What innovative features could BNY add to its Pershing trading platform to streamline order execution for financial advisors?

Introduction

To streamline order execution for financial advisors on BNY's Pershing trading platform, we need to identify innovative features that enhance efficiency, accuracy, and user experience. I'll analyze the current state, user needs, and potential solutions to propose impactful improvements.

Step 1

Clarifying Questions (5 mins)

• Looking at the product context, I'm thinking Pershing might be facing increased competition from newer fintech platforms. Could you share insights on our current market position and the key differentiators that financial advisors value most in our platform?

Why it matters: Helps focus our innovation efforts on areas that maintain or enhance our competitive edge. Expected answer: Strong market position with reliability and comprehensive features as key differentiators. Impact on approach: Would prioritize innovations that build on these strengths while addressing any emerging gaps.

• Considering user behavior, I'm curious about the most common pain points financial advisors experience during order execution. What are the top 3 issues reported by our users in the past year?

Why it matters: Directly informs which areas of the order execution process need the most attention. Expected answer: Slow execution times, lack of real-time market data integration, and complex multi-asset order placement. Impact on approach: Would focus on solutions that address these specific pain points.

• From a product lifecycle perspective, I'm wondering about the platform's current stage and the key metrics driving this improvement initiative. Are we looking at user acquisition, retention, or increasing engagement from existing users?

Why it matters: Determines if we should focus on attracting new users or enhancing value for existing ones. Expected answer: Mature product focusing on retention and increasing engagement of existing users. Impact on approach: Would prioritize features that deepen platform usage and satisfaction among current users.

• Regarding company alignment, I'd like to understand how this initiative fits into BNY's broader strategic goals. Are there specific company-wide objectives or partnerships that this project should support?

Why it matters: Ensures our innovations align with and contribute to overarching company strategies. Expected answer: Aligns with goals to increase market share in the RIA segment and support a new partnership with a major data provider. Impact on approach: Would explore features that cater to RIA needs and leverage the new data partnership.