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How trust is critical to financial firms’ digital transformation in the Covid-19 recovery

Paul Devereaux
Paul Devereaux
Managing Director, Sales – East, United States at Refinitiv

Investing in financial infrastructure, data and technology is helping financial firms transform their business models, driving much-needed organisational change, but success also hinges on effective partnerships and trust.


  1. As financial firms look to a post-Covid-19 world, they are focused on continuing to advance their long-term digital transformation efforts to help them remain highly relevant to their customers and stay competitive with their peers.
  2. Asset managers in particular would like to access trusted full-tick data in the cloud, which would deliver huge benefits for the industry and help to create optimum long-term savings outcomes for their hundreds of millions of customers.
  3. Refinitiv Labs are laser-focused in their cutting-edge projects and commitment to innovation – collaborating with our customers around the world to redefine the art of the possible by tackling the most challenging problems in financial markets today.

As financial firms look hopefully to a post-Covid-19 world, they are focused on continuing to advance their long-term digital transformation efforts to help them remain highly relevant to their customers and stay competitive with their peers. The pandemic has highlighted how critically important financial infrastructure, data and technology are to maintain resilience and operational efficiencies – especially as financial markets have contended with remote-working operations.

Without trusted relationships and partnerships to deliver the tools and solutions, many financial firms are likely to experience hurdles as they continue to roll out their digital transformation. For the increasing number of asset management and investment management firms that plan to migrate their data needs to the public cloud, for example, making the move from the relative security – and higher-cost environment – of their own data centres can be daunting. Transferring to the cloud requires considerable long-planning and investment. Altogether, financial firms’ digital transformation priorities mean that they need to work with partners that will deliver clear value.

Using cloud to enable data transformation

As the Covid recovery starts to take shape, financial firms continue to migrate to the cloud at a pace – and among them the top quartile of firms are looking to the cloud for most of their market data needs in the near term. They need to be confident that the cloud providers that they work with will offer them the infrastructure, controls and applications, and privacy considerations that are top of mind for the leadership of these forward-thinking firms.

At Refinitiv, we have been continually increasing the datasets and abilities of the cloud-based Refinitiv Data Platform, including delivering an enhanced offering of our Real-Time – Optimized solution that gives our customers access real-time data in the cloud, with minimal installation and setup, using our industry standard APIs.

Featuring an impressive depth and breadth of trusted data sources, the Refinitiv Data Platform lets our customers see relationships and perform analyses with our natural language processing (NLP) engine and Intelligent Tagging capabilities. Financial firms also benefit from reduced data management resources and costs thanks to a common data model, symbology mapping tools, together with our financial instrument identifiers powered by our open identifier, PermID.

Looking forward, asset managers in particular would like to access trusted full-tick data in the cloud, which would deliver huge benefits for the industry and help to create optimum long-term savings outcomes for their hundreds of millions of customers. At Refinitiv, we are focused on enhancing successful cloud migration capabilities through investment in infrastructure and technology. And every day, our dedicated and passionate customer-facing teams – many of them have decades of financial industry experience – create the critical trust that connects us to our customers.

Investing in our platform, technology, data and content

Ever conscious of our customers’ evolving appetite for new ways to access our data and content, we’re focused on aligning with our customers in terms of how they access data, in a format that best works for them, with user-friendly, actionable insights.

The Refinitiv Data Platform delivers a single, consistent data experience, making it easier for our customers to access, distribute and build applications with investment-grade Refinitiv and third-party data. ​Harnessing the power of our platform, our customers can quickly query, test, power and deploy applications, helping financial firms to reimagine their approach to analytics, technology innovation, data distribution and cost management.

Customers can choose from a depth and breadth of data to access more than 100 million instruments across 500+ exchanges, the two petabytes of tick history we add each year, 500+ fund classifications, and 2.6 million fixed income evaluations that we record each day. Users can access over 400 environmental, social and governance (ESG) metrics covering 80 percent of the global capitalisation of all business data plus 3.5 million news headlines and stories from Reuters news.

Financial firms access, distribute and build with Refinitiv data and core Refinitiv Data Platform capabilities and shared building blocks every day, delivering a valuable combination that drives core customer outcomes and a single consistent data experience.

Meeting our customers’ needs, we’re delivering innovation today through our workflow solution Refinitiv Workspace and are investing in more innovation for today and tomorrow in the ground-breaking research we do at Refinitiv Labs.

Workspace: community-tailored workflow tools

Operating in the highly competitive and regulated financial industry – and adapting to rapidly changing working environments – is clearly challenging. That’s precisely why we’ve invested in an advanced open technology ecosystem that is needed stay on top of the financial markets.

We built Refinitiv Workspace to harness the shifting trends across the financial industry. Workspace is tailored to meet a user’s specific needs, giving them the functionality that fully meets their unique workflow. Tailoring search findings across financial data, news and content coverage in a highly customised workflow experience really helps financial professionals work faster and smarter. With its web access and no need for time-consuming downloads or fixed terminals, Workspace gives users the freedom to work from home or in the office on their preferred device.

With many financial professionals actively coding, customers can conduct rapid prototyping with Python via CodeBook, a cloud-hosted development environment within Workspace.

Delivering today, preparing for the future

As we continue roll out advances in platforms, technology, data and content, we maintain a strong focus on our customers’ future needs. Our expert teams at Refinitiv Labs are laser-focused in their cutting-edge projects and commitment to innovation – collaborating with our customers around the world to redefine the art of the possible by tackling the most challenging problems in financial markets today.

Those Labs projects often develop into ground-breaking, fully fledged offerings that serve our customers. Project Sentimine, for example, surfaces equity performance themes in unstructured content. While the Global Infrastructure API is building a linked database with natural language processing and knowledge graphs. Labs help our customer solve for real-world problems today – and to reveal the path to success tomorrow.

Focused on partnerships and opportunities

We’re committed to growing essential partnerships with our customers – existing and new – and creating open opportunities to help financial firms advance their ongoing digital transformation initiatives. To make good on our promise, we will be more resilient for our customers and will be more responsive to their needs, connect customers to their communities, and keep them informed of market changes.

Our consistent focus on our customers’ goals covers all areas of the financial markets, including asset management, investment banking, risk and compliance, trading and wealth management. Financial firms look to us to expand and connect multi-asset class data and workflows – and we provide platforms to help our customers to grow and to scale and their businesses sustainably.

Please contact me via LinkedIn to discuss how we can help you to accelerate your organisation’s digital transformation needs.

Quickly access real-time data from the cloud, with minimal installation and setup, using our industry standard APIs