Disrupt or be disrupted.
Developing partnerships between the disruptors and the disrupted is key to driving growth of the Australian financial services industry, according to Saxo Capital Markets.
Speaking yesterday at the inaugural Saxo Fintech Agility Conference at Sydney’s Stone & Chalk Fintech hub, Saxo Capital Markets Australia CEO Ben Smoker said: “The greatest success for both financial services companies and the end customers is when businesses with different capabilities combine efforts to deliver more value.
“Companies in finance are free to choose isolation over collaboration, but the fast-paced environment we’re witnessing in the industry today is sending a clear signal to opt for the latter.
“In this highly competitive sector, collaborating with a fast execution will be a defining factor for businesses to increase or even maintain market share.”
A clear advantage for forward thinking companies who chose to accelerate their growth by collaborating with other firms is the reduction of costs and time that would take building technological infrastructure on their own.
“Instead of spending energy and countless resources in developing technological infrastructure, a new model of collaboration suggests that companies can instead focus on their customer’s experience and outsource projects that could take years to build.
“Saxo has made a clear decision to collaborate with other companies in finance, because we know that there’s limited benefit for us in keeping our technological innovation just for ourselves,” Mr Smoker added.
In 2015, Saxo Bank Group opened the trading infrastructure of its latest platform SaxoTraderGO to institutional clients through the bank’s OpenAPI. SaxoTraderGO was entirely written in HTML5, pioneering the industry’s definitive move towards seamless trading across multiple asset classes and mobile devices, and away from legacy systems of the past.
Since its launch, Saxo has built relationships with more than 150 businesses in financial services around the world through its open source trading technology OpenAPI.