What to consider when switching tech provider?
Introduction
Brokers are increasingly looking for ways to improve their customer service and operational efficiency. One way to do this is to migrate their support tools to more integrated solutions. The migration of a brokerage business from one technology provider to another can be a significant undertaking, but it can offer many benefits, including improved performance, reliability, and security, as well as added wider range of new development features and functionalities.
Reasons and benefits of migration
How can migration make the most of the powerful technology to brokers?
Modern system components offer several powerful features that can help brokers make the most of technology. These features include:
- Integration: Modules are integrated with each other, which means that brokers can have a single view of the customer’s journey. This makes it easier to provide personalized support and resolve customer issues quickly.
- Automation: Ability to automate many of the manual tasks that brokers currently perform. This frees up brokers and their staff to focus on more important tasks, such as developing new products and services and building relationships with customers.
- Analytics: Software provides brokers with valuable insights into their customer base. This information can be used to improve customer service, marketing campaigns, and product development.
Why brokers would be interested in migrating their IT architecture from current technology provider to Fair Trading Technology?
Reasons for migration vary, but common drivers in the Forex sector include modernization, implementation of new tools and applications, and brokerage system consolidation.
There are several reasons why brokers should consider in migrating into using BrokerTools:
- Improved Performance and Reliability: BrokerTools is built on a cutting-edge technology platform that is designed to deliver high performance and reliability. This is essential for brokers, who need to be able to provide their clients with seamless trading experience.
- Wider Range of Features and Functionalities: BrokerTools offers a wide range of features and functionality that is specifically designed for brokers. This includes everything from the supportive functions of trading platforms to Back Office systems and customer relationship management (CRM) software.
- Scalability: BrokerTools is designed to be scalable, meaning that it can grow with your business. This is important for brokers who are looking to expand their operations.
- Security: Our company takes security very seriously and has implemented several measures to protect your data and systems. This includes encryption, intrusion detection, and firewalls.
- Cost Saving: In the long term, migrating to BrokerTools can help you save money on your IT costs. This is because BrokerTools is a cloud-based solution, which means that you don’t need to invest in and maintain your own hardware and software.
Step-by-step migration plan
Successful migration begins with a thorough plan. This plan should cover steps as stated below:
- Setup of new solution,
- Migration of test set of platform data,
- Linking website for new accounts,
- Test registration to verify client journey,
- Migration of current customers,
- Informing clients of new passwords to portal.
The first step in setting up a new solution is the creation of a broker profile carried out by our team. Broker will be provided with access for random checkups on a newly opened profile. The procedure consists of testing the flow of customer registration and, if necessary, adjusting it as per the business needs. Additionally, our team requests the creation of test accounts from side of broker when performing initial migration, which gives a better perspective on how the system is set for the role of broker and customer. By utilizing platform APIs in combination with CSV or direct database import, we have multiple ways of transferring the client data onto BrokerTools in a seamless way. After receiving approval from the broker, our team completes migration, or, in case of required additional changes, the broker will make necessary adjustments and perform tests again. Customers on migration will automatically receive emails with passwords for logging into the client portal.
Summary
Support tools migration is an important investment for any brokerage business, and whenever it is required every broker should consider migrating to a modern solution. The benefits of migration are significant, from increasing operational efficiency and flexibility, to improving overall customer experience, and by migrating brokers can automate many of their manual tasks, reduce their operational costs, and adapt their systems as their businesses scale up. Nevertheless, migration helps brokers to stay competitive in ever-changing financial markets, upgrade and evolve their businesses to the next level.
