Two technologies have recently emerged as pivotal enablers of innovation in the financial markets sector: interoperability and low code/no code (LC/NC) development frameworks. These tools promise to streamline workflows, enhance user experiences, and accelerate product development. But what are the practicalities of implementing them in the complex environment of capital markets? How can firms balance the challenges of legacy systems, integration, and cultural change to reap the full benefits?
In a panel discussion entitled “Practicalities of implementing interoperability and low code no code development frameworks,” at the A-Team Group’s recent Buy AND Build: The Future of Capital Markets Technology summit, a group of industry experts delved into these questions. The discussion, moderated by Reena Raichura, Founder of Finergise, featured panellists Louis Blackburn, Lead Product Designer at Lloyds, Rajendra Khokher, Managing Director at State Street and CTO at BestX, Steve Grob, Founder of Vision57, and Shantanu Goyal, Head of Product – Agency Trading at Broadridge, offering their insights into the drivers, challenges, and strategies for successfully adopting interoperability and LC/NC frameworks to transform financial operations.Introduction to Interoperability and Low Code/No Code
While interoperability and LC/NC development technologies are often discussed separately, they share the common goal of accelerating innovation and simplifying complex workflows. The session began with a brief overview of each and their applications.
Low Code/No Code (LC/NC) platforms allow users to build applications with minimal hand-coding, which enables rapid development and empowers non-developers or “citizen developers” to create solutions. A panellist likened the concept to using a website builder like Wix, where someone with little coding experience can build a functional site in hours. LC/NC platforms can also enhance productivity for professional developers by automating routine tasks, allowing them to focus on adding business logic and functionality.
Interoperability in the context of financial services refers to the seamless integration of different applications, workflows, and user interfaces (UI). A practical example given was how different consumer apps work together to provide a smooth user experience, like automatically syncing flight details from email to a calendar. Translating this to a trading environment, interoperability connects various in-house and third-party apps to create seamless end-to-end workflows, unifying data and interactions at both workflow and UI levels.
Drivers and Challenges of Adopting Interoperability and LC/NC
The conversation then moved to explore the business and technical drivers behind adopting these technologies and the challenges faced. One panellist recounted how their journey with interoperability began in 2019 to bridge legacy systems with modern cloud-based architectures. The motivation was driven by client demand for seamless workflows, the need to modernise legacy systems, and the desire to extract actionable insights quickly from various applications.
Another panellist discussed the importance of interoperability in enhancing their product suite. They merged two internal systems but faced challenges with disconnected user experiences. The introduction of an interoperability solution enabled them to develop a connected workspace, speeding up their time-to-market for integrated platforms. The speaker emphasised that successful interoperability often depends on fostering an open architecture and building a culture of collaboration with clients.
Bridging Interoperability and Low Code/No Code: A Holistic Approach
The discussion explored the intersection of interoperability and LC/NC, and how they complement each other. One panellist described how LC/NC is akin to a vertical stack—allowing full-stack development—with interoperability providing the horizontal integration, unifying different applications. Together, they offer “total interop,” where LC/NC platforms allow for rapid development, and interoperability provides seamless integration across applications and workflows.
The benefits of combining these technologies were highlighted, especially in the context of trading. With trading environments often using a mix of in-house and third-party apps, the need for a connected ecosystem is evident. The integration of these technologies enables better UI consistency, seamless workflows, and increased developer productivity.
Leveraging Interoperability for Trading Innovation
Insights were shared on how interoperability can drive trading innovation. One panellist spoke about the significance of sharing context across applications to minimise distractions and improve decision-making. The proliferation of multi-monitor setups on trading desks was cited as an indicator of poor integration, with the ultimate goal being a unified workspace where applications can “talk” to each other and data is accessible seamlessly.
The “back end” challenge was also raised, with the emphasis on ensuring data integration across various systems. The process of moving from proof-of-concept to production often reveals issues in data alignment, security, and scalability that need to be addressed.
Implementing and Adopting Interoperability and LC/NC Solutions
In addressing how firms can effectively adopt these technologies, the panellists stressed starting small and iterating. A targeted use case—such as integrating two core applications—can serve as an anchor for further expansion and innovation. The importance of measuring performance, security, and scalability as part of the implementation process was also highlighted.
Another key point was the cultural shift required to embrace an open architecture and partnership mindset, particularly for developers who may initially resist using third-party solutions. Engaging stakeholders early on and demonstrating how these technologies can enhance productivity is essential.
Enhancing the User Experience (UX) with Interoperability and LC/NC
A discussion on UX highlighted how these technologies can enhance both the product development process and the end-user experience. Automating workflows and integrating applications can reduce manual steps, freeing up users for higher-value tasks. Consistency in user interfaces across different applications contributes to a better overall user experience.
LC/NC and interoperability can also facilitate the deployment of emerging AI technologies that can take autonomous actions within a connected ecosystem. The panellists discussed how having a unified framework enables a greater degree of automation and seamless interactions between different parts of the trading stack.
A live audience poll revealed mixed progress in adopting LC/NC and interoperability technologies. A significant portion of the audience had not yet started their journey, and the discussion turned to barriers like culture, budget, data integration challenges, and business model constraints. One panelist proposed that vendors need to rethink pricing models to make it easier for firms to adopt these technologies incrementally, such as offering initial connections at a low cost to encourage experimentation.
Best Practices for Success
Practical guidance for implementing these technologies included:
- Starting small and iterating: Begin with a simple, localised use case before expanding.
- Security and compliance: Focus on securing user authentication and data to ensure safe integration.
- Developing an open culture: Foster an open architecture mindset within development teams to embrace external solutions.
- Design thinking and user engagement: Ensure user needs are thoroughly understood through practices like contextual inquiry to uncover pain points and drive incremental improvements.
The panel concluded with a series of concise final thoughts on making interoperability and low code/no code (LC/NC) a key part of the trading innovation journey. Panellists emphasised that leadership vision is essential, with a clear direction needed to drive these initiatives toward success. Taking incremental steps is also crucial; an iterative approach allows firms to focus on performance and scalability at each stage of implementation. Engaging with end users plays a vital role as well, ensuring that their behaviour and needs are understood to deliver an optimal user experience. Moreover, fostering long-term partnerships between vendors and firms helps build trust and collaboration, which is critical for smooth implementation and continued innovation. Finally, simplifying the process of purchasing and deploying solutions will ease adoption, enabling firms to realise a faster return on investment and encouraging broader uptake of these technologies.
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