Here’s What Traders Look for When Selecting a Broker
The pandemic drove thousands of millennials and Gen Zers to the financial markets. A recent survey reveals that this trend continues, with both trading volumes and a number of trades recorded in the first half of 2021 surpassing the full year 2020.
However, the reality is also that 80% of day traders quit trading within two years, while 40% of them quit in just one month. So, while there is huge potential to grow their client base, brokers are also dealing with traders who have specific motivations.
To engage and retain the new generation of traders, brokers need to offer cutting-edge trading experiences. Millennials and Gen Zers are infamous for switching providers if they are dissatisfied with their services. This means brokers need to know how to retain today’s retail traders to survive in the saturated financial markets.
AIRSOFT Technology is an industry-leading end-to-end fintech solutions provider for brokerages, helping them transform themselves into a brand that appeals to today’s traders. With over 10 years in the industry, AIRSOFT has deep insight into what traders look for when choosing brokers today.
A Well-Designed and Engaging Website
Around 60% of millennials and 44% of Gen Z use websites to research financial services. This highlights the need for brokers to have a well-designed and intuitive website that drives conversions. Some desired features in next-generation broker websites include greater security, an appealing interface, clear CTAs, data visualisation tools, and more. Moreover, young traders today don’t mind using automated chats as a legitimate contact channel. Brokers need to empower chatbots with hardcoded questions and answers, so they can give prompt replies to traders’ concerns.
Convenient and Fast Onboarding
In the age of super apps, where youth have instant access to on-demand services, the need for a superior onboarding funnel is high. They need to be able to register quickly and start trading within a short time.
To meet the needs of a more demanding demographic AIRSOFT allows brokers to leverage their capabilities with a customisable CRM / back-office system. Brokers can maximise their business performance with tailored reporting and billing systems. Sales teams can set targets and track performance, while marketing has multiple modules to track their campaigns and set push notifications for emails, pop-ups and chats. From automatic salary calculation to an intuitive CMS to manage websites, the CRM is built with brokers in mind. There are hundreds of customisable tools to suit their unique business needs and goals as well as various API integrations for 3rd party providers.
Democratised Access to Global Markets
Democratised access to global markets is now the market norm. Traders want to diversify their portfolios to protect themselves against market risk in this era of uncertainty. This also improves their return potential.
To facilitate this, brokers need to offer diverse asset classes, including stocks, commodities, currencies and digital assets. However, it isn’t enough to just provide a list of assets to trade. Brokers need to offer instant market access, from anywhere and at any time. This necessitates robust mobile trading apps. According to a survey, younger investors are more active with their trading and investing. About 40% of millennials and Gen Zers check their investments every day. Traders choose brands that observe clients’ needs, regardless of their trading experience and provide various tools and offerings on the apps to help them succeed.
In short, mobile trading apps need to have the same list of extensive features that brokers offer on their web trading platforms. This includes advanced technical indicators, algorithmic trading, social trading, trend charts, risk management tools, and educational guides.
Multiple Modes of Payments
From in-app payments to mobile wallets, the payment landscape has shifted radically. With the proliferation of smartphones and digital technologies, there are more ways to pay now, catering to users’ preferences, while offering flexibility and convenience. Further, the tech-savvy and mobile-friendly millennials and Gen Z generations have increased the demand for digital financial tools. More than 6 in 10 Gen Zers use mobile devices to pay for purchases.
Keeping the habits of these traders in mind, brokers need to provide multiple payment modes for frictionless withdrawals and deposits.
Greater Engagement with Clients
Gen Z engages more with financial services providers compared to any other generation. To keep them happy and retain them, brokers need tools to engage with them on multiple channels. Apart from dedicated project managers and active social media interactions, brokers need to pay attention to boosting clients’ trading skills as well. Plus, many clients are looking for adrenaline-fueled trading opportunities. They want short-term trading opportunities that enable them to increase profit potential and make re-deposits.
AIRSOFT Technology Enables Brokers to Deliver Enhanced Trading Experience
AIRSOFT Technology provides all these services to brokers that help them capture the changing market trends and retain more traders. This is possible through its extensive marketing expertise, multilingual support, customisable CRM, lead generation tools, and cutting-edge technologies, such as CHRONO Trade.
CHRONO Trade allows traders to take advantage of volatile assets with pre-defined, short-term trades. This is useful for clients who prefer a fast-paced trading environment. Along with this, AIRSOFT Technology arms brokers to provide diverse asset classes, including 1,000 tradable synthetic assets, with customisable portfolios.
After a highly successful sponsorship of the last year’s iFX EXPO Dubai, AIRSOFT will return for the iFX EXPO Dubai 2022 once again. The largest global B2B fintech expo is scheduled to be held from February 22 to 24, 2022, at Za’abeel Hall 6, Dubai World Trade Centre. Brokers who wish to expand their clientele with the company’s unique products and services can meet the team at the expo. There will be 4 expert representatives covering sales, account management, tech, and customer acquisition. These representatives will not only be highly experienced but also well-versed in 4 languages including English, Spanish, Hebrew, and French.
Contact us to set up a private meeting. This will be a great opportunity to meet one of our experts and understand the evolving needs of your customers, and how to integrate the best technologies to satisfy them.