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Interview with Morgan Williams, the Product Director of B2CORE and a specialist in analytics, strategy, and SaaS solutions for trading, crypto, and banking industries.
IB partnerships have long been a core growth channel for brokerages. What challenges do brokers typically face when managing IB programs manually, and how does B2CORE’s IB Module help eliminate these obstacles?
The main challenges when it comes to managing IB programs are poor tracking practices, lack of transparency, and a high turnover rate. Brokerages using manual calculations and spreadsheets to track IB commissions and performances are prone to human error, leading to disputes on payments.
Also, not using a transparent system can affect trust between the broker and the IB, leading to the Introducing Broker looking for alternatives. Another issue is the limited scalability, as many brokers can support only a handful of IBs but struggle when their business grows to thousands of IBs and sub-referrals.
This is where B2CORE’s IB Module comes into play, offering brokers an automated tracking and calculation model that minimises human error and supports quick payouts.
Additionally, B2CORE ensures full transparency for IBs, enabling them to track their referred clients and receive real-time insights. Finally, it is a scalable solution. Whether you have 10 or 10,000 IBs, B2CORE will manage IB networks smoothly.
You mentioned that the B2CORE IB Module offers unlimited multi-level partnership support and full commission automation. Can you explain how these features enable brokers to scale their IB networks more effectively than traditional systems?
Traditional IB programs involve a brokerage and an Introducing Broker who brings new clients for the original broker and earns commissions based on the referred client’s trading activities. However, this model has limited growth potential.
B2CORE enables IBs to recruit sub-IBs and create a network of multi-tier referrals and Introducing Brokers. This supports creating a referral tree that expands as the IB activity grows, forming automated earning possibilities where everyone receives commissions based on dependencies and conversions.
IBs can utilise a fully transparency dashboard to track activities, set dynamic payouts, and manage their networks.
Real-time transparency and automation are major themes in the B2CORE IB Module. How do tools like real-time dashboards, automated payouts, and custom reward models improve IB satisfaction and long-term retention?
Transparency is one of the top challenges of managing an Introducing Broker module, and B2CORE makes this process much easier and more streamlined with real-time dashboards and automated payout.
Introducing Brokers enjoy full access to their activities, commissions, referred clients and other key parameters. These details are updated quickly and demonstrated in a sophisticated dashboard. Automated payouts reduce the waiting time for IBs to get their payments and ensure unbiased, accurate commission calculations with minimum human error.
IBs can also customise their reward model based on their trading activities or other parameters, ensuring a competitive and rewarding payment system.
There are various commission models supported by B2CORE, including markup-based and spread-based rewards. How does this flexibility allow brokers to tailor compensation to different IB profiles or regions?
The adjustable commission system allows IBs to earn from commissions, lot-based rewards, markup earnings, and spread-based returns. This diversity ensures that brokers can attract IBs and affiliates with different targeting methods and payment models, catering to the different brokerage and IB styles.
It also helps brokers appeal to IBs from different regions, aligning with the desired compensation method preferred due to jurisdictional or economic differences.
This way, brokers can retain IBs for longer periods, engaging them in a more competitive and rewarding way.
The platform also includes a suite of marketing tools like promo bundles, referral links, QR codes, and APIs. How do these empower IBs to grow their networks independently while remaining closely aligned with the broker?
Comprehensive marketing tools aid IBs in tracking earnings, attracting investors, optimising sub-IB networks, and improving their operations.
Promo Bundles are ready-to-use promotional materials that include banners and widgets for social media advertisement campaigns, customisable branding guidelines for personalised services, and simple embedding to spread marketing material across websites and social media platforms.
The unique referral links and QR codes support the advanced tracking system. Every IB has their own referral link that can be assigned to track traders’ activities more seamlessly.
On the other hand, the QR code facilitates quick sign-ups, as IBs can print their QR codes on physical material or on online pages to support one-click registrations.
Your case study demonstrates a 120% increase in active IBs and a 90% reduction in admin workload. For brokers considering switching to B2CORE’s IB Module, what kind of operational transformation can they realistically expect?
The significant drop in administrative workload is attributed to process automation rather than manual input, which reduces human error and enables IBs to focus on other core activities.
This transition can also lead to a 75% increase in IB-referred trading volume, with the IB enjoying quick payouts and transparency insights to further expand their network.
Brokers can also expect a higher retention rate, as B2CORE’s up-to-date features ensure that IBs are always ahead of the game, equipped with all needed tools, and have transparent access to tracking metrics to stay engaged and competitive.
To close, what would you say to brokers still relying on outdated systems for IB management? Why is now the right time to upgrade to B2CORE’s IB Module, and how can they get started?
The financial services industry is moving forward and fast. Not many traders, Introducing Brokers, and other participants want to use old systems anymore. Therefore, if you are still using outdated processes, your chances of capturing your target market are too low.
Moreover, outdated systems were updated for a reason, or many of them, including human errors, inaccuracies, lack of transparency, delays, and more.
Therefore, now is the right time to switch to B2CORE, an innovative solution that we frequently update to ensure its compatibility with modern market demand and user expectations.
Brokers can contact their B2CORE personal manager, or if they don’t have a B2CORE interface yet, they can contact us and start with a Demo. The onboarding process is very straightforward, and our team will provide comprehensive guidance step-by-step to ensure proper and timely entry into this competitive space.
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