Project Title: Open Source Platform Evaluation for Trading and Wealth Management
About Banc Partners, LLC
Banc Partners is a private equity firm that invests in commercial banks, fintech companies, and financial services entities across the United States. With over 30 years of venture capital and private equity experience, we specialize in providing flexible, innovative capital solutions to drive growth and transformation in the financial sector.
Project Description
This project focuses on leveraging open source platforms to enhance the service offerings in trading and wealth management for Banc Partners' portfolio companies and clients. The project will unfold in three phases, starting with the exploration and operational testing of existing open source solutions, followed by integration with an existing bank's digital infrastructure to augment their current services, and culminating in the launch of a fintech platform-as-a-service model.
Scope of Work
Phase 1: Exploring Open Source Platforms
Step 1: Setup and Initial Testing
Install and configure two open source fintech platforms for trading and wealth management respectively (such as open-trading-platform and wealthbot).
Evaluate basic functionality and performance to determine technical and market viability of leveraging these platforms for commercial launch.
Step 2: Comprehensive Research and Evaluation
Scan the industry to identify top 3 open source platforms for trading and wealth management
Download, install, and operationalize each of these platforms in a lab environment.
Document and analyze features, scalability, and integration potential for each platform.
Step 3: Selection and Architectural Formulation
Select the most suitable platforms, one for trading and one for wealth management, based on a set of strategic criteria.
Design an integrated platform environment to host both the trading and wealth management platforms and deploy the platforms.
Phase 2: Platform Integration with an Existing Bank
Upon successful completion of Phase 1, a detailed scope for Phase 2 will be developed. This phase will focus on the integration of the selected open source platforms with a partner bank's existing digital infrastructure to complement their services, ensuring robustness and compatibility with their legacy systems, and providing training for bank staff and support for an initial market rollout.
Phase 3: 21st Century FinTech Platform-as-a-Service
Upon successful completion of Phase 2, a detailed scope for Phase 3 will be developed. This phase will focus on the development of a scalable platform-as-a-service (PaaS) infrastructure designed to offer customizable financial services tailored to the needs of diverse customer segments including SMEs, midsize companies, VC & PE firms, among others. The initiative will also include market launch strategies and continuous platform enhancements to adapt to evolving market demands and feedback.
Phase 1 Deliverables
Complete the installation and configuration of selected open source platforms, ensuring they are fully functional within a controlled test environment. This includes rigorous testing of all features and tools to validate performance and suitability for further integration.
Prepare detailed reports documenting the installation process, operational tests, and initial findings related to the performance and reliability of the platforms. These reports will provide a foundation for understanding the capabilities and limitations of the platforms in a real-world scenario.
Deliver a comprehensive report that includes the analysis of the chosen platforms, detailing their features, scalability, compatibility, and integration potential. This report will also compare these platforms against current market offerings to highlight advantages and areas for improvement.
Produce an architectural blueprint that outlines the proposed integration framework for incorporating the selected platforms into Banc Partners’ broader digital infrastructure. Additionally, provide documentation that articulates the rationale behind platform selection, focusing on how these choices align with Banc Partners' strategic objectives and technological needs.