Saxo sees social networking as key to future developments
Social media tools are a key area of development for Saxo Bank, according to Mikael Munck, executive vice-president and chief information officer responsible for delivering technology used by clients.
The Danish company is best known for delivering over the counter (OTC) FX trading services, although it has developed its reach to include trading in listed instruments, such as fund shares and direct equities, as well as running its own asset management business. However, FX trading remains the biggest generator of group revenue, and Munck has seen strong demand for this type of OTC service within the bank’s social media tools.
Saxo identifies social media tools as an area in which to invest further. Indeed, Munck confirms it is to be a big part of the bank’s 2012-13 investment commitment.
“We are seeing the general social media trend hitting our sector,” Munck says. “More and more clients want to trade with others. They want to share information about how they trade and share information about how they perform.
“They are very interested in how others perform and may want to mirror the trading patterns of others. This is exciting, and we are looking into facilitating that.”
“On the technology side we have to develop some neat tools. We have to make sure our front end is up to par with what our clients expect in terms of functionality.”
The investment in social media is matched by Saxo’s moves into more mobile solutions. It recently rolled out an app for the Apple operating system (for iPad, iPhone) – joining its Android product under the SaxoTrader banner.
These complement client access to the underlying platform via desktop computers (SaxoTrader), online (SaxoWebTrader, Saxo Privatbank Broker) and SaxoMobileTrader for mobile browsers.
There is also a business-to-business application programming interface for institutional clients who want to plug Saxo’s services into their existing IT systems.
Saxo took time to move deeper into mobile, Munck says. Partly, this was because of the internal discussion as to what would be the best IT route on which to base the development.