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CRM and Call centre setup for Stock Broking firm.

Stockbroking as a business is getting more and more competitive. Doing extensive automation can be the only way out to win the competition. The most important aspect of the business that needs most automation is obviously Customer Relations, Customer Service or Customer Experience. Setting up a small team of Telecallers or call centre is the first way out that people see towards customer service. The question is; is that enough?

The purpose of this article to help understand requirements for CRM and Call Centre Setup for Stock Broking Firm.

The primary goal of Call centre is to handle lead management and onboarding process. A secondary purpose is, of course, dealing with Support cases.  But putting a regular telephony server or IPPBX will not solve the issues as your agents don’t have any information about the person with whom they are talking.

Only Installing Telephony Server or EPABX does not provide complete Tele-Sales or Tele-Support solution for Call Centre Setup.

A call centre set up is very simple. A Telephony (Dialler) server is installed which dials the outgoing numbers and handles incoming calls. Then there are agents with IP phones or softphones installed on the PC where they answer all the calls. This sounds good, But this will not work in a stockbroking firm which is very busy, and the stakes are very high. There is one more reason why this will not work.

Dialler based Call Centres fail when customer engagement is more than one call long. In that case, we need CRM + Call Centre Solution.

The principal reason for setting up a call centre or CRM for the stock broking firm is to handle leads; that is new customers and also to manage relationships with existing customers as you can say prospecting and customer onboarding. Now here comes the challenge because in any stockbroking company information about customer comes from many different subsystems. So here you will need a complete suite of CRM plus telephone is solutions which are integrated with all other subsystems that this stockbroking firm might be using. E.g.: Stock Broking software system or their Accounting and ERP system.

Since Customer information is coming different sub-systems, the CRM and Call Center system needs to be connected in real-time with other Subsystems.

CRM and Call centre setup for Stock Broking firm.

So now, let’s start from the beginning. Say stockbroking firm has their website or their partner portals. If any visitor to their website or their partner portal, shows any interest, a Lead should automatically be generated into a CRM system, and maybe also an automatic call back is lined up with the calling team. So effectively the website visitor who filled up a form will receive email and SMS in less than 60 seconds and receive a call in less than three minutes.

So effectively the website visitor who filled up a form will receive email and SMS in less than 60 seconds and receive a call in less than three minutes. Being the first one to respond to your customer’s request can be a huge difference in winning of losing Deal.

So next step is our Agents who interact with the visitor (who is now a prospect) do the prospecting and qualification and other steps required using the telephone system. They may send emails which again can be templatized or SMSes (again using templates), and that’s how we have super productive agents who work at a very high speed.

In Stockbroking firm Productivity and efficiency is everything. SMS/Email Templates saves lots of time.

Now, This needs to be integrated with a central ERP or stockbroking software which will keep the information in CRM updated, and it can also help CRM for a quick lookup. E.g.: a visitor fills up a form on the website but he’s an existing customer, so CRM can do a quick look up on stockbroking ERP software and take necessary action and also from the agent in real time. Call popup for incoming calls will show details of the branch, Client’s family details, previous communications, etc. The Agent knows who is calling and entire history, Agent can take the (stock transaction) order directly – no validation required.

The biggest advantage of having a fully integrated system is all the details of all the communications done by any Client with any agent is all listed in one place, so you open up customers account and you will be able to see all the calls, SMS, emails and even visits done for that particular client.

For Incoming Calls, Agent sees information on the screen which is coming from CRM + ERP + any other platform, Which helps in better and effective communication.

The system also needs to support automatic and group SMS and emails so that it can keep on touching the customers or prospects which have gone stale, in other words, they have not been contacted for many days.

Many times Stock Broking firms also have Agents who are on the move (on the field). If we want these people to interact with System, there is a need for a Super Efficient Mobile App which is connected to CRM. The Mobile App also need to support for attaching various documents like KYC and other proofs received from the customer which can be appended to the records in the system itself so that you don’t have to hunt for the document it’s available always.

Any CRM system will be incomplete if it’s not connected to a super efficient Mobile App.

There might be situations when you have a mobile team to visit your customers for the KYC purpose or some verification purpose or collecting the documents or verifying the documents or address etc. , for this purpose, we need an excellent mobile app which is sufficient enough to handle all such transactions.

Call Recording is a Mandatory and legal requirement for any Stock Broking firm. This feature is a must.

Of course, the basic features like call recording, IVR, Automatic Call Distribution, Auto Dialing, etc. will always help the agents to work more efficiently. In case of stockbroking firms call centre set up should have call recording because the transactions are very high and mostly carried on the trust on the word of mouth, so recording will always be helpful.

A Case Study for CRM and Call Centre Setup for Stock Broking Firm

Here is a video of a CEO of Stocking Broking firm (one of the first and biggest Online flat fee stock broker.) describing the automation that they have done with the help of CRM, Call Centre Solutions along with integration with their website, partner portals and their ERP.

Technical requirements for CRM and Call centre setup for Stock Broking firm.

Now let’s talk about the technology involved and how it will work. Which components of Technology are used and what is integrated with the system.

  • Solutions used:
    • CRM
    • Telephony
    • Mailing solutions
  • API Integration with External Subsystems.
    • Partner website Portal.
    • ERP software for managing stock trading software.
    • Website.
    • Stock Broking software
  • Who will use this solution
    • Call Centre Agents.
    • Back Office Team
    • Front Office Team.
    • Field Team (out of office)
    • Extending CRM to their sub-brokers.

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18 thoughts on “CRM and Call centre setup for Stock Broking firm.

  1. Very interesting and informative article Shimona.
    I wish you come out with more articles..
    Happy New Year.. Poila Boisakh

  2. This is a wonderful read. Catching up the leads with instant phonecalls and guide in form filling is important as this is somewhat tedious process and many prospects opt out just because of this long form filling. E-KYC and automated details filling can serve the purpose soon. It will be great if how companies differenciate in CRM in stock broking can also be covered with this

    1. Thank you Mr. Chatterjee for your motivated comments. My upcoming article would surely include your suggested topic. Please help to spread the word by sharing it.

  3. A good piece of information for starting a call centre process, this is particularly helpful for all those looking at the end-to-end model.

  4. Quite a comprehensive piece that touches every aspect of the transactions/relationship and can be used as a wonderful guide by anyone looking to set up the same. Thanks for sharing

  5. Nice comprehensive report. I wish, if it also talks about basic architecture of ticketing system in CRM, with time bound approach.

    Looking forward to read more in this space.

  6. Very informative article. It will surely help in convincing our stock broker customers to choose CRM & telephony solution and close more sales. Will appreciate if you have small PPT on the same. Thanks

    1. Thanks Uday Gondkar for your positive feedbacks, Your comments encourages to make such article. Please help in spreading the word by sharing this

  7. It covers all the important aspects comprehensively. A very good article! I wish it also covered CRM integration aspect in more detail.

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