Saxo Bank’s Chief Information Officer Mikael Munck has identified the important role of social media for financial services. He has also confirmed that it is a big part of the bank’s 2012-2013 investments.
The recent trend suggested that social media is going to hit the finance sector soon. Many of the bank’s clients want to trade with other clients and share relevant information about how to trade and how they perform.
Additional investments into social media will be focused on technology tool innovation that is at par with the expectations of the clients especially when it comes to functionality and ease of use. Saxo Bank has started by introducing more mobile solutions as it has recently launched an app for iOS devices like the iPad and the iPhone which will pair up with its Android app.
These mobile platforms will complement existing technologies that the bank has like the SaxoTrader for desktop, SaxoWebTrader and Saxo Privatbank Broker for online and SaxoMobileTrader for mobile browsers.
Social media will allow clients to make trades faster and easier. It also makes the exchange of ideas efficient thus making it to the top of the list for Saxo Bank in terms investments this year and the next.
- Over 170,000 in daily FX trades
- About EUR 13.4 billion in average daily turnover
- 20,000 financial instruments
Mikael Munck, Executive Vice President and Chief Information Officer: “They are very interested in how others perform and may want to mirror the trading patterns of others. This is exciting, and we are looking into facilitating that. On the technology side we have to develop some neat tools. We have to make sure our front end is up to par with what our clients expect in terms of functionality. One thing we are seeing is people increasingly focused on the service they are getting. They are increasingly focused on trades getting accepted all the way through and not getting rejected.”
As a customer or employee, do you think that social media will finally penetrate the financial sector? If your bank adopts social media, are you willing to participate or would you rather use traditional means of transactions?
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