A Leading Broker-Dealer Transformed into an Agile, Cost Saving Organization With Coforge's API Marketplace Solution

Challenges.

The broker-dealer encountered significant hurdles that hampered its growth and operational efficiency. Their ambitious growth strategy to support 24,000+ financial advisors was outpacing their outdated technology. This misalignment created a number of pressing challenges:

• Stifled Growth & Lost Revenue: Reliance on third-party APIs severely limited system scalability, preventing the firm from onboarding new advisors quickly enough to capitalize on market opportunities. This directly impacted revenue potential and hampered expansion plans.
• Slow Time-to-Market & Reduced Competitiveness: Lengthy development processes, bogged down by vendor dependencies and complex legacy systems, resulted in unacceptable delays in launching new products and features. This sluggishness hindered their ability to compete effectively in a rapidly evolving financial landscape.
• Poor User Experience & Operational Inefficiency: Inaccurate data, slow system response times, and a cumbersome onboarding process was frustrating both advisors and internal teams. This inefficiency impacted productivity, increased operational costs, and risked advisor satisfaction.

Solution.

Coforge designed a future-proof solution with a direct impact on revenue, agility, and efficiency:

Key Components of the Solution:

• Domain-Driven Design (DDD) for Enhanced Agility & Maintainability: By implementing DDD principles, Coforge decoupled core functionalities from the limitations of legacy systems. This modular approach translated to faster development cycles, easier maintenance, and a more agile response to changing business needs – ultimately accelerating time-to-market for new products and features.
• Microservices Architecture for Scalability & Growth: A scalable and flexible infrastructure was built using serverless APIs on the AWS cloud. This allows the system to handle the broker-dealer's ambitious growth trajectory and easily accommodate a growing network of advisors without performance degradation – directly enabling their expansion plans.
• API Marketplace for New Revenue & Optimized Service Delivery: Coforge created a dedicated API Marketplace, empowering the broker-dealer with adaptable pricing models and diverse service delivery options. This unlocks new revenue streams by monetizing APIs and enhances the customer experience through personalized service offerings.

The Impact

Coforge's solution delivered a powerful combination of technological advancement and tangible business results, driving the broker-dealer's digital transformation and empowering its growth strategy.

• Unlocking New Revenue Streams: The API Marketplace has become a significant driver of new revenue, created fresh monetization opportunities and expanded the company's revenue potential.
• Accelerated Time-to-Market for Enhanced Competitiveness: With complex integrations now deployable in just two weeks – a stark contrast to their previous cumbersome processes – the broker-dealer can bring new products and features to market significantly faster.
• Transforming into an Agile & Efficient Organization: The new microservices architecture and DDD implementation, fostered a more agile and efficient organization through improved inter-application communication and streamlined business processes. This translated to increased productivity, reduced operational bottlenecks, and an improved ability to adapt to market changes.
• Optimizing Costs and Ensuring Long-Term Sustainability: The decommissioning of legacy technologies like Tibco reduced the server footprint and led to significant cost savings. Furthermore, the highly maintainable API infrastructure ensured long-term scalability and reduces future maintenance overheads.

By directly addressing the challenges hindering the broker-dealer's growth, Coforge's solution has been instrumental in unlocking new opportunities, driving efficiency, and positioning the firm for continued success in a competitive market.