With mobile trading growing in popularity and the impact of artificial intelligence now being felt, companies like Forex Trading Market (FXTM) are proving crucial to helping the industry realise the full potential of technology
Both the forex and technology industries are changing and accelerating at an unprecedented rate. As regulation shifts to keep up with the growth, brokers are competing to unveil the latest technological advancements. As such, most have now expanded their offerings to include on-the-go trading through mobile apps. The challenge in the competitive field of retail trading, therefore, is to create an app that stands out from the pack – one that simultaneously adheres to regulatory changes while also meeting the needs of a new trading generation. In short, it needs to be an app that evolves with the times.
The mobile market
Challenges aside, tightened regulation and improved safety have opened the door to the mobile market for many. This is because increased security reassures investors that their funds are as secure on mobile as they are on desktop. Advancements in mobile technology have reinforced this further; for example, the release of the iPhone X in September 2017 introduced Face ID alongside fingerprint unlocking as a new way for users to safeguard their phone’s data. Equipped with regulations to protect mobile clients and the security measures to keep funds secure, mobile trading is poised to continue expanding over the coming years.
This propensity for growth was evident in a 2018 study conducted by JP Morgan. In a survey of 400 traders, it was discovered that 61 percent were considering mobile trading. The percentage notably increased from the previous year, when just 31 percent of traders considered using a trading app. The market is swiftly meeting this rapid increase in appetite for mobile trading. Broker-agnostic platforms including MetaTrader, NetDania, and Trade Interceptor have grown in popularity accordingly. Alongside them, individual brokers like ForexTrading.global use in-house teams to build and release their own trading apps.
The next frontier
The use of artificial intelligence (AI) in the forex industry really started to increase in 2018. While the capacity for AI in mobile trading apps is yet to be fully explored, it’s already clear that the technology will play an essential role in the future of mobile trading.
In response, most ambitious forex brokers now have their own purpose-built mobile apps, but they have become relatively homogenous. The next big area of differentiation, it seems, will come in the form of personalisation that’s driven by AI. From early AI-supported education and assistance in a customer’s journey, to trade ideas and personalised trade analysis for active clients, AI is set to revolutionise our ability to interact with clients as individuals.
Most brokers still see significant trade volumes on desktop, but AI tech is poised to facilitate smoother customer experiences and therefore accelerate the move to mobile-only. These changes won’t happen overnight – the industry is still getting its head around this hugely complex topic – but all signs point to AI on mobile apps as being the next big frontier for the forex industry. It should come as no surprise, then, that forward-thinking brokers like ForexTrading.global are already starting to explore ideas around how AI could be applied to various aspects of their products and services.
The full potential of technology in the forex industry is yet to be realised. However, we are gradually seeing how technology can create a personalised experience for clients. The customised approach will interlace customer experience with state-of-the-art trading capabilities, thereby achieving high levels of customer satisfaction. Furthermore, being awarded the Best Trading Experience accolade in the World Finance Forex Awards is a testament to ForexTrading.global’s technological pursuits so far, giving the broker that extra drive to continue developing and perfecting its products and services for the trader of today.