Opening Cross: Putting the ‘Custom’ in ‘Customer’

But for most content and service providers in our industry, this isn’t true: few enjoy the monopolistic position or size to be able to exploit their position, and of those that do, most no doubt realize that incumbency and stickiness only lasts as long as a contract term, and that winning and retaining business depends on being able to offer a suitable level of customization for each client, regardless of how generic one’s core product or service is.
For example, analytics provider Corellasoft has spent the past two years creating a single, consolidated technology platform, on top of which it can build bespoke analytics solutions tailored to specific customer needs. The vendor has already gotten some traction with this approach, says chief executive Misha Kipnis, citing two unnamed bank clients that have deployed applications for analyzing bond prices and for analyzing a firm’s trading performance. In fact, while Corellasoft’s clients need to deploy the vendor’s core Visual Edge platform, each client deployment requires individual configuration, and any analytics built using Visual Edge are customized to the client’s needs—so clients benefit from the enhancements and bug fixes that come from having a standard platform, along with the additions of a custom install.
Meanwhile, London-based analytics provider OTAS Technologies will next month roll out OTAS Views, which allows users to create customized screens covering different aspects of the investment process, allowing firms that use fewer numbers of metrics for spotting risks and opportunities to “embed their own fundamental approach into the tool.”
While the need for customization may be most acute in analytics-related fields, other critical areas also require certain levels of customization to achieve the performance they need. And no matter how standard a service is, its provider can differentiate itself by providing customization around how it delivers the service. For example, while Thomson Reuters’ Elektron feed is designed to provide a single global source for the vendor’s data, its new points of presence in Johannesburg, Mumbai, Seoul and Toronto are a nod towards providing more customized access for clients in those regions. Meanwhile, the expansion of the vendor’s managed services network to new datacenters in Mexico City and Toronto provides custom client service by allowing firms to offload their infrastructure needs to the vendor within its co-location sites.
However, some managed services are not customized enough, says Rich Sigillo, who—along with former MDSL colleague Cindy Johnson—has set up Market Data Insights, which provides market data management as a managed service for firms that lack a dedicated market data function of their own. Rather than a “one size fits all” approach, MDI will offer more tailored services, covering market data administration, usage tracking, invoice reconciliation and administration, contract management and renewal or renegotiation, among other functions, and will “right-size” the resources applied to each according to clients’ needs, Sigillo says.
His point is why do something yourself if you don’t add any value? Equally, why do something yourself if you can’t do it as well as a specialist, who may even provide that service cheaper than you can deliver it in-house? Perhaps the trend towards demanding customization is cyclical: that while user firms’ budgets remain tight, they will continue to pressure vendors to deliver custom tweaks for them—and perhaps when (or if) data groups have more money to spend, they’ll return to buying basic services and augmenting them with in-house tools, and eschew managed services in favor of proprietary tools. Or, if vendors treat customers to the “custom” service they demand, perhaps service will trump control when the budget pendulum swings the other way.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Standard Chartered goes from spectator to player in digital asset game
The bank’s digital assets custody offering is underpinned by an open API and modular infrastructure, allowing it to potentially add a secondary back-end system provider.
Saugata Saha pilots S&P’s way through data interoperability, AI
Saha, who was named president of S&P Global Market Intelligence last year, details how the company is looking at enterprise data and the success of its early investments in AI.
Data partnerships, outsourced trading, developer wins, Studio Ghibli, and more
The Waters Cooler: CME and Google Cloud reach second base, Visible Alpha settles in at S&P, and another overnight trading venue is approved in this week’s news round-up.
Are we really moving on from GenAI already?
Waters Wrap: Agentic AI is becoming an increasingly hot topic, but Anthony says that shouldn’t come at the expense of generative AI.
Cloud infrastructure’s role in agentic AI
The financial services industry’s AI-driven future will require even greater reliance on cloud. A well-architected framework is key, write IBM’s Gautam Kumar and Raja Basu.
Waters Wavelength Ep. 310: SigTech’s Bin Ren
This week, SigTech’s CEO Bin Ren joins Eliot to discuss GenAI’s progress since ChatGPT’s emergence in 2022, agentic AI, and challenges with regulating AI.
Microsoft exec: ‘Generative AI is completely passé. This is the year of agentic AI’
Microsoft’s Symon Garfield said that AI advancements are prompting financial services firms to change their approach to integrating AI-powered solutions.
Inside the company that helped build China’s equity options market
Fintech firm Bachelier Technology on the challenges of creating a trading platform for China’s unique OTC derivatives market.