To create an app that will appeal to financial professionals, developers will benefit from an established and reliable digital platform that decreases time to market and enables them to focus on their specialist areas. Thomson Reuters Eikon, along with App Studio, offers a robust digital platform to do just that.
A digital platform can reduce the cost and the time it takes to get an app to market, while also reducing errors.
However, platforms like this are complex and often expensive to build from scratch, so developers would benefit from working with an established and reliable platform such as Thomson Reuters.
To deliver a rich user-experience, digital platforms require a number of attributes, including a set of framework capabilities and the ability to source and access data.
When developing a digital capability, or app, that goes beyond a simple web page and which is part of a financial professional’s workflow, a digital platform can lower your cost and speed time to market, all while increasing the end user’s efficiency and reducing risk of errors.
However, platforms are complex and expensive to build, and while building your own is theoretically possible, it is often impractical and inefficient. Especially if the focus is to quickly get a capability or data into a user’s hands.
Digital platforms for app development experience massive economies of scale. Leveraging a pre-existing, established and reliable platform such as Eikon, along with its App Studio can save you a lot of time and money — whether you’re a small startup fintech or an established financial institution.
Watch: Thomson Reuters Eikon App Studio
Creating Eikon apps
Over the years, Thomson Reuters invested in thousands of developers to build Eikon and the Eikon App Studio integration platform. These platform tools are open to partners and customers to create their own apps in Eikon, meaning users can benefit from native Eikon capabilities combined with third-party apps from the brightest in fintech, as well as their own proprietary apps — all in one workflow.
Leveraging this open platform enables firms to focus on what they do best: creating specialized analytics or delivering unique data sets.
Robust digital platform
What does a robust digital platform include? While the features and functionality can vary widely there are a few standard components to efficiently deliver apps and data. The following are necessary to deliver an end user experience that goes beyond a simple, single-purpose web page, i.e. a workflow that requires multiple integrated capabilities and data sources:
- A set of framework capabilities that manage apps including listings, metadata and visibility information. Users must also be able to create and manage workspaces that hold multiple apps and be able to link them. Other framework services include robust search capabilities as well as notifications, alerts and messaging. An authentication and authorization layer can ensure that end-users get access to the right apps and data across desktop, mobile and tablet.
- A way to store and retrieve user profile information, including preferences and settings which customize the in-product experience to each user. Additionally, a log of historical activity, as with messaging, may also be needed for audit purposes. Finally, users often store their own data, such as portfolios and alerting rules, which is required by various apps.
- The ability to source and access data — including market data, fundamentals, estimates etc — from sources such as exchanges, third-party databases and in-house systems. Often the data is managed at the end-user level, and therefore requires reporting and an audit trail.
- All of the above capabilities require infrastructure — the ability to deliver apps and data globally with sufficient performance. This infrastructure needs to be scalable in order to dynamically manage demand with sufficient processes and procedures in case of service disruptions.
- Finally, hosting a global platform with thousands of users requires a tiered support mechanism to ensure users’ problems are quickly addressed.
Today, Eikon is used by financial professionals globally for their mission-critical workflows — leveraging it to reach your users just makes good business sense.