In the last year we have seen a strong trend in the financial markets regarding the creation of applications (app) for iPhone’s, iPad’s, Blackberry and Android Smartphone’s. In my last year at JPMorgan I was heavily involved in the design, marketing and launch of the Blackberry and iPhone trading app. JPMorgan were the first Bank to adopt the app trend back in September 2008 with the launch of mobile trading via Blackberry.
Since then several Banks and Vendors have launched a variety of apps. Citi, Goldmans, Credit Suisse, Reuters, BNP, etc have all launched apps and aim to provide trading, research and other services to clients via an iPhone, iPad, BlackBerry or Android phone. Some banks go one step further by offering a variety smartphone of tools. FX Week reported that BNP Paribas clients can have access to 33 separate tools, including FX forecasts, trade ideas and a ‘Currency Radar’.
Apps are becoming increasingly popular because they encourage an even closer connection between client and bank. Clients can now access their trade information or research whenever they want and in a variety of ways. In time apps will become more sophisticated and develop into tools that add even more value. This trend has also become popular in the retail space with several apps emerging from the likes of IG Index, Gain Capital, Oanda, Saxo Bank and many others. The way apps are used in the Retail space and intuitional space is very different. Retail clients are more open to using apps to place orders online. This is mainly because they are not governed by as much regulation or have the restrictions of compliance that Institutional clients have.
Like any business just having an app isn’t enough to ensure success or client adoption. There are Best practice techniques that should be followed, and a number of easy-to-avoid commercial traps. In order to provide some insight into app’s arena I sought out and interviewed the author of the acclaimed book Rich App Poor App. Simon Williams, who is better known as the App Man. He was quick to identify the potential and has helped many companies and individuals create apps. Some of his clients include American Express, Sony and Virgin to name a few. In this interview Simon uncovers some useful information about apps, successful strategies and also some top tips on what mistakes to avoid. Click here to read to the interview.
Simon regulary runs an online seminar which provides more information on apps plus a few secrets from inside the industry. To sign up for the webinar please visit www.AppManSecrets.com/Invite.