Key functionalities of the first phase of the application allowed users to manage orders (the buying and selling part), view their order statuses and also view their entire portfolio.
The Business Challenge
Religare, our client, wanted to capitalize on the use of technology in order to reinforce their position of strength in the trading space.
The client services team was put under a great deal of strain due to the fact that information demand from customers increased when they were away from their workstations. The client saw this as an opportunity to stay ahead of their competition with the use of technology and they were looking at a way of extending the trading experience to mobile devices.
The application they had in mind needed the following features:
- User selected quotes needed the ability to be streamed. Users would need the ability to add, delete and rearrange contracts into defined lists that included a detailed view of all contracts.
- A current snapshot of positions for the account of each user with a detailed view of each position.
- A recent pic of the user’s account balance.
- Information on options trading and trading positions.
- The latest status and details of trading orders.
- The ability to cancel or replace working orders.
- Push notifications would need to be sent to a user’s device on the fulfillment of an order.
The Client Overview
Our client, Religare, is considered one of the largest and most established futures brokerage and clearing firms in the United States. They are of service to a worldwide group of introducing brokers (IB) and also a lot of the largest financial, industrial and even agricultural institutions in the world.
Boon Info Tech’s approach to the engagement included a head-on dive into an exhaustive assessment of the current state of their application. After this initial step we evaluated the changes that would need to be made to the existing infrastructure based on the key requirements of the mobile app.
The phase where consultation took place about technology – The app gives executives the real-time ability to access to sales and operational summary as well as detailed reports via dashboards and drill-down info. The app also has a search feature that assists in ease of usage. It is capable of displaying information in a variety of formats including lists, bar graphs and many more and it also allows for multiple drill-downs for purposes of detailed analysis.
Boon Info Tech performed an evaluation of technologies that would be most effective in mobile enabling and covered MEAP and native approaches.
The points that were considered include technical, functional, security requirements, cost, ease of implementation and ongoing support.
Boon Info Tech recommended using a native approach.
Developing a Common Mobility Service layer on top of the web service layer that already existed was proposed too.
The development phase based on the shortlisted requirements – A phased release plan was formulated and the development of the first phase was completed by the Boon Info Tech team. The development team consisted of individuals with user experience, technology, financial services, and domain as well as quality assurance skills. Key functionalities of the first phase of the application allowed users to manage orders (the buying and selling part), view their order statuses and also view their entire portfolio. Boon Info Tech is currently busy with the development of the next version of the app.
The Business Benefits
- The end users can trade on the go which increases the retention of customers.
- It gives them the ability to attract tech-savvy customers away from their competitors.
- The ability handed to the customer to self-service greatly reduces the workload of the client services department and cuts cost too.
- There was an increase in revenue due to new accounts, increased fees and commissions.