We were first to use streaming analytics software in Turkey, which enabled us to integrate different platforms—data from up to 25 institutions— into one real-time big data stream. With the help of TIBCO Streaming software, we increased FX volume, and we became the first bank in Turkey to provide a Gold Exchange market.
Abdulkerim Ozcan, Senior Trader
KuveytTurk Bank Streams to Double Customers and Increase Profit
First to algorithmic trading, reduced cost, increased efficiency and skills
Challenge
"Investment banking in Turkey transitioned into electronic trading in the last couple of years, and KuveytTurk was the first bank to transform its investment banking tools to electronic trading," says Senior Trader Abdulkerim Ozcan. "We were searching to increase trading volumes and our customer base in an efficient way, as well as to increase profits. Our objectives were to integrate our platforms and internal systems and transform to algorithmic trading.
"Our top challenges were IT and workforce limitations and a reluctance to try something new. We didn’t have a broad IT background, so we needed a user-friendly solution to accomplish our goals. If we couldn't meet these challenges, we would stay at the same level. We wouldn't be able to increase our customer-base, revenues, and profits.
Solution
"We had four basic decision-making points (user friendly interface, less code development, cost, and customer support) that we compared for two vendors, Oracle and TIBCO. Oracle was the first option because we had history. But our industry challenges included continuously changing and emerging markets and increasing requirements for pricing, volumes of data and transactions, and speed. And we lacked industry standards. We analyzed both companies using the four criteria and decided on TIBCO.
"We heard about TIBCO from another investment bank and began the relationship three years ago. TIBCO provided a demonstration, and TIBCO Professional Services provided training on the software, which made us feel comfortable with it, and with troubleshooting. TIBCO personnel helped us use the software in a more effective way.
Benefits
First To Introduce Trading Advancements in Turkey
"We were first to use streaming analytics software in Turkey, which enabled us to integrate different platforms—data from up to 25 institutions—into one real-time big data stream. With the help of TIBCO Streaming software, we increased FX volume, and we became the first bank in Turkey to provide a Gold Exchange market. With the TIBCO Streaming system, we can write and deploy an algorithm that has the ability to respond to a volatile market in real time.
Doubled Customers and Trades
"We increased our customer base more than 100%. In terms of trading volumes, it also increased by more than 100%. We went from maybe number 10 in Turkey to now number three or four. We were trading around 250 million a day, and now it's between 500 and 600 million a day.
Reduced Cost, Increased Efficiency and Skills
"Using TIBCO Streaming software, we reduced cost, increased trading efficiencies, and because of the user interface, we were able to engage our workforce and allow them to focus on trading areas. We were able to establish a team that otherwise would not be possible to put in place.
Future
"KuveytTurk plans to continue to use TIBCO Streaming software to integrate trading platforms into a trading system, increase algorithmic trading projects, and for different applications in the bank: CRM, pre- and post-trade risk, market data management, market surveillance, transactional cost analysis."
>500 Million Per Day
