As a unique feature to an already industry-leading product, FYNXT has added the “Qualifier Engine” to its award-winning Customer Relationship Management (CRM) systems. The Qualifier Engine will enable brokers using the FYNXT CRM to attract, manage, and retain Introducing Brokers (IBs) more efficiently and effectively.
The most important feature incorporated by FYNXT is the increased flexibility for Brokers to create, launch, and manage reward programs for their IBs. This gives multi-asset brokers an extra advantage when it comes to incentivising IBs and attracting new IBs.
The Qualifier Engine, as a component within our CRM system, automates the process of evaluating the performance of IBs based on various KPIs, and the categorising and prioritising leads. In the highly competitive and fast-paced markets of FX, CFDs, and cryptocurrencies, these engines play a crucial role in streamlining processes and improving the efficiency of multi-asset brokers.
As a bonus, the FYNXT Qualifier Engine can be utilised as an integral part of the FYNXT CRM or as a stand-alone module plugged into any other CRM via API.
How does it Operate?
The Qualifier Engine works on the simple process of input/output. As a multi-asset broker, you will have a vast amount of data entered and configured in terms of details and rules. Such information as trading servers, client details, IB compensations and rewards, wallet details, etc. will generate data. The Qualifier Engine then uses the output to give the multi-asset broker incredible flexibility when applying complex rules without the need for special coding.
For example, the FYNXT IB module already allows the broker and the IB much in the way of multi-tier configuration and a huge variety of options for compensation and rewards. This is just one reason why the FYNXT CRM has won industry awards. Building upon this success, FYNXT has listened to its customers who clearly wanted more and the addition of the Qualifier Engine achieves this and more!
Before now, adding configuration elements like varying compensation targets, tier by tier, complicated time limits and exceptions, and others required extra coding by IT experts. Now, with the addition of the Qualifier Engine, a vast array of configurations is available, as the engine can generate specific rewards and compensation as the output of the data and requirements.
What does the Qualifier Engine Produce?
The Qualifier Engine produces an outcome based on the data and configuration inputted by the broker. As examples, depending on the agreements between a broker and its IBs, and the parameters allowed by each regulator, you can configure:
- Fixed monetary rewards based on CPA increasing on new target levels
- Increasing monetary rewards based on customer levels and/or deposits or trading volume
- Loyalty programs based on a multitude of concurrent parameters, including time served, trading volumes, number of customers, etc.
- A combination of fixed fees and percentages of lots traded in combination with many other parameters
- Reward points leading to tier advancement, vouchers, or physical gifts.
The output can be displayed in a variety of manners including widgets where the code is easily accessible from the broker’s Rule Engine Configuration. The code can then be embedded on a web page, in email campaigns or on a landing page. The output can, of course, be displayed on the IB Portal for the IB and/or SubIBs. Or, through API, the outcome can be displayed on an external CRM.
The FYNXT Qualifier Engine also allows a broker to configure a “Carryforward” option that would not normally be available with a standard CRM’s IB module. The Carryforward enables the broker to defer results, negative or positive, to the next month should, for example, an IB need more time to achieve a target or to accumulate results.
Benefits for Multi-Asset Brokers and IBs
Increased Conversion Rates: By focusing on high-quality performers, brokers can improve their conversion rates by incentivising their IBs.
Efficiency: Automated processes reduce manual workloads, allowing brokers and IBs to manage a larger number of dynamic fee structures and reward configurations effectively and with more flexibility. This flexibility precludes the need to renegotiate contracts on the fly.
Personalised Approach: Tailoring interactions based on compensation characteristics can enhance client relationships and trust.
Data-Driven Decision Making: With access to analytics and lead data, brokers can make informed decisions about where to focus their efforts.
Time and Cost Savings: No extra coding and IT input is required to create incredibly flexible compensation and rewards programmes.
Role in Managing Introducing Brokers (IBs)
Introducing Brokers play a vital role in expanding a multi-asset broker’s client base. The FYNXT Qualifier Engine aids in this partnership in several ways:
- Tracking and Reporting: It provides more detailed tracking and reporting capabilities for the activities of IBs, allowing for more transparency and effective management.
- Performance Analysis: Brokers can better analyze the performance of their IBs, identifying which partnerships, fee structures and reward schemes are the most fruitful.
- Automated Commission Calculation: The Qualifier Engine can automate the calculation of commissions for IBs, based on any configuration of tiers, targets, and time limits, ensuring accuracy and timeliness.
- Enhanced Collaboration: By providing a platform for seamless communication and data exchange, the engine facilitates better collaboration between brokers and their IBs.
Integration with Other CRM Functions
The Qualifier Engine is often integrated with other CRM functionalities such as customer support, marketing automation, and sales management. This integration ensures a holistic approach to client management and operational efficiency.
Conclusion
In conclusion, the Qualifier Engine in the FYNXT CRM IB module is a vital tool for retail FX, CFD, and crypto brokers, enhancing compensation and reward programmes, lead management and facilitating better collaboration with Introducing Brokers. By automating and optimizing various processes, the engine contributes significantly to operational efficiency, client satisfaction, and overall business success in the dynamic world of financial trading.
As a multi-asset broker, your army of IBs might just be the lifeblood of your business. No matter how your business finds its partners, we look forward to showing you how to provide them with the best technology to help them do their job and how to generate profits for themselves and for your brokerage. Give us a call now to arrange a demo of the FYNXT CRM IB Module and the Qualifier Engine.
