Dan Raju, CEO and co-founder of financial services company Tradier, sat down with us at I ♥ APIs 2013 to discuss the digital revolution in the retail financial sector, noting a substantial shift in the way trading and trading platforms are being delivered to the end investor.
"A new wave of innovation, and a new wave of apps, platforms, systems, and software, has hit the retail financial sector. This is creating a lot of energy in how people are perceiving trading tools and platforms.
"We enable the digital revolution by taking the components, capabilities, and complex structures and services, which existed within the four walls of financial services companies, and through our APIs enabling those to hit the retail space. We build the platform to be a B2B platform, we build the platform for simplicity, we build the platform to let other people innovate, and APIs are a big part of that strategy."
Raju describes looking for a partner in digital transformation who understands the business segment, understands the operating principles of that segment, provides the right technology to support the vertical, and demonstrates a continuous sense of innovation.
On the role of data versus APIs in financial services transformation, Raju posits:
"There is fundamentally no difference between an API and data. The data is a touch point that's making the API so powerful. At Tradier, we look at the API as the most simplistic form of touch point that is able to digest and deliver data in the most consumable fashion, so data and APIs are almost synonymous and we use APIs as a way to simplify and deliver data to our external innovators."
Thanks to Raju for a great discussion about APIs in financial services.