Chatbots are everywhere, from Facebook’s messenger to Telegram’s automated chats, they make it cost-effective and time-saving for brokers and other businesses to communicate with their clients.
But there are ways to go even further with support automation than just offering live support chat on their websites. If a support window is equipped with such an automation tool as a chatbot, it can help users find what they are searching for in the shortest
time possible. Another use case of employing chatbots is an opportunity to let clients’ manage their portfolios from messengers when a terminal is not responding, or deliver them personalized trading signals. In this article, we will talk about how AI-powered
chatbots provide brokers with new ways for increasing sales and saving costs, while at the same time amplifying trading experience to new heights.
How A.I.-powered chatbots reduce costs for brokers
There are many chatbot providers or those who provide conversational platforms. There is one
trading chatbot provider who specializes in financial software development since 2002. Advanced automation software that has an all-in-one approach makes it possible to reduce costs by using only one provider for
the trading platform and live chat support. Devexperts are working on providing charting, trading, and support software all-in-one solutions for brokers who want to focus on their core business instead of figuring out the software development part. The company
recently launched tools for broker’s marketing and support departments which are worth exploring during the current economic downfall.
One of the things brokers can do to maintain their profitability while there is a recession is to reduce costs. When markets are growing and companies are growing fast, there are usually few companies who are thinking about cutting costs. However, reducing
costs during crisis times may make the difference between life and death for any company, especially for online brokers.
This is possible with the automation tools, such as AI first-line support in the form of a trading chatbot. It is a cost-saving measure to reduce the load on support personnel and therefore headcount. Nowadays, chatbots are trained to understand online trading
terms in natural language, have self-learning skills, and pre-programmed scenarios. This takes off some burden from the support desks while sorting out a big share of FAQ questions daily.
Targeting the proper audience with accurate promotions and adjusted ads, brokers can save money on marketing departments as well. Marketing often is the main money draining activities of most brokers as they have to attract new customers or upsell the existing
ones to continue growth. Using advanced software to help the marketing team perform precisely targeted promo campaigns becomes crucial for cost saving. This new class of tools also can create new communication channels between a broker and their clients
By reducing money spent on unnecessary activities and equipping themselves with a new conversational channel for targeted promotions, brokers can thrive during low volume periods.
How brokers manage low trading volumes during recessions
Trading volume is critical for brokers, as they make their money from fees and commissions on trading volumes. During economic downtimes the volumes significantly decline, and since then brokers have to adapt and motivate the current client base. By bidding
on automation software and reducing unnecessary expenses, brokers can simultaneously decrease costs and increase clients’ engagement. Marketing departments can increase conversion rate with AI-powered software and offer better-targeted promotions based on
all conversational data increasing business’s revenue. More personalized incentives, more trading volume and thus revenues for brokers. The potential is almost endless, for example an AI-system can analyze all the queries of 100,000 clients and distinguish
their sentiments and areas of interest and involve them with the most dedicated promo messages.
To support our claims, let’s analyze the average daily turnover volume for Forex. 2022 was the lowest average daily turnover a year apart from 2019, with $7.5 trillion. Although it was higher than in 2019 with $6.6 trillion, it still is the lowest when we
take statistics from 2004 to this day. This shows that trading volume is low, caused by major global tensions and interest rate hikes. The Russian invasion in Ukraine paired together with the Fed increasing interest rates, and recession is highly probable
this year. Brokers struggle to maintain their stock prices that are getting hit by low trading volumes.
Automated software which answers questions fast and is intuitive has a positive impact on client comfort and raises brokers reputation in clients perception.
Key takeaways
Since 2022, trading volumes dropped, making brokers think of new ways to maintain their profitability. Reducing costs becomes more relevant during crisis times. There are not many ways in which brokers can achieve this, as they can not increase the trading
volume directly, but they can incentivise their clients indirectly. They can adapt to a new global picture with more sophisticated chatbot software that can not only reduce headcounts for the brokers, but create new communication channels for the sales departments.
These new channels like broadcasting the targeted promotion to specific audiences can increase profitability even during recessions. After the crisis is gone, brokers will be ready for increased traffic with software that can learn from huge data.
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