Hidden costs that come up in Broking Backoffices
- New staff takes a long time to learn all the softwares...
- My operator knows everything but does not want to train anyone else.Hmmm....tricky situation
- I need to have programmers and software people to operate my backoffice....yes they don't come cheap !
- My backoffice people are mostly programmers. Every six months new faces are coming – (Am I not paying enough ?)
- I have to cross check the reports ALWAYS because SOMETIMES errors happen ......as it done manually.
- Our clients are all known people ....so even if there is an excess payment there is no problem.
- Iur clients are all known people ....so even if there is an wrong delivery there is no problem.
- I want to save some money by shifting to a datacenter .....but my vendor says it will not save money.
- I want to save some money by consolidating my servers ......but my vendor says it will not save money.
- My volume is low now / Market is bad.... will go for better backoffice software when the business improves.
- My volume is too high now.,,,,impossible to even think of changing backoffice software now !!
- The big software companies are raiding small businesses like us. Why can’t we use free software like Open Office?
- Oracle software and hardware is too expensive to setup and skilled people are required for maintenance. Is there a way out ?
- Is there any way we can reduce our backoffice bandwidth cost?
- My clients are saying accessing the backoffice from mobile is too costly.
- We need to invest on staff training. Because so many KYCs are incomplete and inspection is pure nightmare.
- I have to be careful about XYZ branch staff. They are “over”-helping their clients. Payments are not honest.
- Too much of import/export of files from different segments.
- Too many manual file creation/editing
- Backoffice not user friendly (Takes a long time for new users to learn)
- Change in format requires vendor to do programming
- Change in format requires vendor to do programming....but vendor is busy
- Change in format requires vendor to do programming....but vendor has other business
- Change in format requires vendor to do programming....but vendor does not exist now
- My in-house experienced programmers are unable to access the database.
- Change and Bug requests made to vendor needs repeated reminders and constant follow-up (this becomes a job in itself)
- Compliance reports and checks have to be done manually. For e.g. Manually we have to check if brokerage exceeds SEBI/FMC limit.
- Most Inspection reports have to be done manually
- Ledger Balance, Collateral Haircut value, SPAN Margin Requirement from each segment has to be exported and consolidated in EXCEL before Payout / Delivery.
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