By Bob Ward, CEO, QUODD
The term “cord cutter” gained momentum in 2010 as streaming services began to pose a formidable threat to the legacy cable industry. As that trend has played out over the last decade, it’s clear consumers now have the power to create their ideal mix between both traditional and streaming TV options. In the same way, we see an emerging parallel in market data consumption across the financial services industry, in particular impacting wealth management, investment advisory and their service providers.
While legacy market data providers will always have a place within large firms, it’s clear different personas within all organizations, particularly in the middle and back office, don’t always need (or want) the bells and whistles that come with those offerings. The trend towards data-on-demand involves customized delivery models, coupled with a user-specific experience that works better with the workflow needs of these workers, who are often remote and need access quickly.
As data consumption patterns have changed, market data providers must adjust to remain relevant and focus on modernizing the technology platforms and delivery models to fulfill new expectations. Provided the commensurate levels of coverage, quality, and timeliness, data solutions integrated into a single digital platform which integrates the front to middle to back-office workflows into a common experience will be poised to sit at the same table and potentially leapfrog the entrenched providers.