FXCM Bots

Using Bots, FXCM transforms the back office and saves on transaction processing

FXCM’s broad range of highly regulated products must meet strict market conditions, so ensuring effective oversight and transparency of business practices requires truly robust process controls with fully auditable data logs and record keeping.

The back-office control processes, typically, relied on the continuous analysis and manipulation by people of vast amounts of data using spreadsheets plus physical validation and data entry.

As demand for their products and services continued to grow, the effort required to maintain effective control was going to become increasingly challenging to manage successfully and would require a significant recruitment and training exercise.

Working with FXCM, Bots For That helped identify and evaluate the following four manual process control areas where Bots would ensure an efficient, robust, and scalable solution but also eliminate the need for additional recruitment and training to manage growth.

  • Customer verification procedures
  • Customer transaction data verification and system updates
  • Reconciliation services
  • Payment data validation and posting

Overview
Based in London and New York, FXCM (https://www.fxcm.com/uk/) is a retail foreign exchange broker, which helps people to speculate on the foreign exchange market and provides trading on major indices and commodities such as gold. 

Overview
Based in London and New York, FXCM (https://www.fxcm.com/uk/) is a retail foreign exchange broker, which helps people to speculate on the foreign exchange market and provides trading on major indices and commodities such as gold.

Using Bots, FXCM transforms the back office and saves on transaction processing

FXCM’s broad range of highly regulated products must meet strict market conditions, so ensuring effective oversight and transparency of business practices requires truly robust process controls with fully auditable data logs and record keeping.

The back-office control processes, typically, relied on the continuous analysis and manipulation by people of vast amounts of data using spreadsheets plus physical validation and data entry.

As demand for their products and services continued to grow, the effort required to maintain effective control was going to become increasingly challenging to manage successfully and would require a significant recruitment and training exercise.

Working with FXCM, Bots For That helped identify and evaluate the following four manual process control areas where Bots would ensure an efficient, robust, and scalable solution but also eliminate the need for additional recruitment and training to manage growth.

  • Customer verification procedures
  • Customer transaction data verification and system updates
  • Reconciliation services
  • Payment data validation and posting

Bon Voyage Bots…

As experts in Bot Automation, the team at Bots For That had the breadth and depth of experience to guide FXCM successfully on their own automation journey, helping to avoid wasted time and mistakes.

FXCM had already begun to establish a core Automation Centre of Excellence in their Sofia service centre, where most of the key roles would eventually be recruited and trained.

However, as the critical Bot developer resources had not yet been recruited or trained, Bots For That were asked to help mobilise the automation journey, establish essential frameworks, and deliver the core pilot process automations.

From the initial assessments, all processes selected were found to be both technically feasible and economically suitable for automation, and the pilot automation project work commenced.

The processes were being manually performed by multiple users spanning several different business departments including accounting, back-office operations, and trading, so the first major milestone for Bots For That was to properly document the existing manual tasks and activities, clearly understanding the data and systems involved, the exceptions and human hand-off points and to fully design the future Bot operated processes.

For maximum traction, the project began with completing the definition and design for all four processes in parallel, so that a more complete picture of the broader end-to-end process impacts could be established, plus the required Bot infrastructures could be built and deployed to support the immediate and longer-term goals.

We felt sure Bots could help, but our expectations were far exceeded.

We felt sure Bots could help, but our expectations were far exceeded ”.

With everything designed and the Bot solutions approved, Bots For That started development on the first of the four processes, quickly moving on to the user testing and were soon ready for the maiden Bot deployment.

Start Small…Scale Fast…Gain Big

The first ever process automation is always a major learning and change exercise for anyone, but with the Bots For That team showing the way, the newly forming FXCM automation team were learning lessons first hand, which would later prove to be a major accelerator for their ambitions.

With the first Bot successfully deployed and operating, the second, third and fourth processes followed in quick succession.

After just a few weeks, Bots were live and performing all four processes as desired and the results were noticeably felt across our business – Bots exceeded our initial estimates and expectations. A major advantage is our ability to scale so easily with growth and increased trading volumes, where Bots achieve 90% task efficiency, and 100% accuracy.

Each automated task saves valuable hours every day across several departments, with productivity savings racking up fast and realising the annual savings.

  • Benefit : Cost Ratio 5:1

  • Annualised Saving $0.5m

  • Productivity Gain 80%

  • Total Daily Time Saving 50 hrs

The approach felt familiar, a little like developing software, but the speed and results were mind blowing!

The approach felt familiar, a little like developing software, but the speed and results were mind blowing!