Tom Darvall
Tom is Managing Director at Caplin, with over 15 years’ experience in delivering trading and e-finance software solutions.
Steve Singh
Steve is Head of Product at Caplin Systems, leveraging 25 years of eFX experience to drive innovative products.
James Seymour
James is Director of Engineering at Caplin, leading the engineering team behind its web trading platforms.
The trading sales desk has changed, but most tools haven’t kept up
Delivering a superior client experience is no longer a differentiator - it is a prerequisite. For banks seeking to serve and attract trading clients, it is especially critical. With unprecedented access to real-time pricing data and an expanding universe of FX liquidity providers, clients now demand speed, transparency, and responsiveness from their sales coverage.
Meeting these expectations is only part of the challenge. With margins continuing to compress, banks cannot afford the inefficiencies of slow or manual workflows that erode already narrow profit margins. The opportunity cost is equally significant: when sales teams are absorbed in administrative tasks, such as pricing and booking, they are diverted from higher-value activities, including building client relationships, generating new business opportunities, and driving long-term value creation.
However, across the sector, internal sales systems often lag behind and are unable to adapt to rapidly emerging opportunities. Sales teams are constrained by a reliance on multiple slow, fragmented applications that can’t talk to one another, by cumbersome manual administration, and unwieldy spreadsheets. Whilst these teams may be making the best of the tools available, the reality is that this frequently comes at an efficiency and productivity cost, impacting the bank both financially and in terms of future readiness.
FX sales technology should perform just like any other consumer application - intuitive, frictionless, and designed for speed. In this paper, we share behind-the-scenes insights from Caplin’s commercial, product, and engineering leaders, who explore how improved technology can enable sales desks to serve clients faster, reduce costs, and unlock margin – all within a market that increasingly demands speed, clarity, and trust.
Read on to discover more about:
The initial takeaway is this: from missed trades to manual errors and slower onboarding of new products, outdated sales technology puts banks’ sales desks at a disadvantage. Legacy systems may offer a sense of stability, but they come at a hidden cost.
Beyond consistent and continually rising ongoing maintenance costs, they also prevent institutions from unlocking the vital operational and efficiency gains that modern, intelligent tools are designed to make possible.
In today’s competitive environment, just keeping the system running is no longer enough. Key today is enabling teams to move more quickly, respond more intelligently, and focus more of their energy on areas where they add the most value.
Let’s start by examining why these challenges are intensifying and what modern FX sales teams need to meet them – read on to Chapter 1.
“The core challenges facing FX sales desks haven’t changed: too many systems, too little time, and too much manual effort. To address this, it’s vital that trading technology providers focus on delivering efficiency and productivity via their trading tools.”
— Tom Darvall, Managing Director
The sales challenge banks still struggle with, and how to solve it
Markets move faster than technology
Extensive engagement with Caplin’s global banking clients highlights the mounting pressure facing FX sales teams today. Margins remain razor-thin, clients' expectations continue to rise, and execution is faster and more transparent than ever before. Yet, many institutions still ask, and indeed expect, their sales teams to succeed using legacy tools and workflows that belong to a bygone era.
Today, salespeople aren't just competing on price. They're competing on value. Clients have access to pricing data as accurate as banks’ internal teams. They can compare providers instantly and execute across different channels. That means a bank’s differentiator needs to be the wider client experience, not just the price on offer.
Competing on customer experience is the new differentiator
As Tom Darvall, Managing Director at Caplin, explains, “Sales teams are operating under increasing pressure, with customer expectations, competitive dynamics, and internal demands on them all evolving rapidly. To succeed in this environment, sales desks must establish a clear differentiator.”
And the real differentiator lies in the quality of the sales experience and workflow. Speed and responsiveness are two critical factors, but the real test is whether the team can offer strategic value beyond price. “The sales desk has changed. It's no longer about a Rolodex and long lunches - it's about digital speed, efficiency, and customer experience. We help banks make that leap while keeping their human touch intact,” Tom says.
Modernising FX sales tools is vital to success
Steve Singh, Head of Product at Caplin, has spent time working with sales and trading teams within banks and at vendors providing eFX solutions. He highlights how, for many of the institutions he works closely with, the reality on the ground doesn't match the rapid pace of the market.
Salespeople are entangled in multiple disparate legacy systems that don’t communicate with one another and are not focused on the core sales-trader workflows. They are often applications built for other user groups that have been repurposed for sales desks. This wastes time, creates opportunities for errors, and ultimately slows down responsiveness to clients.
“Many banks end up with a patchwork of systems. One for orders, another for allocations, another for pricing — and none of them talk to each other. Furthermore, there may be one set of processes and systems for internal customers, another set for legacy external customers, and another set for new customers. Consolidating these FX sales workflow automation systems into a single environment helps establish consistency and improve efficiency, which is what we focus on. It’s a simple way to create early value,” he says.
Fortunately, this can also be a blessing when looking to upgrade sales desk solutions. “For less mature banks, the challenges we see are clear: sales desks rely on spreadsheets for looking up customer margining, price discovery via voice, and outdated booking processes. In these cases, our approach delivers measurable gains from the outset.”
Replace hidden costs with real benefits
Hidden costs also emerge: rather than managing and evolving a single, centralised system, banks are forced to maintain a series of fragmented applications, each requiring its own special workaround. This fragmentation slows response times, introduces pricing inconsistencies, and diminishes the overall client experience, ultimately limiting banks’ ability to scale as technology evolves.
As Tom emphasises, “Salespeople today are expected to cover a broader range of clients, products, and asset classes than ever before. Without the right tools, that’s impossible to do efficiently. Our platform supports this by bringing data, insights, and execution into a single, intuitive workspace, helping sales teams respond more effectively. On one 20-person global FX sales desk, for example, our platform reduced administrative workload by an average of 1.5 hours per person per day – equivalent to more than 6,600 hours saved annually.”
Caplin’s FX Sales platform simplifies workflows by enabling faster price discovery, automated trade booking, and centralised client management. This gives teams more capacity to focus on strategic, personalised engagement, critical in an environment where clients have greater choice than ever over which sales desk they work with.
“Caplin’s platform reduced administrative workload by an average of 1.5 hours per person per day – equivalent to more than 6,600 hours saved annually.”
Persisting with outdated systems isn’t just inefficient, it also introduces commercial and cybersecurity risks. The good news is that modernising doesn’t have to mean starting from scratch. There's a more pragmatic, low-disruption path forward that can work with what is already in place.
Empowering sales desks with well-thought-out FX digital transformations
While banks invest heavily in their clients’ digital experience, neglecting the corresponding technology that FX sales teams rely on commonly results in legacy trading systems lagging behind, leaving sales teams at a distinct disadvantage.
One of the most effective ways to empower sales desks is through thoughtful design, specifically, the approach service providers take when shaping solutions for banks. Rather than digitising inherently inefficient processes as some vendors do, the first aim of any engagement should be to understand how the bank’s desks operate and build around those insights.
The best approach often begins with an in-depth discovery of what each role requires at every stage of the sales process. Gaining this insight enables service providers to design and tailor solutions that address the specific challenges faced by individuals and teams, while also delivering systems that empower salespeople to execute tasks with precision and effectiveness.
“We've experienced firsthand how involving the sales teams early, engaging with them in the design, and making their everyday experiences part of the solution leads to far smoother rollouts and much higher adoption.”
"The key is to design the automated trading platform around the task, not force people to bend their processes to fit the software," Steve says. "That’s how you remove frustration, errors, and inefficiencies, which leads to far better outcomes." Discovery and iteration should be at the core of every engagement, involving time spent with real users, gathering direct feedback, and using that insight to guide development.
As Tom Darvall explains, "While changing systems is often complex, we've experienced firsthand how involving the sales teams early, engaging with them in the design, and making their everyday experiences part of the solution leads to far smoother rollouts and much higher adoption." After all, it’s one thing to build a new system; it’s another to get people to use it effectively.
It’s a philosophy that goes beyond user experience. When salespeople feel heard, empowered, and part of the process, their effectiveness increases and so does the success they deliver. Tom says, "A happy, motivated sales team will always drive better client outcomes. Too often, sales desks are stuck with clunky, fragmented systems — so by rationalising and harmonising these tools, you can make your team more efficient, consistent, and effective."
There is a real cost to using fragmented FX sales systems
Without consolidated FX sales workflows, salespeople are forced to waste valuable time switching between systems, rekeying data, and repeatedly troubleshooting disconnected tools.
While this may seem like ‘just’ an inconvenience, it’s actually a constant tax on their ability to nurture hard-won relationships, respond quickly, and deliver the high level of professional service clients now expect.
Why reducing friction just makes good business sense
In today’s market, where margins are tight and client expectations are exceptionally high, sales teams need clarity and efficiency to stay competitive. With smart, intuitive, and easy-to-use tools, they can act quickly, deliver exceptional service, and focus on high-value opportunities — all without the overwhelming drag of outdated systems or overly complex FX sales workflow automations.
As James Seymour, Caplin’s Director of Engineering, describes, "Modern systems reduce not only time and cost but also human error. Sales teams can focus on relationships and strategy, not admin.” He continues, “Outdated systems lead to delays, errors, and reduced client confidence. By modernising, banks free up time and empower their people to make faster, better-informed decisions."
The next evolution of FX sales will be defined by platforms built around both people and performance — systems that integrate seamlessly, surface actionable insights instantly, and empower sales teams to deliver faster, sharper, and more personalised client experiences. In a market where expectations rise as quickly as opportunities appear, that’s the edge banks can’t afford to ignore.
Designed for humans, built for banks
Modularity, phased change, and integration are must-haves for FX sales transformation
One of the most significant untapped advantages in FX sales technology lies in first acknowledging just how different each bank is. Institutions vary not only by geography, but also by compliance and regulatory considerations, the types and ages of legacy trading systems, internal development cultures, and past acquisition histories. There’s no one-size-fits-all blueprint for transformation.
Despite this complexity, one constant exists across all banks: the universal pressure to stay competitive while scaling and improving efficiently. Legacy trading systems must evolve without causing unnecessary delay or disruption.
Vendors and banks alike need to examine both sides of the challenge. Clients expect a fast, seamless, and increasingly digital sales experience, while sales teams need tools that are intuitive, efficient, and designed around how they actually work.
Meeting both expectations demands a deep understanding of people, processes, and operating environments. As Tom explains, “No two banks are the same. There are different teams, regions, and regulations to consider and plan for. The way vendors engage should empower banks to define priorities, deliver value to market quickly, and then iteratively enhance the platform over time. It's not about 'setting and forgetting'; it's about establishing a genuine ongoing partnership.”
Too often, vendors approach FX digital transformation through a purely technical lens, without examining the sales journey itself. A more strategic methodology begins by viewing the entire landscape, including legacy systems, evolving front-office needs, and the interdependencies that hold everything together.
Transformation isn’t about discarding everything. It’s about identifying what works, understanding what doesn’t, and designing with both in mind. This mindset enables banks to modernise with confidence by phasing in changes, reducing risk, and building systems that adapt as the market evolves.
Unlocking value in a phased approach to implementation
Modernising FX sales infrastructure doesn’t mean ripping out decades of investment and starting over. “The most successful transitions are often incremental, helping banks launch something valuable quickly before expanding through phased enhancements. It might start with a streamlined pricing and booking interface, then build toward full post-trade workflow integration,” explains Tom.
By adopting a phased change model, solution providers help clients identify high-value areas for early wins, allowing them to expand further. And it’s an approach that resonates equally with global institutions managing complex regional integrations and smaller banks seeking relief from legacy system fatigue.
“For less mature banks, the problems are obvious: sales desks rely on manual spreadsheets and outdated processes, so delivering a quick-win solution with immediate impact is easier,” says Steve. Regardless of an organisation's maturity, phasing change minimises operational risk, encourages adoption, and ensures the business runs smoothly.
The secret to building FX sales technology once, while allowing ongoing upgrades
Transformation projects in banking often stall due to friction with legacy systems that don’t integrate with each other, the loss of institutional knowledge, or rigid architectures that seem built to resist change.
Modular design and open integration standards are essential. They allow financial institutions to modernise on their own terms, aligning technology with existing ecosystems rather than forcing disruptive overhauls. “Banking technology for FX needs to be open and flexible,” says Steve. “If a client wants something unique, they should be able to plug their custom solution into a vendor’s ecosystem without starting from scratch. It gives them freedom without locking them into costly bespoke builds.”
Adaptability must also extend beyond software. Deployment and ownership models should reflect each organisation’s needs. Some institutions prefer full control and manage infrastructure in-house, while others opt for a managed services engagement to reduce overheads and accelerate delivery. A platform that accommodates both is critical for long-term success.
“The goal is always to empower the bank’s team without making them dependent. This means offering flexible ownership, whether through managed services for deployment and maintenance, or handing over to the internal teams. Either way, the solution needs to be simple to run and scale,” says James, Caplin’s Director of Engineering.
“Clients should never have to replace everything all at once, and vendors should help them understand that. Find the right entry point, deliver quick wins, and build from there.”
Avoiding the common pitfalls of an in-house build
For many banks, building FX sales tools internally once felt like the safest option. That has now changed, and projects that took years to go live, or failed entirely, are becoming a thing of the past.
“I've seen too many times where banks choose a vendor and years later, the system still isn't live,” Tom recalls. “By then, the decision-maker has moved on, and the project stalls or fails. Banks often prefer internal builds because they feel more in control of the process. However, choosing the right technology partner who can deliver quickly and transparently is key.”
Reducing complexity increases trust
Perhaps the most important outcome of a modular approach is the trust that the platform will adapt to real-world needs — that change won’t disrupt operations, and that future adaptations won’t require a complete rebuild.
As James highlights, “Clients should never have to replace everything all at once, and vendors should help them understand that. Find the right entry point, deliver quick wins, and build from there.” Ultimately, the strength of a platform lies not just in the codebase but in the implementation philosophy behind it.
Transformation should be adaptable, scalable, and human-centred. Designing a system that bends to the bank (not the other way around) is the key to unlocking untapped potential in FX sales teams.
The partnership model at the heart of client success
Rethinking vendor relationships in the age of technological change
In many FX digital transformation initiatives, the problem lies not with the technology itself, but with how it’s delivered. Off-the-shelf solutions often overpromise and underdeliver as they don’t reflect the nuanced needs, workflows, and regulatory environments unique to each institution.
Meanwhile, banks remain understandably cautious, reluctant to commit to significant change without clarity on ROI, rollout timelines, or proof that the solution will work for sales teams. While the need for better tools is a prerequisite, what matters more is a truly transparent and collaborative approach to building and implementing FX sales workflow automation.
One approach is to run workshops and proofs of concept that align technology delivery while developing a truly transparent, partnership-based working relationship. “It’s about de-risking both the technology and the relationship before any commitment is made,” Tom says.
For banks wary of vendor lock-in or loss of internal control, this kind of partnership-led engagement offers a smart alternative. It ensures that new systems are grounded in real needs, and that technology choices are informed by experience from across the industry.
By shifting from a transactional mindset to a collaborative model, banks can unlock more than just technology gains; they create the conditions for faster delivery, stronger adoption, and outcomes that last. As James states, "The difference between being a vendor and a partner is collaboration. Reputable providers should advise clients based on what they have seen work across the industry, helping them to avoid known pitfalls and make smarter technology choices."
Smarter tools are the key to successful salespeople
It’s a myth that legacy trading systems can be cost-effective. As James explains, “Inaction comes at a price. In reality, legacy systems are not cheap to keep - they carry hidden costs, from outdated skills, and slower fixes, to greater cyber security risks, all of which far outweigh the cost of modernising.”
That’s why in many banks, the sales experience stays fragmented, still defined by ageing solutions that require workarounds, manual inputs, and duplicated effort to keep them operational. And while James concedes that "true delivery agility can be difficult for banks”, he also says, “It’s about helping clients find the right balance by planning thoughtfully upfront, but staying flexible enough to adapt as requirements change.”
Partnership, performance, and proof of concept are key to success
The most effective approach starts with people, not platforms - designing systems around how sales teams actually work, not how legacy processes were built.
When transformation is shaped around users’ needs and delivered through partnerships built on trust, the result is not just an operational improvement - it’s sales teams freed up to focus on clients, win more business, and deliver standout experiences at scale, all while maintaining margin on every trade.
Success on this front is proven. Tom recalls, “We recently worked with a major bank operating across South America and Europe. Each region was using different systems, creating inefficiency and risk. But by bringing them onto a single platform, we helped them save time, reduce costs, and gain clearer insights across the business.”
Achieving results that speak for themselves
While partnership is at the core of any long-term, ongoing relationship, there’s a universal understanding that banks still expect immediate impact. Real value lies in how quickly suppliers can help clients realise gains, whether that’s measured as hours saved per salesperson, improved onboarding speed, or better client outcomes.
“One of the major things we hear from the front office is about 'time to value' - the lag between a feature being requested and getting it in front of users. We address this with incremental delivery. Building a bespoke, automatic natural language trade summary generator for one client, which salespeople could insert directly into customer chats, made an immediate difference,” Tom explains. “It was a small thing, but it saved a significant amount of time and reduced errors to near zero. We call these micro-efficiencies, and together they add up to major productivity gains and come directly from our in-depth understanding of what sales teams are actually expected to do.”
Tom continues, "While most banks tend to gather requirements, build a spreadsheet, and hand it over to vendors, you lose so much nuance and context when working that way. The focus should be on user-led design, sitting down with the actual people using the system - sales teams, tech teams, business heads - and building around their real-world needs."
“By bringing them onto a single platform, we helped them save time, reduce costs, and gain clearer oversight across the business.”
A future-proofed FX sales system is a valuable asset to have
FX sales technology doesn’t stand still; development is continuous, and having a system that can adapt to both current and future market demands is vital. A platform designed to integrate, automate, and evolve with banks is a necessity.
“As a solution provider, everything you build should integrate easily with clients’ existing systems. The aim should be that any bank developer can work with your platform without needing expensive specialist knowledge. This gives banks the flexibility to adapt and grow without vendor lock-in.”
— James Seymour, Director of Engineering
Why transparency is necessary for building stronger vendor partnerships
Across the FX sales technology landscape, one of the most persistent pain points for banks is a lack of transparency. “Some software vendors either lock firms into rigid solutions or promise the world and then deliver very little,” Steven says. This can result in delays, spiralling costs, and weakened internal confidence in digital transformation efforts. “Banks will always value a partnership approach, built on honesty about what you can realistically deliver and when, and on a commitment to the long haul.”
While this level of openness may initially feel uncomfortable to some, it ultimately builds credibility and long-term trust. It establishes the foundation for vendor relationships based on a shared understanding, rather than just contractual obligations. “We’ve learned that being a true partner sometimes means stepping away when a project isn’t the right fit, and instead recommending providers who are better suited. It builds trust and often brings people back to us when they’re ready for the next phase,” Steven says candidly. “If more firms shared this view, progress and innovation would accelerate for everyone."
In a climate where internal teams might have been stung before by vague roadmaps and opaque pricing models, straightforward communication becomes a strategic advantage. Vendors that lead with transparency are more likely to become long-term partners and collaborators, not just suppliers.
James further reinforces the point. “It’s not about selling something, then disappearing. The best outcomes for everyone happen when you make it clear to the client that you are engaged for the long term by aligning with their roadmaps and staying flexible as their needs evolve,” he says. “Help clients to modernise in phases. Choose the right entry point. Then scale, as value is proven.” Tom adds, “Fundamentally, long-term success comes from shared commitment and collaboration. That’s the real differentiator.”
What’s next for FX sales?
Smarter systems, human-first design, and real-time intelligence
So what might the future of FX Sales technology look like? Recent McKinsey research indicates that banks allocate more resources to IT than any other major industry. And, according to Gartner, global enterprise IT spending in the banking and investment services market is forecast to grow by 7.8% in 2025 to an immense $760 billion.
That number is expected to exceed an estimated $1.1 trillion by 2029. At the same time, technology is constantly changing, adapting, and improving. When investing so heavily in a critical business expense, it is common sense to have systems that are able to easily evolve with the rapid pace of change — including the ability to leverage cutting-edge advancements like generative and other forms of artificial intelligence.
Helping salespeople make smarter decisions based on data and AI-driven recommendations
Already, the most advanced desks are moving from basic workflow automation to guided sales platforms that surface insights, suggest next-best actions, and support decision-making in real-time. “The platform is already evolving in that direction. We’re building things like predictive analytics into the stack, smarter reporting, more intelligent workflows,” Tom says.
The technology roadmap for innovative banks should already include more predictive capabilities, intelligent automation, and tailored guidance, not just more efficient trade processing. Tom frames this as the next phase of digitisation. “We’re heading into a world of guided sales,” he says.
These will be AI-driven recommendations based on client behaviour. Whether summarising trade information or predicting which clients are most likely to engage, cutting-edge systems will be defined by the clarity of insight they deliver. “A salesperson will see their top 10 clients based on revenue, they will see hit ratios, and product penetration. The system then offers them suggestions. Try this idea, pitch this product, reach out to this client…” he illustrates.
“Imagine a natural language summary of every trade, and salespeople can paste that directly into client chats. It saves time and removes room for error.” These micro-efficiencies create macro gains, freeing teams from repetitive tasks and allowing them to focus more on strategic engagement and delivering client value. Ultimately, it all leads to more revenue and less cost. Any developments based on AI will be assistive, not disruptive. Caplin’s vision is to augment the salesperson by making it easier for them to add strategic value without being bogged down in admin or hunting for data.
Achieving results that speak for themselves
“FX sales is still a human business. But we’re trying to give people tools that work the way they do by making it lightweight, helpful, and flexible. It’s about making them faster, not by replacing them,” Tom emphasises. “And the results speak for themselves.”
By unifying fragmented workflows into a single interface, one Caplin client was able to reinvest an average of 1.5 hours per day per salesperson in more productive work. That’s the equivalent of more than 6,600 hours each year.
The impact wasn’t only operational. With faster quoting, deeper client insights, and better hit ratios, the team achieved a revenue uplift of between 5 and 10%. This kind of outcome highlights the value of aligning technology with human behaviour.
By putting users at the centre of change, banks not only unlock productivity and efficiency, but also free up time for what matters most: strategic thinking, stronger client relationships, and more sustainable growth.
With faster quoting, deeper client insights, and better hit ratios, the team also achieved a revenue uplift of between
5%and 10%
Is your FX sales desk ready for an upgrade?
Our introductory 6-point checklist can help you identify potential bottlenecks in your FX sales desk and what to do next.
-
1.
Does your FX sales desk require multiple systems or applications for your team to price, book, and confirm a trade?
If yes: there’s an easier way. You could benefit from a unified sales interface that makes people’s lives easier.
-
2.
Do your teams ever use spreadsheets (or even Post-it notes!) to fill gaps in their sales workflow?
If yes: this could be a red flag that there’s unnecessary risk-taking happening, which is also slowing down revenue generation.
-
3.
Has anyone mentioned that pricing is inconsistent across desks, channels, or regions?
If yes: It might be because there’s a lack of shared infrastructure, and joining it up into one easy-to-use system could be the answer.
-
4.
Does integrating a new product or service into your existing tech stack take several weeks (or longer)?
If yes: Complications with your existing technology may be limiting your agility and responsiveness. A more modular platform could help reduce time-to-market and keep you ahead of your competition.
-
5.
Do your sales teams ever avoid using internal tools because they’re too slow, clunky, or unreliable?
If yes: adoption is your biggest obstacle. If salespeople find workarounds, it may be time to explore options to get technology that helps, rather than hinders.
-
6.
Would you like more visibility into your sales pipeline, client activity, or hit ratios in real time?
If yes: There could be data blind spots you’re not aware of, reducing your strategic decision-making opportunities and performance. Discover more about how more integrated tools can unlock insights and drive more accurate decisions.
Be different, by design
If any of these resonate, we’d love to have a discussion. We partner with FX sales desks to reduce friction, improve workflows, and drive real commercial impact.
Contact Sales Team
