vom Scheidt, Chief Operating Officer with OANDA, remarked, “In today’s world, people are increasingly using instant messaging apps in every aspect of their daily lives. As such, we wanted to upgrade our onboarding protocols to better reflect this, extending our channels of communication to include the world’s most popular social media and mobile messaging apps, ushering our client engagement activities into the 21st century in the process.”

“Combining deep-seated expertise in the retail trading industry with a comprehensive plug-and-play solution, CONVRS was a natural choice. It’s exciting for OANDA to be able to increase engagement with our clients in a way that’s easiest for them by using their choice of tools and methods rather than those that might otherwise be imposed upon them. We look forward to introducing our new messaging capabilities to other jurisdictions around the world in the coming months.”

Enis Mehmet, Cofounder at CONVRS, commented: “A FinTech firm at heart, OANDA has earned a reputation for using cutting-edge technology to connect with their clients’ ever-changing needs. Given the 85% open rate for messaging apps, OANDA is now meeting its clients where they are. Being able to support them in a variety of available channels, we look forward to working with how they engage clients in the other stages of the customer journey.”

OANDA has also been focused on improving its is ability to handle customer complaints, which was one of the alleged deficiencies invoked by the National Futures Association.

OANDA was able to settle charges by paying $200,000 while refraining from admitting or denying the allegations of failing to submit accurate daily forex reports to the NFA, and other compliance rules regarding security systems, handling of customer complaints, and appropriate supervision.

The FX broker has been plagued with a series of deficiencies from a compliance standpoint in recent years, but the firm seems to be determined to perfect its trading services.

In October, OANDA appointed Lisa Shemie as General Counsel and Corporate Secretary, where she will be responsible for overseeing the firm’s legal function worldwide.

Lisa Shemie was Chief Legal Officer at Cboe and was part of several working groups under the Global Foreign Exchange Committee, which is responsible for the FX Global Code.

Other key hirings this year include former E*TRADE chief executive Karl Roessner as a Non-Executive Director, ex-Fidelity John Farda as Managing Director of North America, and ex-GE Capital Philip Holemans as Chief Financial Officer.

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