Global exchanges are falling behind in upgrading their brokerage models, according to PayBito CEO Raj Chowdhury. Chowdhury points out that major exchanges around the world are neglecting to integrate cloud technology into their systems, which inhibits the evolution of brokerage services and creates financial exclusion. He highlights several drawbacks in the current exchange models, including the absence of quick sign-up and Brokerage as a Service (BaaS) features. These models lack the use of cloud-based SaaS solutions, making the registration and membership process slow, costly, and restrictive for brokers and retail investors. Chowdhury also criticizes the lack of transparency in pricing and execution policies, which makes it difficult for investors to leverage the best market deals. He further emphasizes the need for change and the importance of democratizing brokerage services through cloud integration. Chowdhury suggests that exchanges should update their brokerage models, promote financial inclusion, increase transparency through technology like blockchain, and empower retail investors. By embracing cloud technology and modern innovations, exchanges can provide affordable and accessible brokerage services to all participants. Chowdhury also mentions that PayBito offers comprehensive brokerage service offerings for a monthly subscription fee and provides white-label solutions for those who want to build their own brand. The article concludes by stating that disruption can be overcome through brokerage democratization, and platforms should use technology and committed initiatives to achieve better sustainability.