At six NYC fintech companies, leaders keep an eye on future trends and create a range of impactful solutions.
Finance is an all-encompassing facet of life, impacting everything from where we choose to work and go to school to the avenues for achieving prosperity and stability.
According to a 2022 report by the Financial Health Network, only 31 percent of Americans were considered financially healthy in 2022, a 3 percent decrease from the previous year. Meanwhile, in a 2022 survey by the American Psychological Association, 65 percent of respondents said money was a significant source of stress.
In a world where finance plays such a dominant role, it makes sense that fintech is one of the tech industries’ most rapidly evolving sectors. As many struggle to achieve financial stability, fintech companies are providing tools to optimize investments, decrease debt, simplify complex processes and plan for the future.
With an eye on trends and ongoing developments, six NYC-based companies are helping individuals and organizations with a range of needs — from student debt reduction to portfolio diversification and beyond — harness technology and data to achieve financial success.
Their leaders shared what trends they’re keeping an eye on, the impacts these developments could have and the innovative work their teams are doing to find solutions to complex problems.
Jason Quinn, Chief Product Officer, Trumid
Trumid is a financial technology company and fixed-income trading platform that combines agile technology and market expertise to optimize the credit trading experience.
Fintech is an industry ripe with opportunities for innovation. What’s a new trend or evolution in the industry that you’re keeping a close eye on?
Electronification is increasing in every industry, including ours. Participants in our space are looking for a one-stop shop to access data, analytics and execute trades. Solutions that can execute and process trades — and simultaneously support the ever-increasing data-driven demands of the market — are moving to the forefront. A growing electronic trading community is seeking tech-driven solutions to help optimize the decision-making process and trading experience.
Our market was born from a place where trades required back-and-forth conversation, and there was comfort in that. What’s changed is that technology has enabled us to consume and seek information quicker than ever before. The newest generation of market participants are tech-savvy value seekers, expecting speed and efficiency. These users were raised in the age of on-demand. That’s where a platform like Trumid comes in. We are developing tools that build off traditional trading methods, where relationships are a must, while helping to push the market forward by offering easy access to data and intuitive product design.
What impact will this trend have on the industry as a whole or, more specifically, on your company and the work your team is doing?
We anticipate that continued electronification will drive two key trends. The first is strategic collaboration, which we believe is one of the most efficient ways of accelerating enhancements and advancing functionality. I expect to see a lot more of this in the next few years, and it’s certainly a focus for us at Trumid. To deliver an ever-improving trading platform to our clients, we recognize the importance of collaborating with peers and industry experts — driving best-in-class technology solutions and maximizing our creative potential.
To deliver an ever-improving trading platform to our clients, we recognize the importance of collaborating with peers and industry experts.
The second is ensuring that we can quickly move innovations into production to meet our clients’ needs. Electronic credit trading is growing at an incredible rate, and we have to advance our technologies at the same pace. Our collaborative approach to innovation and agile technology stack work side-by-side, allowing us to innovate and iterate at scale. We combine client feedback with domain expertise to move quickly and efficiently, adapting to the changes we see or anticipate are coming. We’ve maintained a startup mentality, remaining nimble as we grow. All ideas are welcome and heard at Trumid. It’s an energizing culture in which we collaborate to find solutions and work together to rapidly deploy enhancements to our platform and ultimately create a great user experience.
Tell us about some of the innovative work your team is doing. What’s a project your team worked on recently that really embodies your vision for the future of fintech?
The launch of list-based trading protocols on Trumid is an important milestone for us. Our goal is to find a way to translate this data-enriched workflow into easy-to-view impactful insights and to deliver an electronic solution for our clients to negotiate back and forth on a list level. A sophisticated user experience where you don’t even have to think about the technology, science and design innovation that has been engineered into the back end.
A project like this takes a broad skill set to achieve. That’s what makes Trumid, a fintech focused on credit trading, so innovative, and where we see the collaborative future of fintech heading. We combine market expertise with tech, product and UX design knowledge from a variety of industries to enhance current market solutions with features that modern-day electronification may have left out. We can rewrite current offerings, bringing collaboration back into the story to deliver a differentiated trading solution, as determined by our users.
Read the entire article on builtinnyc.com