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The rise of financial data platforms

Paul Artiuch
Paul Artiuch
Open Eikon Product Manager

Financial data and analytics platforms such as Eikon App Studio or Elektron Data Platform provide the building blocks to innovation, giving users seamless access to a highly tailored and unique workflow featuring the best in fintech.

  1. Innovation in financial data and analytics is being driven by platforms such as our own Eikon App Studio and Elektron Data Platform.
  2. Financial data platforms enable economies of scale, with a consistent user experience thanks to various capabilities being integrated into a single place.
  3. Our Eikon App Studio offers third party app providers access to our ecosystem of Eikon users, who in turn get access to a variety of fintech innovators.

Platform models are revolutionizing industries from transportation to hospitality to retail, with the structure and economics of certain industries making them more open to platform disruption.

The financial data and analytics space is one of those industries, facing trends that increasingly make platforms the way to get things done. How is our platform helping customers and partners meet their fintech challenges?

Fintech innovation

Investment in fintech is booming, with nearly US$60 billion committed in H1 2018 across the different financial sectors, far outpacing the investment for 2017.

The growing crop of new companies — roughly 2,500 of which have emerged in the banking, capital markets and investment management space over the past 10 years — will need to find ways to get to their customers.

Vice versa, financial professionals will be looking to access these innovative tools and services.

While most fintechs will want to find a direct channel to their users, this crowded field of innovators will benefit from access to customers of the large and more established players (such as ourselves).

Eikon App Studio offers third party app providers access to our ecosystem of Eikon users, expanding their markets as well as offering users a chance to access a variety of fintech innovators within one consistent and secure workflow.

The-rise-of-financial-data-platforms. Eikon App Studio

Optimizing IT and data spend

Financial institutions are investing as well — both in technology and the data that flows through it. Global IT spend by financial services firms is projected to be $440 billion in 2018, growing to $500 billion in 2021.

Financial institutions are looking for the most efficient ways to deploy that capital to help deal with legacy systems while being able to invest in fintech innovation.

Leveraging established industry platforms is one way to get more out of your IT and data spend. So too is finding ways to efficiently tap the innovative capacity of emerging fintech players.

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Financial data platforms and economies of scale

Financial data platforms enable economies of scale.

In the financial data and analytics space, platforms such as Eikon App Studio and Elektron Data Platform provide services that are the building blocks to fintech innovation. Namely:

  • Access to a broad set of data sources via well documented APIs.
  • A consistent data model and standards which allow separate data sets to be combined.
  • Data rights management, entitlements and compliance reporting to facilitate distribution of data.
  • Robust security to ensure critical data does not get into the wrong hands.
  • Services such as billing and contracting for third parties, which are better handled by a trusted central party.
  • Developer tools and services, including SDKs, APIs and a vibrant developer community to provide support.

The above tools and services combined enable third party data and analytics providers, as well as financial firms themselves, to focus on building truly differentiating capabilities without worrying about the back-end.

A consistent user experience

From a financial professional’s perspective, getting access to these innovative tools and data should not come at the expense of their user experience.

Stitching together a cohesive workflow across a variety of providers would be a challenge without the use of financial data platforms to bring it together. A platform, such as Eikon App Studio, can help by:

  • Integrating the various tools in a single workspace, with a consistent look and feel, accessed with a single login.
  • Ensuring consistency of data across the various tools and capabilities.
  • Centralizing access to support and training.
  • Helping users filter and navigate the various third party and in-house capabilities to find the most relevant ones to use.

Financial data platforms essentially allow users to have both a highly tailored and unique workflow while enjoying the benefits of an integrated and seamless experience, all at a lower cost.

How does our open platform strategy stand out from the rest?

Most of the major players in the financial data and analytics space are on board with the concept, offering their own platforms as a complement to their products.

However, only we are creating an open platform that is driving strategy and the basis of our own — and our customers — future success.

From our commitment to our developer community, to our support for open standards or our investment in SDKs and APIs, our future is to be the cornerstone of a vibrant community of financial innovators.

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