Build. Buy. Partner. Three Models, Three Trade‑Offs

Across his career, Stéphane has experienced all three approaches to platform development: pure in‑house build, outsourced build with owned IP, and outright purchase of third‑party solutions.

At Société Générale, the bank opted to partner with a technology provider to accelerate delivery of its single dealer platform. At ING, the decision shifted further towards buying an established solution rather than building from scratch. Each model comes with trade‑offs. Building offers control and differentiation, but at significant cost and risk. Buying accelerates time to market, but places greater emphasis on integration, configuration and long‑term vendor alignment.

Crucially, Stéphane stresses that front‑end platforms alone are never enough. A successful FX trading application must be underpinned by pricing, risk management, hedging and distribution working as a coherent whole. “You cannot take only the client‑facing applications into account; you have to take the whole stack together,” he notes.

Client Loyalty in an Electronic FX Trading World

Despite the increasing sophistication of FX trading tech, Stéphane is clear that relationships still matter; particularly in corporate and institutional banking. At ING, client loyalty was driven less by platform aesthetics and more by long‑standing financing relationships, transparency and trust. Electronic execution enhanced these relationships rather than replacing them.

“Even in the electronic world, it’s still very relationship‑based,” Stéphane says. Clients may demand competitive pricing and efficient workflows, but they also value openness around how trades are priced and how banks make money. This insight is critical when designing FX trading applications for different client segments; from simple payment‑driven users to sophisticated trading desks.

Designing for Simplicity and Sophistication

One of the recurring themes in the conversation is simplicity. Regardless of asset class or client type, users want systems that are easy to access, intuitive to navigate and reliable under pressure. At the same time, banks must serve clients with vastly different needs. Stéphane describes ING’s decision to unify its payment‑focused and trading‑focused FX platforms into a single configurable solution; enabling advanced functionality only where required. This approach reduced operational complexity while improving the overall sales trader workflow, and it reflects a broader shift away from one‑size‑fits‑all platforms.

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He believes adoption will accelerate rapidly over the next two to three years, especially as younger generations expect AI‑assisted workflows as standard. For banks, partnering with fintech firms may remain the fastest route to innovation, particularly where internal controls slow experimentation.