Case Study: Marketing one of the first AI-powered trading platforms

We interviewed Erica Simpson on her career, including the launch of Broadridge’s LTX platform, an early AI-powered trading platform for disrupting fixed-income markets.

Back to the Beginning

Erica Simpson's journey in the world of financial services marketing began at BNY (formerly BNY Mellon) in product marketing roles spanning alternative investments, collateral management, securities services and global markets. 2009 was a period marked by significant changes in both banking and marketing, as the financial crisis and the rise of digital channels and social media reshaped client engagement strategies. Within a year, Erica took on client communications around credit market reform, deepening her knowledge of the inner workings of the banking and lending landscape, particularly around liquidity and audience segments that would prepare her for future marketing roles.

Reflecting back, Erica highlights the dynamic nature of her roles at BNY that provided her with a well-rounded experience. “I was quickly exposed to numerous aspects of marketing, from events management and sales enablement to content development and search engine optimization,” Erica said. This diverse exposure provided her with a strong foundation in B2B marketing and the importance of cross-functional collaboration. Being surrounded by motivated, high-achieving teams created an empowering atmosphere that fuelled both individual and collective success. “I firmly believe in the reciprocal nature of success - when you bring creativity, drive, and enthusiasm, you attract the same in return,” she said.

After nearly eight years at BNY, Erica pivoted to segment, brand, and digital marketing roles across well-known consulting, investment banking and fintech firms. She eventually returned to product marketing for capital markets where she played a pivotal role in launching Broadridge’s LTX, the industry’s first trading platform designed to address corporate bond liquidity challenges using artificial intelligence (AI) and machine learning (ML).

Case Study: Launching Broadridge’s LTX

As of January 2020, only 15% of the corporate bond market traded electronically, with most transactions taking place by phone, but Broadridge set out to change that. Erica led the go-to-market strategy and built an entire messaging framework, including brand positioning and unique value propositions for both buy- and sell-side audiences, specifically portfolio managers, technologists and traders. Despite the challenges posed by the COVID-19 pandemic, the launch in June 2020 was a success, driving strong reach and engagement in acquiring a critical mass of clients.

In 2020, only 15% of the corporate bond market traded electronically

The platform aimed to enhance liquidity in the corporate bond market, which had long been a challenge due to the traditionally low levels of electronic trading and varying characteristics, such as maturities and coupon payments, from bond to bond. She equates this with modern ecommerce platforms where there’s an expectation to have access to tools that help you determine a list price given its current condition, season and demand. By positioning LTX’s machine learning and AI capabilities as key differentiators in a highly competitive market, Erica and her team were able to develop content that resonated with their target audience, making them feel understood and catered to.

“We were introducing new concepts to the market,” she explained.  “Coupled with the fast-paced nature of a trading business, we had to be on point in our messaging. This is where we applied our knowledge as marketers in using similar capabilities to craft tailored messaging ‘soundbites’ that helped clients to easily understand how to use LTX, for example, to identify potential bond buyers and therefore access more liquidity.”

The launch was not without its challenges. The pandemic forced the team to pivot their strategy to focus more heavily on virtual events and digital channels. However, this shift proved to be beneficial, as it allowed the team to reach a broader audience and achieve their client and campaign targets.

Reflecting on the experience, Erica identified three key lessons learned that can benefit other financial marketers:

1. Adaptability is Key: The COVID-19 pandemic forced Erica and her team to rethink their launch strategy. By embracing new digital channels and accessing real-time campaign data, they were able to reach a wider audience and achieve their goals. Financial marketers should always be prepared to adapt their strategies in response to changing circumstances.

2. Leverage Technology to Solve Real Problems: The success of LTX was largely due to its ability to address a significant challenge in the market—enhancing liquidity in the corporate bond market. By leveraging AI and machine learning, Erica and the LTX team were able to provide a solution that resonated with their audience. Financial marketers should focus on how their company’s solutions and technology solve real-world problems and create meaningful value for their clients.

3. Clear Messaging is Crucial: Erica's work on the messaging framework for LTX played a critical role in the success of the launch. By clearly communicating the platform's value propositions and positioning it as a solution to a specific problem, the campaign was able to engage and resonate with the target audience. Financial marketers should prioritize clear and effective messaging to ensure their campaigns are successful.

Today, corporate bond e-trading accounts for 44% of market volume, a testament to the impact of projects like Broadridge’s LTX.

The Future of Financial Marketing

Drawing inspiration from her mother, a high-school chemistry teacher who often said, “It’s not magic - it’s science!”, Erica has adapted this mantra to her own field, proclaiming, “It’s not magic - it’s marketing!” She believes that marketing is, in many ways, a science – and that by embracing new technologies and tools, teams can truly create something spectacular.

Looking ahead, Erica is excited about the continued opportunities to test, learn, and refine marketing strategies. Leveraging data, AI, and future channels will drive meaningful impact and the future of financial marketing looks bright and full of potential.