Focus. A simple, one-word answer, kind of obvious too. Then why a whole article? Because you are probably not doing it.
Being an online broker is all about your ability to get clients in and to get clients to stay. In order to achieve this, business development and marketing efforts are really the only things you should be doing.
Nevertheless, there are some other things you have to be doing along such as maintaining a finance department that makes sure the clients can deposit and withdraw in the different regions you operate and a back office team that cares for tasks such as KYC documents verification.
Some brokers depending on their regulation, may even need a separate compliance department for regulatory compliance.
There is one department that all brokers have and most brokers do not need. The IT department. Please understand that this is not a crusade against IT professionals. This is a crusade against an inefficient, outdated approach in business making in 2019.
The message is: Get Rid of your IT department
A non-exhaustive list of what an IT department needs at the very minimum to be operational, is
- to hire the right people with the right experience
- to pay these people their on-market salaries and keep them from leaving
- to keep these people committed in doing their job well
- to have a continuity plan in the applications
- expensive server (web and application servers, high speed server internet, data centers in targeted regions) infrastructure, usually unutilized
- to set up and maintain a chosen trading platform
- to pay the monthly cost of this platform
- to set up and maintain integrations with Liquidity providers and payment services
- to set up and maintain integrations with a CRM, Risk Management , and an Affiliate system
- to pay for these systems’ monthly cost
- And so on.
The total cost varies from brokerage to brokerage depending on size and vision. However, the IT department cost is one of biggest costs an online broker faces, and it is a cost that it is not necessary. It is a cost that can be avoided.
It is a cost that if avoided, it can finance other business objectives directly linked to increased revenue.
What if I told you how to avoid that cost?
This is the premise on which XValley was founded and exists upon. XValley is a single vendor that provides at the most competitive price schedule:
- an online trading platform,
- a CRM, Risk Management and Affiliate system,
- integrated bridge with numerous liquidity providers and payment service providers,
- on a reliable cloud infrastructure.
We are even working to add transactional emails for brokers, a VoIP system and even more advanced risk management tools.
XValley is probably the only, or among the very few options remaining for online brokerages, to choose and save hundreds of thousands of dollars.
We are just back from a very successful attendance at the Hong Kong’s where our booth was dressed in our unique selling point - Get Rid of your IT department. Discussions usually started with reservation from those interested and carried on with a live walkthrough of the XValley offering.
The message was very well received and people we talked to appeared to genuinely understand where we are coming from
We look forward to help you grow and spend less. Reach out to us.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.
