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In the early 2000’s brand loyalty and customer satisfaction levels for a business were driven purely based on the quality of service or product offered. But today, consumers base their trust on the total buying experience they encounter from a business rather than just the product or service they invest in. In fact, studies show that 86% of consumers will be happy to pay more for a better customer experience. The financial services industry too has learned the importance of customer experience in their business models. This coincides with the rising levels of smartphone penetration and a highly digital savvy consumer base that are re-shaping the way financial transactions are executed and managed.
The financial services sector has seen some of the most radical shifts in customer perception and engagement over the past few years. From physical statements in envelopes and long queues at counters, today nearly any banking and financial task can be done from just a smartphone app by users from anywhere in the world.
Digital technology has touched down in every industry sector and financial service is no exception. Financial services companies are rapidly adopting technology to open the doors to more customers because the modern customer values a digital presence, as well as the convenience, ushered in by the implementation of digital tools. Several financial services companies are investing heavily in creating a comprehensive digital strategy. Their focus is to enhance the customer experience and also disrupt the conventional means of operations for the better.
The COVID-19 pandemic has hit the global economy badly. It has especially affected small and medium enterprises the most.Governments across the globe are trying to revive the economy by offering support to small and medium enterprises.s
As per a recent statement by Antonio Guterres of the United Nations, the economic fallout of the pandemic may reverse the progress made in sustainable development. The global economy has taken a hit and the financial services have felt the pain too. Banking, insurance, and other financial services industries are expected to soldier on to address urgent customer needs. However, it is also necessary for their long term survival to focus on the emerging needs of the future. How to plan for the future while securing the present?
The millennial earners are actively seeking ways to diversify their income streams- be it with the help of a side hustle or by expanding their investment portfolio. Online trading of shares, as well as asset classes like Forex, has been gaining traction ever since mobile devices and ample internet became easily available.
COVID-19 brought the world to a standstill. Cities around the globe were completely locked down, essential services organizations experienced pressure like never before while all others struggled to keep themselves afloat. Work from home became the only way to run businesses that could be run through a remote set up. An unfortunate consequence was that customer trust and loyalty became largely irrelevant. Under the circumstances, onboarding new customers was a challenge every business seemed to have faced, but among the worst-hit were financial services products in general and forex trading houses in particular.
Stock markets, futures markets, and economic activity, in general, have run aground since the devastating (COVID-19) outbreak. Industrial activity, from production to supply chain and sales, is suffering without people resources and resource movement. Huge corporations and companies, like Apple are forced to shut their factories based in China and supply chains are disrupted. The expectations are that most of the economies worldwide are set to suffer massive crashes.
Forex trading has been consistently garnering the interest of seasoned investors as well as the newbies. The forex trading market has been growing steadily and the recent turn in global markets has made forex trading a hot topic of discussion among investors. In fact, there has been an upsurge in forex trading in the wake of the ‘working from home’ phenomenon. As the number of forex traders rises, new trading platforms emerge making it a competitive market for trading houses. It ultimately boils down to offering the best to the customers to stay ahead in the game.
We are in strange times. The COVID-19 pandemic is an unprecedented event and the world trade is anticipated to fall between 13% and 32% in 2020. The bad news is, the health crisis timeline is fuzzy, and it is almost impossible to define when the world will get back to normalcy.
Ever since Forex became attractive to retail investors in the late 1990s, the Forex market has grown 2.5x faster than the global GDP. Today, Forex is the largest and most liquid market in the world. Currently, $5.3 trillion are traded every day in the Forex market, with retail investors contributing over $250 billion of the total daily turnover.
Forex Trading, just like every other industry has rapidly evolved over the last decade. The internet has opened up trading opportunities, unleashing the financial acumen of a large number of individuals and bringing down the entry barrier of trading via conventional means. From individual investors to full-fledged traders, accessing global markets, making real-time decisions, and, more importantly, being abreast of what’s really happening in the market has been streamlined, thanks to the internet.
Forex trading is among the most lucrative, financially rewarding growth options out there. It is a good place to grow your funds, and, with its 24x7 operations open throughout the year; forex trading provides ample scope and opportunities for savvy traders to trade consistently and successfully
With a market that's open 24 hours on weekdays to allow investors across the globe to trade, irrespective of time zones, it's safe to say that forex is the largest and most liquid financial market on a global scale.