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5 Questions Every Broker Should Ask When Adopting New Fintech Systems & Solutions:

Updated: Jul 4, 2023




1. Business Assessment:

By taking time at the start of any project to consider operational objectives, a clear route of travel can be mapped, which will ensure the successful optimization of time and resources along the way to successful adoption, implementation, and use.


Making time at the start when adopting new Fintech systems & solutions to assess all the potential needs will often result in clearly defined stake holder expectations throughout the project and can often be the difference that ensures successful adoption and utilization of new systems and more efficient workflows.


Factors to consider in all Business Assessments are,

• Clearly Identifying the Target Market

• Establishing your USP and core Services offered

• Understanding any areas where you seek improvement through fintech solutions


Take time to set the unique and specific goals that you aim to achieve with the integration of fintech systems. To put is simply, by identifying the current pain points and challenges of your business, you give yourself the highest likelihood of strengthening your operational resilience.



2. Technology Needs:

This will form part of your Business Assessment; however, it is worth listing it here separately as technology requirements and the successful identification of new and powerful solutions that will leverage your businesses to new heights, is a crucial factor to keep in focus.


Take time to identify the specific technology requirements of your business, when adopting new Fintech systems & solutions. Such as trading platforms, risk management tools, back-office systems, CRM systems, and client portals. Clearly identify the legacy systems that need to be integrated or replaced with modern fintech solutions?



3. Customization and Scalability: Make your business ‘’Future Proof’’

Ensure that any Fintech solutions you select will be user friendly and can (where possible) integrate with your existing technology. It may not be necessary to, ‘’throw the baby out with the bathwater”.


Quite often the need for change can be ignored until critical failure occurs, at which point any update of additional services can be a big issue, requiring extensive restructuring which most often leads to serious downtime issues. As a result of which loss of operational functionality and most critically lack of service can often occur.


Identify your specific requirements and select Fintech that can be tailored to your business processes. Ask yourself how you envision scaling your brokerage operations in the future and does the proposed fintech solution accommodate that growth.


4. Regulatory Compliance:

It is crucial to fully explore the full implications of all regulatory frameworks that you operate under and ensure any compliance obligations are fully covered by the fintech systems you choose.


Specific requirements to always keep in mind will generally come under the following 3 categories.


1. KYC

2. AML

3. Data Privacy (GDPR)


Always ensure that the above 3 points are kept in focus with any provider you select. When adopting new Fintech systems & solutions the provider you select should have their own internal policy on each and the solutions they provide should always include answers for each as a general feature of their service or may well center around one or all these hotly contested and acutely monitored topics.




5. Integration and Data Migration:

Although this is directly connected to point 3, we feel that it is so important that it deserves its own listing also. The industry we operate in is dependent on data and the robust monitoring, warehousing, and accessing of it is crucial to operational integrity.


On the implementation of any new Fintech systems & solutions, it is always advisable to ensure ease of data migration. Whether it be from existing systems, or the functional ability to do so in the future. Those of you who have found yourself locked into legacy systems simply because migration of data is either impossible or not without a great deal of pain, take heart you are not alone.


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