The success of any Software as a Service (SaaS) platform is dependent upon many factors from the beginning development to the end online service that is appealing to users. While SaaS is not new, creating a SaaS platform that delivers consistent results and improves the user’s efficiencies through additional components, perhaps from other providers, is unique. This new idea of combining various features from different SaaS providers into a new one is now possible via the Platform as a Service (PaaS) model.
A PaaS is simply a cloud-based software system that exposes all its core capabilities, attributes and actions via high functioning, high quality, and high performing APIs. Think of it like this: The SaaS is the body of the Ferrari and the PaaS as the engine, the transmission and drive system.
Conventional SaaS providers expose their core “engine” capabilities via high functioning, well-constructed and detailed APIs. The APIs allow other SaaS and PaaS providers to access the functions of that PaaS to thereby use those functions as one would use a utility like electricity or water. The PaaS provider may or may not have the same user type, in our case, financial advisors.
Why would we create a customized software platform using several PaaS provider’s software components?
- They all know the user. Many times, the software is developed by an industry veteran to solve a problem they had. In AdvisorPeak’s case, ours was designed specifically for trading and rebalancing investment portfolios, and we know the user because we have been the user. Other platforms may be more generic such as SalesForce. However, SalesForce likely knows the CRM user better than any other in the industry.
- Each delivers consistent results. When the software helps to make critical decisions, it must perform consistently every time in the same way.
- They keep their software products agile. Agile means that the design process uses multiple software developers to produce higher-quality products through interactive cycling of prototype development, testing, and actual usage to provide a more successful outcome.
- They focus on improving business efficiency. All PaaS software enables decisions to be made faster and with more accuracy by developing software tools that execute tasks efficiently. Without this, advisors will not remain competitive and lose time, costing them additional money.
The rebirth of SaaS evolves through leveraging individual software companies presenting their core software features via API. This enables them to expand their capabilities by finding other software that complements, not competes against theirs. Opportunity is created for by enriching their feature set and, in turn, their users. A side benefit is that it helps SaaS FinTech partners scale by encouraging them to move to a PaaS model. Collaborative growth happens for everyone, including financial advisors, when these take place:
- API integrations- ease for the user and the PaaS provider for delivery of the software without interruption to other software components
- Partnerships and technology additions- finding and updating software and add it to the financial advisor’s tech stack.
- SaaS to PaaS- discovering new SaaS and by combining other SaaS core features to create new advisor platforms at scale.
- Broader market delivery- utilizing other SaaS providers help to grow each other’s user base.
At AdvisorPeak, we believe in the phrase, “We are stronger together.” The best way for us to bring everything together a financial advisor may need is through collaboration with other FinTech PaaS providers. Each of our partners believes in the same idea of creating a super individualized platform for financial advisors. Contact us at AdvisorPeak to learn more about our trading and rebalancing software and our Integration and Consulting and Services Partners.