Benzinga Pro Enhances User Experience with Stream Chat Integration
Technology Category
- Analytics & Modeling - Real Time Analytics
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Cement
- Equipment & Machinery
Use Cases
- Inventory Management
- Real-Time Location System (RTLS)
Services
- System Integration
About The Customer
Benzinga is a financial media company founded in 2010, based out of Detroit. The company is built on the premise that successful trading hinges on real-time access to headlines that matter to investor portfolios. Benzinga provides individual investors with sophisticated tools to make informed trades before big price changes. These tools include in-depth content created by Benzinga’s in-house newsdesk of financial reporters, and Benzinga Pro — a subscription platform with an intuitively designed workspace containing real-time market updates and a newsfeed of curated headlines with positive and negative sentiment indicators. The platform also has a chat functionality for users to share trading ideas, discuss breaking news, and converse with Benzinga’s knowledgeable editorial staff.
The Challenge
Benzinga, a financial platform, was facing challenges with its in-house chat feature as it acquired more subscribers. The homegrown chat feature was not reliable and lacked the necessary features to support the growing user base. The chat connections were sometimes unstable, and the platform was struggling to scale up to accommodate the increasing number of subscribers. The company was at a crossroads, either to invest more resources into improving and maintaining the in-house solution or to outsource the chat functionality to a third-party provider. The stakes were high as the users, who are day traders, relied heavily on the chatroom for trading ideas and discussions. The company needed a solution that could support its rapidly growing user base, which had increased to over 5,000 members in a year and a half.
The Solution
Benzinga decided to replace their in-house chat solution with Stream's scalable, reliable chat API. They integrated the Stream Chat API into their platform using Stream’s React SDK and components from the UI Kit. The integration process took two to three months. The new chat solution was embedded directly into Benzinga Pro’s main platform, allowing traders to track the real-time newsfeed and chat with their community simultaneously. The solution was customizable, enabling the addition of other tools such as tickerization into the chat for a seamless customer experience. For instance, customers could hover over stock tickers mentioned in conversations and get quick, actionable insights on stocks without having to view this information in a separate window. Benzinga Pro also launched the ability to search the chat feature by ticker symbol.
Operational Impact
Quantitative Benefit
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