Why You Need Multilingual Forex Software
Back office tools in multiple languages
In the retail forex space, your clients speak a variety of languages, and you likely have a client cabinet that’s available in multiple languages. In a global industry, it’s simply common sense to make sure your clients can access all your products in their preferred language.
However, it is equally important to provide your partners with the tools they need in the language that they prefer. To attract forex traders in new regions and expand your business, you need to recruit introducing brokers (IBs) from around the world.
Once onboarded, your partners need the ability to access your back office software and CRM in the language of their choice. Providing multilingual forex tools helps ensure you can attract and retain the best IBs. It also makes it easier for them to do their job well and increases your firm’s profits.
Your IBs may be more comfortable working in a language other than English. Providing a software tool in their preferred language will make it possible for your IBs to work quickly and efficiently. IBs may stay with your firm longer or may be more active in recruiting new clients if they’re comfortable working with your software.
Multilingual software allows your employees to input text using necessary special characters. Users can input characters in Chinese, Russian, or Japanese, which is essential for working with traders whose names aren’t written with Latin characters.
Your back office software should make it easy for your employees to set the language according to their preferences and needs with just a single click.
Choosing a forex software tool that is available in your IBs’ preferred languages also demonstrates your commitment to expansion in their region. IBs may be more willing to sign on with your firm, as opposed to another one, if it’s clear that you’re serious about developing your business in their region.
With regulations for forex brokers increasing in nearly all countries, it’s important for you firm to be able to comply with regulatory procedures. Offering software in the local language may make it easier for your IBs or local compliance officers to provide information to regulators. When providing documentation, IBs can simply download reports in the correct language.
Multilingual forex software will also save your firm time and money because you won’t need to have documents translated.
It may be tempting to assume that because your IBs share a common business language, they can simply use the standard version of your software.
They could then use translation tools, like Google Translate, when they would benefit from reading something in another language. However, automatic translation tools rely on machine translation, which is notoriously unreliable.
Software built to switch between languages as needed relies on manually encoded translations written by humans. This means that someone has ensured the software will correctly translate words with the appropriate context. For example, an automatic translation tool might translate the word balance as a word meaning stability instead of one that means the amount of money in an account.
When your brokers need to use a translation tool, they can become frustrated and are more likely to make mistakes or leave your firm for one that offers them the tools that they need.
Multilingual back office software may not seem like a necessity the way a multilingual trader’s room does. However, it will make your IBs daily tasks much easier, which will help your business succeed.
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