New Binary Options Product Osyspro Eyes Improved Conversion
Cyprus-based binary options technology provider O-SYSTEMS recently unveiled Osyspro, its latest product for binary options firms to help manage key stages of the customer lifecycle process including the conversion and retention phases, announced during the iFX Expo in Cyprus last week.
The Osyspro solution appears to have been made in response to the growing need that brokers have to continually find ways to reduce friction during the customer acquisition process, in order to steer key business drivers while making marketing efforts including campaigns more effective.
The company has been actively growing its efforts as a competing technology provider, in addition to launching the new products, including the opening of an office in Asia and participation in related industry events such at the IFX Expo in Hong Kong this past February.
Binary options focus
Mapping a firm’s Customer Relationship Management (CRM) platform to existing and new customer journeys, both to and from ad campaigns to landing pages to all the following steps within a broker’s website or trading platform, can become increasingly complex over time.
For this reason choosing the right CRM is just as important as mapping it correctly, as well as optimizing the tracking and implementing a metrics-based approach to building a multi-channel responsive system that will cater to all types of client needs – and not just a few categories.
New firms onboarded
The firm already has 42 clients for its main solution which helps binary options brokers with some of the core technology they need to operate, and the company has another 3 new firms in advanced stages of development, according to people close to the company.
For its newly launched Osyspro solution, one firm has already been onboarded since the launch and three additional firms are in the pipeline, as explained to Finance Magnates.
It appears that the Osyspro solution aims to help brokers automate steps related to marketing and conversion and track their return-on-investment (ROI) metrics in order to gauge performance, by interacting with demo and live clients from within the trading platform.
In addition, Osyspro features the ability for brokers to create what the company describes as intelligent popups within the trading platform, as can be seen in the screenshot below:
Automating for conversion
Unlike traditional approaches to sales, the Osyspro module doesn’t require a client’s phone number as part of the demo registration field and which the company highlights as a selling point for brokers – as it takes a more digital approach via rules-based email triggers – compared to cold-calling or less passive approaches.
The client retention tool appears to be rules-based where if certain conditions are met then an action is triggered to email the customer relevant information, or the trigger can notify the platform user to send their client a personalized email manually.
While this seems pretty straightforward for any technologically advanced CRM or email marketing platform, it’s really dependent on how easily such a tool can handle increasingly complex scenarios that are typically not thought of or mapped out in the beginning by brokers, and only discovered based on actual client usage of the available software version.
Like any software, usage and feedback leads to tweaks that beget more usage and feedback as subsequent downstream versions are revised, yet for brokers this can be a time-consuming and/or costly process thus requiring 3rd party solutions to be sought out in certain cases.
Broker CRM challenges
Some brokers use a CRM system purely for customer support and some use it for both support and sales and marketing – where it takes in data from multiple systems internally and externally while recording a history of the client’s interactions with the company and its products.
The Osyspro platform, although not hailed as a CRM per se, requires data from a broker’s back office which contains related administrative information for clients, andit can work alongside any existing CRM independently or in a sense as a sales tool with CRM qualities.
Technology systems that help manage the customer journey and the multitude of funnels and paths that clients go through must be flexible, yet have the ability to deal with custom scenarios when none of the existing fields or default options are applicable in a system.
The balancing of these abilities without over-complicating the system for the broker and sales persons that will use the technology is equally important, and can apply whether a solution is built in-house or out-sourced to a 3rd party developer. While conversion and retention are two key goals, any systems must also be scalable and useable by brokers.
Given the prospects and challenges that the binary options industry continues to face, while most technology providers don’t have a need to be regulated, and may cater to unregulated brokers, this may start to change as more stringent enforcement could coincide along newly introduced regulations that could put pressure on both brokers and technology developers in certain parts of the world.
Using the U.S. and Japan as examples where binary options trading is highly regulated, other jurisdictions may follow suit, amid ongoing discussions regarding how these products should be treated in places like Israel and France, and after a number of other countries have supported licensing binary companies either as gaming or investment firms.