71% Of Stock Brokers Plan To Shift Towards TechDriven Brokerage: Report

In 2022-2023, an average of 30% of investment in technology is expected. (deliver)

New Delhi:

According to a survey of 900 participants by ANMI, about 71% of stockbrokers are considering moving to a technology-based model and increasing the size of their IT team.

The survey found that the increasing frequency and complexity of cyber threats may encourage financial institutions to invest more in technology to protect themselves and their customers from such threats.

The National Association of Stock Exchange Members of India (ANMI) conducted a survey last month to determine the role and contribution of fintech in the stockbroking industry.

A StockTech survey released Friday also found that about 61% of brokerage firms had no IT-related issues, while only 39% of those firms faced IT-related issues.

In addition, low costs and improved business infrastructure technology are the main drivers of growth. The survey found that everyone is focused on technology, with the top players seen updating their internal and inbound interfaces with the latest technology.

According to the survey, average investment in technology is expected to reach 30% in 2022-2023 as technology offers a variety of products and services to customers and other businesses.

In addition, the rise of technology-based fintech companies may encourage traditional financial institutions to develop their technology capabilities to remain relevant and competitive.

“Technology has become a key driver of growth and has provided a service to investors. This has been shown a lot during the Covid period. It is technology and digitization that have helped us seamlessly serve investors at home or in the office during the Covid period. said Kamlesh Shah, President, ANMI.

According to the survey, 33% of their business processes have moved from physical to digital, as digitization in retail can lead to greater efficiency and speed, greater availability and lower costs.

He noted that technology has facilitated communication in the investment industry, allowing the sector to thrive even during periods of instability caused by the pandemic.

More than 92% of respondents are optimistic that new cybersecurity regulations will make their businesses more resilient to cyberattacks.

“Cyber ​​security is very important in the era of the new century. Sebi has taken some effective measures, we are now conducting a cyber audit and have taken the lead in protecting the market,” said Shweta Banerjee, CEO, Sebi.

(Except for the title, this story has not been edited by NDTV staff and is being carried by a syndicated channel.)

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