The importance of customer service when choosing an online broker

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The world of finance is evolving rapidly, particularly with the rise of online brokerage platforms. In this context, customer service plays a crucial role for investors wishing to choose a broker adapted to their needs. How to determine the quality of the support offered and why is it so important? This article offers you an in-depth analysis of the issues related to customer service in the online brokerage sector.

Clients’ expectations of their broker

The choice of an online broker should not be limited to the evaluation of transaction fees and the performance of the different financial products offered. Indeed, investors must also take into account the quality of customer service offered by these platforms. Expectations vary depending on investor profiles, but we can cite a few key elements:

Responsiveness : Financial markets move quickly and opportunities can be fleeting. Good customer service must therefore be responsive to answer questions or resolve problems encountered by investors.

Availability : Online brokers must be accessible at all times, including during periods of high volatility or during exceptional events (for example, during the health crisis linked to Covid-19).

Expertise : Customer service advisors must have solid knowledge of financial markets and be able to provide relevant information to investors.

Transparency : A good broker must be transparent about its fees, its conditions of use and its operation. Customer service must therefore be able to precisely answer all questions relating to these subjects.

Criteria for evaluating the quality of customer service

To judge the quality of customer service offered by an online broker, several criteria should be taken into account:

Ease of access to information : The broker’s website must be clear and well structured, to allow investors to easily find the answers to their questions. Platforms offering a personalized customer area are also appreciated.

Available means of contact : Several communication channels must be offered (email, telephone, online chat), so that each user can choose the one that suits them best. Time availability is also an important element to take into account.

The competence and friendliness of advisors : Customer service members must be able to respond quickly and efficiently to questions asked, while adopting a courteous and professional tone.

Monitoring of requests : Good customer service is also distinguished by its ability to regularly monitor current requests, particularly when it comes to technical problems or disputes.

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The consequences of poor customer service

Inadequate customer service can have serious consequences for investors, but also for the broker itself:

Loss of trust and image : An investor dissatisfied with customer service is likely to share his dissatisfaction on social networks or specialized forums, which can harm the reputation of the broker.

Decreased performance : Poor support can prevent customers from fully using the features offered by the platform, which directly impacts their financial performance.

Increased turnover : Dissatisfied customers are more likely to leave their current broker to choose another. This represents a significant cost for platforms in terms of acquiring and retaining new customers.

Online brokers recognized for their customer service

Some online brokers stand out for the quality of their customer service:

Boursorama Banque : A subsidiary of the Société Générale group, Boursorama Banque is often cited as a benchmark in customer support. It notably offers telephone support 6 days a week and online chat available 24 hours a day.

DEGIRO : A Dutch broker present in several European countries, DEGIRO provides multilingual support which has been praised for its responsiveness and expertise.

eToro : This online broker, specializing in social trading, offers customer service available 24/7, with competent advisors and a very comprehensive online help interface.

Choosing an online broker is an important decision for any investor, whether beginner or experienced. Beyond financial performance and transaction fees, the quality of customer service is an essential element to take into account. Good support allows you to optimize the use of the platform, quickly resolve any problems encountered and benefit from sound advice. Investors are therefore invited to find out about the services offered by the different brokers before making their choice.

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