The pandemic brought a sense of urgency to rethink trading communications strategy. As cloud investment and performance gain momentum, the options for trading communications-as-a-service are expanding rapidly. We explore some of the key reasons why a trading communications cloud might be a good fit for your firm.
Here are 7 reasons why embracing the cloud for trading communications may be the right decision for your firm.
The use of data science and AI is not new in the financial markets, however, mining the potential of unstructured voice data is still in its infancy. Digitizing, aggregating and normalizing the voice data set in the cloud has the potential to contribute to better trading strategies, customer engagement and risk management, which can ultimately lead to better business outcomes.
Cloud reduces or eliminates the barriers that impede collaboration (commuting, time zone differences, office vs. WFH) by allowing people to communicate with one another virtually anytime and from anywhere. A cloud-based platform lets you more easily bring everyone together to share information, analyse, discuss, decide and act.
The majority of innovation in the trading workflow is happening in the cloud where application interoperability is driving increasing levels of automation in the trading process. As the human role in routine areas of the process diminishes, scale and speed increase while errors decrease, allowing trading teams to focus their energy on higher-value tasks that improve performance.
As trends in mobility and “locationless” working only seem to be growing, employees expect and need to access their applications from anywhere on any device. This capability also has implications for recruiting and retaining staff as flexibility becomes a key differentiator for employers. Cloud-based trading communications platforms enable trading teams to connect and trade with confidence from any Internet-enabled location and device.
Cloud platforms are designed to be up and running quickly, measured in hours or days instead of months. This reduces planning and deployment cycles and eliminates the need for maintenance and in-house support resources. New users, teams or offices can be added or eliminated as needed. Certain platforms offer the convenience of bundling everything you need from communications to connectivity to compliance and 24x7 monitoring and support all for a monthly price per user.
Unlike complex capital projects, cloud services offer the ability to start small, test for success and then scale according to your needs and timing. From platform availability to efficiency gains to improved employee mobility, the benefits from cloud investment are measurable and can adapt dynamically to the changing needs of the business.
Building and running trading communications platforms and applications is difficult and time-consuming. Planning, deploying, testing, training, updating…the task list is endless and inevitably there are single points of failure, especially for smaller organizations. Cloud offers a way to provide the same or higher level of service to trading teams with much less complexity, risk and resource to the company.
Speakerbus is a leading provider of cloud-based trader voice software to empower teams in and out of the office.
Meet CADENCE - A digital cloud communications platform that lets your trading teams perform at their best from anywhere. Explore this and our other next-gen trading communications solutions.