Thomson Reuters progresses with financial app store
Fri 22 Jan 2016
Data and news company Thomson Reuters is getting into the field of Financial Technology (Fintech) to meet the growing demands of banks and other financial organisations.
In an interview conducted with Business Insider UK, Thomson Reuters’ Global Head of Desktop Platform, Albert Lojko, said that Fintech activity has “infused all the thinking of our customers.” The technology can allow banks to not only cut costs, but ensure that new regulations are met and also find new business models.
The regulations and changes in the market need to be kept up to date – Lojko says that customers are thinking differently about their business structure and how it operates today compared with only a few years ago.
The report explains that instead of regarding Fintech as a threat, Thomson Reuters have run with this approach. With that in mind, the company launched App Studio in October 2015 – in essence, a financial version of Apple’s app store. Lojko is in charge of the Eikon business, which is Thomson Reuters’ software version of the Bloomberg terminal which is used by professionals in the finance industry. The apps in the App Studio run within the Eikon software – such as charting tools and analysis of Twitter sentiment.
Lojko says that there has been a high demand for the App Studio, which is a result of the “fact that the market is looking for choice and openness.” He added that while there has been a rise in Fintech companies, that growth will always ebb and flow: “Those peaks and troughs will be pretty steep but regardless, there’s a need in the market for this kind of thing. What we see as the constant is that we are the underlying platform that everyone has.”
“Without getting into any companies, the philosophy and our approach pre-dates the Symphonies of the world,” concluded Lojko. “I think more broadly what that represents is that the market is saying we want choice, we want openness. We’re open in the truest sense of the world, we’ll connect up with anyone in the industry.”