Helping Banks Break Free
The Foundation of Banking
Banks need a steady stream of financial data. This data is nothing less than the lifeblood of financial institutions, fueling informed decisions, risk assessments, strategic investments, and financial statements for assets under management.
But though banks are built on a foundation of high-quality data, banks don’t often reevaluate or audit their data sources. Once they’ve found an initial data supplier, it’s easy for banks to stay in their comfort zone. After the onboarding process, they stick to their existing relationships, letting their attention stray elsewhere. But where banks get their data matters more than you might think.
Unfortunately, lack of attention can come at a steep cost. Big data vendors often charge inflated prices and provide subpar customer service. Since banks rarely reevaluate their relationships with big data vendors, they find themselves—whether knowingly or not—stuck in a rut. Many banks are caught in a cycle of convenience over quality—they stick with the pricing provider they’ve “always used,” and are hindered from exploring more efficient and economical options. But what if there was a way to get out of the rut?
A Fresh Approach to Financial Data
SQX: Securities Quote Xchange aims to disrupt the way banks get their financial data. SQX provides evaluated pricing for municipal bonds, corporate bonds, U. S. treasuries, and global yield curves (sovereign, corporate, U.S. municipal), as well as broker/issuer quoted pricing on structured notes, alternative investments, and catastrophe bonds. Regardless of the type of data banks need, we’re committed to providing comprehensive, accurate data at a fraction of the prices big data vendors charge. Choosing SQX as a data provider won’t break the bank (pun intended). But cost-efficiency is just the tip of the iceberg.
When a bank partners with SQX, they receive more than just data. SQX goes above and beyond to ensure satisfaction, providing full informational transparency. For quoted prices, SQX always shares the information’s source and age. For evaluated prices, banks know exactly how their valuation was created. For all prices, SQX always provides access to a detailed audit trail.
Overcoming the Challenge of Switching Providers
Of course, we don’t want to undersell how difficult it can be to switch data providers. When you’re driving a wagon down a muddy road, it’s hard to break free of the well-worn tracks. SQX understands how daunting the transition process can be, so we’ve streamlined it as much as possible. Whether banks find SFTP or API more helpful, the data delivery process is always tailored to the bank’s needs.
Even more importantly, we offer some of the best customer service in the business. If banks have a question at any point, SQX responds within a single business day. Most of the time, we respond within a single hour. Support isn’t just an afterthought for us; it's an integral part of the transition process, ensuring that banks have a smooth, hassle-free shift to SQX.
Don’t Settle for Less
Banks shouldn't settle for less. Sticking with a mediocre data vendor can significantly hamper banks’ efficiency, profitability, and decision-making processes. While it does take a great deal of effort for banks to switch data providers, the hidden costs of working with subpar data vendors eventually outweigh the expense of finding a new vendor. With SQX, banks have an opportunity to break free from the status quo and embrace a data provider that aligns with their need for accuracy, transparency, cost-effectiveness, and responsive support. Transitioning to a new data provider may create some pain in the short-term, but the long-term benefits are crystal-clear.
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