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What Does It Take To Build One of the Most Successful FX Trading Platforms in the World? Commerzbank Shares Its Insights.

Commerzbank's FX trading platform is developed by the department in Sofia
Image credit: Markus Kroeger, Head of Digital Technology Center Commerzbank Sofia; Canva
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With global daily FX trading volumes exceeding $6 trillion, online trading of all asset classes has been constantly growing for the past decade. A trend fueled by a few factors such as digitalization, changes in consumer preferences, risk hedging and the need of companies to safely trade online. Since then, tens of different platforms have emerged trying to deliver online trading products. However, the market is still very underdeveloped as there are a lot of regulatory requirements that need to be checked before developing a solution in the industry. Today, we will take a look at how one of Europe’s leading banks is developing its online trading platforms and enhancing its products.

“Understanding the great market opportunity and the needs of users, at Commerzbank we decided to focus our efforts on building a platform that can serve millions of people on our continent. Since the first day, we emphasized the importance of learning what clients expect and how we can deliver a high-quality product to our customers. So far, we have six products that are focused on different aspects of the trading process. Our trading solutions have been recognized as leaders in the market in 2 recent surveys by Global Finance Magazine and Euromoney. This shows the impeccable service we provide. However, it wouldn’t be possible without a team of motivated people who are working toward a common goal,” explains Markus Kroeger, Head of Digital Technology Center Commerzbank Sofia.

A customer-centric platform

Commerzbank’s goal is to ensure faster, smarter, and simpler trading for its customers. How do they do it? Constant feedback from the users and an agile working model, enable the company to deliver new products and customized solutions on a regular basis. This holistic people-centric approach allows the bank to provide an impeccable customer experience.

Collaboration is key

Together with the customer-centric approach, another great factor for the successful development of the platform is the collaboration between different teams and departments. To establish its platform as a market leader, Commerzbank has joint teams in Sofia, Frankfurt, London and Singapore.

“Collaboration was crucial as we were establishing the Sofia branch as part of the wider global team. The new beginning brought a unique opportunity to set things right from the start using Commerzbank’s 150 years of experience, to build an environment that stimulates people to work together without any boundaries,” shares Stoyan Peev, Chapter lead in the Interest Rates, Currencies and Commodities trading cluster.

What Does It Take To Build One of the Most Successful FX Trading Platforms in the World? Commerzbank Shares Its Insights., TheRecursive.com

Establishing the right mentality

Creating a strong team that can develop top products is something that Commerzbank has been working on in the past years. The Bank places importance on the personal qualities of its employees as well as their professional ones.

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“We hire people who are passionate, motivated, and willing to adopt our values and mindset. While previous experience is important, we place a high value on the applicant’s character, learning potential and skillset. We pride ourselves on this and invest in training and developing our employees to the levels needed to make an impact. The Bank has a long-term strategy for developing its workforce – this is why our local teams have extremely low attrition levels and are highly motivated” highlights Deyan Avramov, Chapter lead in the Interest Rates, Currencies and Commodities trading cluster.

The Bank uses a training academy to educate people with little or no IT experience. Finding experts in the banking and finance sector is challenging in Bulgaria. For this reason, Commerzbank is developing a Centre of excellence in Sofia and gives the opportunity to people interested in fintech to learn and grow in a dynamic environment through hands-on experience.

Making an impact

Commerzbank DTC Sofia describes its perfect employee as a “visionary with a great sense of belonging”. Team members are encouraged to give suggestions for improvements and can have a direct impact on delivering considerable value to the clients. Developers can work with the latest technologies that provide innovative solutions and drive the financial world forward.

“We’re very open to hearing feedback from our teams and proposals of what can be improved and where we should focus our efforts. As the employees get more acquainted with the business domain, they start to develop an understanding of what the market wants,” explains Milena Simeonova, Chapter Lead Rates, Currencies and Commodities trading cluster.

FinTech is transforming investment banking in many ways, including using innovation to massively boost efficiency and leverage advanced technologies. Sofia DTC team is instrumental on the way to make Commerzbank a leader in the world of digital investment banking. To learn more about Commerzbank’s DTC in Sofia and the possibilities to join their team check out their profile.

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