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Did You Send Real-Time Market Alerts to Your Users About GameStop Share Price Changes?

Feb 23, 2021 By Vijay Choudhary Categories - Product Updates

GameStop Stock Price

The rise of fintech apps offering zero-commission trading, fractional share access and trading gamification combined with the stay-at-home requirements created by the pandemic have led to huge increases in day trading - the type of trading where a few minutes can mean the difference between winning and losing. These day traders (and Reddit) recently created a lot of mayhem for the Wall Street whales. 

In times of market turmoil, your users expect instant updates and access to the same sophisticated tools that Wall Street leverages. Your fintech apps must provide customized, real-time capabilities to keep your users engaged. When all hell broke loose earlier this month and GameStop stock was on a roller coaster, did you offer users the ability to set alerts to keep abreast of the market?

Creating this type of alert used to require a lot of code and processing power, but with Xignite’s CloudAlerts market data API, you can add this functionality to any robo-advisor, trading, wealth management, or research app or platform in minutes. This market data API enables fintech developers to build functionality into their web or mobile apps to automatically notify users by SMS, email, or on-screen of virtually any type of market condition for any stock, such as price movements, volume triggers, and historical level breakouts.

Building a market alert infrastructure for large numbers of users has historically been complex and time-consuming. Not only must fintech platforms manage huge quantities of investor preferences, but they must also reliably handle the processing of millions of exception conditions occurring on massive real-time data streams. Xignite CloudAlerts, powered by Xignite-patented technology, eliminates all of that. CloudAlerts is a simple, zero-footprint REST API that developers can call directly from their web or mobile apps. When an alert triggers, Xignite CloudAlerts calls the fintech app back so that developers can notify users by SMS, email, or popping an alert on their screen.

Xignite customer SoFi has made great use of CloudAlerts to drive users to the platform at opportune moments, such as when stock on a given user’s watchlist performs particularly well or poorly. SoFi reports that when an alert is sent, member engagement increases by 25% within a day. More importantly, these alerts are driving buying behavior — 10% of investors who receive the alerts make a trade within the hour, and nearly 20% do so within a day, a huge improvement on the daily average of 5%. “These alerts have proven to be extremely popular with clients, who see the information and can act accordingly, pulling them from their busy lives and into the world of trading.” said Samuel Nofzinger, Trading and Investment Manager, SoFi.

Read Case Study - How SoFi Increased Client Engagement 25% in One Day

Contact Xignite today for a demo of our CloudAlerts and make sure your users are in the know before the next Wall Street revolution!

Vijay Choudhary

Vijay Choudhary

Vice President, Product Management, Market Data Solutions

Vijay Choudhary leads product management at Xignite and is the brain behind our innovative API and market data management solutions. Prior to Xignite, Vijay was with buy-side technology firm Charles River and Goldman Sachs spearheading technology-driven product initiatives.

SoFi Case Study

[Case Study] SoFi

Learn how SoFi Increased Client Engagement 25% in a Day