Thomson Reuters goes FinTech, embraces open platforms – What does Financial.com Director Alexis Eisenhofer have to say?
Just two weeks ago, Thomson Reuters entered into a technology partnership with Financial.com, a provider of customized web-based financial information and trading systems, bringing the opensource aspect of today’s cutting edge platforms into the institutional environment. The open API era is most certainly at its critical development point, having been spearheaded some three years ago […]
Just two weeks ago, Thomson Reuters entered into a technology partnership with Financial.com, a provider of customized web-based financial information and trading systems, bringing the opensource aspect of today’s cutting edge platforms into the institutional environment.
The open API era is most certainly at its critical development point, having been spearheaded some three years ago in the retail platform sector by Spotware Systems’ cTrader platform, and subsequently emulated by Saxo Bank in 2015 with the launch of SaxoTraderGo.
In the case of Thomson Reuters, the firm’s open API solutions integrate into customer websites, trading platforms, company intranets and ethernets, advisory portals and mobile applications in order to provide real time cross-asset news and commentary, economic data, market pricing and analytical data.
This week, Alexis Eisenhofer, Director of Financial.com spoke about the need for fintech related disruption within the institutional and banking sector.
He said “For the last three decades, innovation in banks was all about financial engineering. Syncronization has brought more than 15 billion instruments to within the reach of investors.”
“Nowadays, a typical client suffers from information overload because there are too many instruments requiring complex decisions, this presents an opportunity for fintech companies to gain market share just by simplifying the user chain” – Alexis Eisenhofer, Director, Financial.com
He continued “The impact of the technological disruptors within the financial services industry is that their efforts will lead to the differentiation of the participants within the banking sector, reduce the margins within the banking sector and it will force the traditional banks to invest in differentiation. Technology empowers clients to make wise devisions in an increasingly fast moving environment.”
How will it work?
Mr. Eisenhofer stated “We come into play whenever a standard product of Thomson Reuters doesn’t fit, therefore we can deliver a solution that is customized to the workflow and content aspect relating to a client.”
“We strogly believe in open platforms and can easily plug in any kind of content, the premium content side of Thomson Reuters and the data model being a starting point for that.”
Provenance is key, and on this basis Mr. Eisenhofer explained “Trust is getting more and more important. If there are a thousand startups that offer everything except a proven track record, this is critical and retail clients do not take action if they don’t trust you.”
Thomson Reuters believes that being open is about providing solutions that are easy to use, enhance and interact with. The company’s perspective is that powerful workflow tools and capabilities should be available to enable software developers to display data in dynamic and intuitive ways and build solutions tailored to their specific end clients’ needs.
