OpenDoor

OpenDoor

Fill out form to continue
All fields required.
Enter your info once to access all resources.
By submitting this form, you agree to Expero’s Privacy Policy.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

OpenDoor

Tags:

CHALLENGES

  • Creating something “innovative but familiar” with highly gated access to the user community
  • Deep financial specificity that required true intimacy with underlying market data
  • Completing low-risk build with Broadway Technology-developed ledger, auction protocol and clearing software.

OUTCOME

Expero created a novel user experience for the new web-based platform that has far exceeded OpenDoor’s user adoption goals!

  • 1.0 Release April 2017 - Expero architected, designed and developed fully functional web-based platform with the same information density and reactivity traders have come to rely on in their desktop systems.
  • Traders have embraced the OpenDoor platform by placing 100,000,000+ orders within the first 30 days.
  • Expero also built an interactive sales demo that was used ahead of the 1.0 Release to socialize the new platform and an ensure an active market upon launch.

BUSINESS CASE

OpenDoor Trading was creating a brand new product that needed to be innovative. However the trading community had long held expectations about how trading interfaces behave and low tolerance for traditional user studies and adopting new usability paradigms.

The traditional US Treasury market structure has become ineffective at meetings today’s challenges of heightened financial regulation and has resulted in diminished liquidity. The time is ripe for a new platform that provides superior execution, balance sheet compression, anonymous trading and greater liquidity. OpenDoor aimed to pioneer such a solution.

APPROACH

From Initial Idea To Auction Platform In 6 Months!

Financial industry veterans saw a market opportunity born out of new, post-recession regulations. From a 100+ page vision document, they needed to bring a new product to the marketplace with no known competitors or comparables. OpenDoor had a vision, but didn’t know what it needed to look like, and how its users would engage

Designed For An Expert User Audience

A financial services startup founded by the Head of Fixed Income Trading at Deutsche Bank identified a flaw in the US Treasuries market. A novel experience was mandatory to assure enough market participants to make the idea worthwhile. But in this market, innovation can be dangerous: buttons can move ten million dollars in a moment.

A carefully designed auction protocol can ensure the anonymity required for this illiquid market can trade fairly. However that protocol must be transparent and intuitive to experienced traders for the market to function.

* The product is intended to create and support a market that does not yet exist. The Market doesn't work without participants, and participants need to be sold to. How do you demo a market before it opens?

* Traders need an intuitive UX, but also an app that updates interactively and in real time. Traders do not conform to “standard” user behaviors when interfacing with technology; they are looking at multiple windows on multiple stacked screens, and they can consume lines and lines of data with amazing speed.

World-class user experience design was only step one. Expero constructed a web interface with the same information density and reactivity traders have come to rely on in their desktop systems. A maintainable web-based system fosters faster adoption and easier feature updates.

User Audience

Services

Project Details

  • Sell-Side Broker/Dealers
  • Buy-Side Traders
  • Risk Managers
  • Desk Trading Managers
  • Product discovery and user experience design
  • Extensive product owner and user interviews & design sessions
  • Front-end UI Development (e.g., HTML, CSS, Javascript)
  • (Back-end built by Expero partner Broadway Technology)
  • Build environment creation and maintenance, production support
  • Standalone fully functional sales prototype simulating the backend trading platform
  • 3 months to prototypes & demos, 12 months to market opening, continuous improvement thereafter
  • 3-6 person team
  • Agile UX, development and prototyping process

Similar Resources

Financial Crimes Workbench & Software Development (SDK)

Watch Demo

Part Two: The Future of the Financial Desktop

The second webinar in a series on the future of the financial desktop. We will identify how to unlock new technology and show how ML techniques can be used with existing technology to drive productivity.We’ll draw from examples from the world of financial crimes, investment management, and capital markets to demonstrate how new development frameworks and techniques are enabling workflows to be reimagined in a more user centric joined-up way.

Watch Demo

Webinar: The Future of the Financial Desktop

During this panel discussion with industry experts on how the future of the financial desktop is evolving, we talk through different ways enterprises and solution providers should be thinking about their desktop strategies.

Watch Demo

2022 Trends in Fraud + AML

The focus of this webinar is to highlight Machine Learning, Visualizations, and Graph technology trends in 2022 that will increase the accuracy and output of systems, and how including the ‘Human in the Loop’ can get your teams ahead of potential gaps in your anti-fraud solutions and government AML legislation. 

Watch Demo