Now is the Time for the API Economy with Brian Ross
08.04.20 | Craig Iskowitz
Wealth Management Today Podcast:
In the phase two reopening version of his Wealth Management Today podcast, Craig Iskowitz sat down with Flyer CEO, Brian Ross, to talk about how the API economy is forcing a shift in how firms build software, how his firm is supplying the core plumbing of some of the biggest technology vendors in wealth management, as well as a whole lot more on this episode of the Wealth Management Today podcast.
“It’s always nice to spend some time with all of you here in the world of wealth tech. I’m your host Craig Iskowitz. On this podcast, I speak with some of the smartest people in our industry who are on the leading edge of technology and innovation.
Craig: So let’s talk a bit about the API economy, this is something I know you wanted to discuss. So why is now the time for the API economy? Why didn’t this happen five years ago?
Brian: I think it’s an interesting question. I think there are firms that did attempt it five years ago, and I think one of the things they tried to do was the APIs they were creating were all about bringing the user of the API into their monolithic systems. They weren’t about trying to do the kinds of things that you see Plaid or Stripe doing where they’re more focused on the end customer. So in the old world of monolithic systems, I think you see this closed world where there are no open APIs and people do not facilitate any rapid integration of best of breed systems and in a world where there’s a volatile market, you need to be able to move quickly. So I think advisors need to control the user experience and the client experience.
And in these old systems five, six years ago, I think you saw vendors trying to just use an API to bring people into a closed system. That’s very different than what you see with someone like Plaid or Stripe, where they’re really trying to create a developer tool set that allows the tech person either at a vendor or at an advisor, create a user or advisor experience for the end client, for the end customer. So we’re taking a different approach at this, at the APIs. We have REST based APIs, we’re building all sorts of tools, but in particular we’ve been focusing on portfolio trading.”
To read full transcript of podcast, CLICK HERE.