Paul Ronan Managing Practitioner, City Practitioners
Paul Ronan Managing Practitioner, City Practitioners

Features : Entry to the FX retail market: addressing the technological challenges

Paul Ronan focuses on the technological impact associated with entering the retail FX market, and what banks should be doing to overcome the challenges involved.

First Published: e-Forex Magazine 29 / Features / October, 2007

So you want to be in the retail space? Well, that should be quite straightforward, shouldn’t it? Your bank already has an existing e-commerce platform, so all that is needed is to dumb down the offering and widen the spreads. Simple isn't it? Wrong. Expansion into the retail FX market requires massive change, both in terms of processing and staffing, as well as a cultural shift away from the more traditional banking approach. Each of these factors deserves an article in its own right and collectively they have the potential to make a huge impact on a bank’s technology stack. This article, however, will concentrate on the technological impact associated with entering the retail FX market, and will take a look at what banks should be doing to overcome these challenges, so as to provide successful platforms to their newly acquired customer base. To set the scene for these technology challenges, it is worth considering what a bank would need to do if it entered the mobile phone operator market....continued

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