Distributing applications onto banks’ and buy-side firms’ desktops can be an incredibly painful exercise, says Mazy Dar, CEO, OpenFin, who notes that financial desktops haven’t changed much in more than 20 years. Speaking with TABB Group senior analyst Dayle Scher, Dar explains how OpenFin is working to change this paradigm, from its commitment to open source and open standards for desktop interoperability, to its efforts to improve workflow through workspace management.
See below for a partial transcript of Dar’s interview.
Dayle Scher: When you started OpenFin eight years ago, what were some of the things you were seeing in the marketplace that prompted you to do so?
Mazy Dar: The idea for OpenFin came from the last company I worked at, which was Creditex. Creditex was an electronic trading platform for credit default swaps. I worked there together with my now co-founder, Chuck Doerr. What Chuck and I were doing at Creditex was building trading applications that we then had to distribute onto desktops at all the big banks in the world, and other applications that we distributed to the buy side as well. What we realized is that distributing apps onto the desktops of banks and buy-side firms is an incredibly painful exercise. We also realized pretty quickly that that problem had absolutely nothing to do with credit default swaps. Essentially, it’s a problem for anybody who has to distribute a desktop app to somebody who sits at a bank or buy-side firm. The whole idea with OpenFin was, Can we fundamentally change the paradigm and make app distribution easy for everybody in financial services? After the ICE acquisition, which happened in 2008, Chuck and I left to start OpenFin and work on solving that problem for the industry.
To watch the full interview, click here.