An overwhelming 92.6% of stock brokers have increased the expenditure on technology during the pandemic
- The StockTech Survey report was launched at StockTech 2021, ANMI’s annual gala event on financial market technologies
- 65.8 % of the boardroom meetings held during the pandemic year discussed technology as the main header – As many as 41% of stock brokers have increased their technological expenses by more than 20% in the past two years
- StockTech 2021 was attended by 31 top fintech exhibitors and vendors, who showcased the latest and emerging technologies to nearly 900 broking industry representatives
- The event was attended by eminent dignitaries from the state government, stock exchanges, depositories, and brokerages
Mumbai, 17 Dec 2021: Association of National Exchange Members of India (ANMI), India’s largest grouping of over 900 exchange brokers and members, today released the 2nd StockTech Survey Report on technology trends and challenges in the country’s broking industry. The report is a first-of-its-kind survey since the onset of the Covid-19 pandemic.
The StockTech Survey report was unveiled at ANMI’s StockTech 2021 – India’s biggest symposium and expo on transformative innovations and emerging technologies shaping our Financial Markets and broking industry– held at the BSE Convention Hall on December 17, 2021.
The survey helps determine the role and contribution of financial technologies in the stock broking industry. The exclusive, never-before seen data which is compiled by ANMI, is based on responses from broker members representing the top names in the broking industry. The survey provides a useful insight into the technological trends in the stock broking industry and will help market players access the extent of technology penetration in the capital markets. It also sheds light on the technology-related strategies adopted by the brokers to keep their business afloat during the pandemic.
The survey findings show that an overwhelming 92.6% of stock brokers have increased the expenditure on technology during the pandemic. As many as 41% of stock brokers have increased their technological expenses by more than 20% in the past two years. Moreover, 39% of stock brokers bump up the budget to meet technological requirements on a year-on-year basis compared with 26.2% of brokers in 2018. Approximately 61% of the stock broking organisationstoday increase the budget for technology ‘as and when required’ against 71.4% in 2018.
As much as 65.8% of the boardroom meetings held during the pandemic discussed technology as the main header. In comparison, technology was the main driving point for 48.8% of leadership meetings during 2018. About 80.4% of respondents said they have not faced any problems related to technologies used in the past 2 years, while 19.5% said they had faced issues. As per analysis Back Office software is found to be invested in the most (78%) by stock brokers, followed by the front office at (73.17%) and Algos (68.29%).
Mr. Kamlesh Shroff, Convenor & Director, ANMI said “The changing landscape of financial technology has gained momentum because of the pandemic. Today most capital market entities have largely ingrained technology into their business model. The shift from offline to online transactions has helped the financial
economy including the broking industry survive in these challenging times. The StockTech Survey provides a glimpse of the current and future technology culture in the broking industry as well as the strategies and solutions required to overcome the current economic challenges faced by our country and world economies. The StockTech exhibition provides a platform for all participants of the broking industry to gain the latest knowledge on technology to realise the full business potential”.
Congratulating ANMI on the launch of the Stocktech 2021 survey Report Mr. G. P. Garg, Executive Director, SEBI who was Special Chief Guest & Keynote Speaker said “It has been a good transformation moving from offline to online and Covid has expedited this digital transformation. I also urge ANMI to continue bringing solutions to provide ease of investing experience to investors as the future lies in providing complete data security” He added saying “A good technological solution needs to be accessed even by the common man who knows just the basics in tech and should not be just for the tech-savvy investors”
Mr.Mahesh Desai, Chairman, WIRC, ANMI said “The 21st century capital market stakeholders and investors are heavily dependent on technology. The last decade has thrown up major global challenges which require a concerted response from our industry for effective solution. Latest technology adoption is the answer to our business worries. We have been fortunate to have the support and guidance of technology experts and capital market participants to make StockTech 2021 a possibility in the given pandemic-climate. It has been and always will be ANMI’s endeavour to provide the stock broking industry the roadmap to achieve sustainable growth”.
The StockTech annual event is India’s largest gathering of the entire financial market technology ecosystem. It was attended by 31 top fin-tech exhibitors, vendors, Stock brokers, and most of the major industry stakeholders and influencers.
Speaking at the event, Shri Ashish Kumar Chauhan, MD & CEO, BSE Said “We congratulate ANMI for organizing technology event for the broking community successfully year after year”
This symposium provides an opportunity for leading technology players operating in this segment to showcase their innovations and global expertise in meeting the requirements of India’s broking industry.
About ANMI
Association of National Exchanges Members of India (ANMI) is an association comprising around 900 Stock Brokers from across the country who are members of National Stock Exchange of India Limited, The Bombay Stock Exchange, Multi Commodity Exchange and other exchanges having national presence. The basic objective of ANMI is to work for the growth of the capital markets thus contributing to the economic development of the country and the overall interest of investors and its members at large by becoming a medium between regulator, exchanges and participants. ANMI is also a member of the International Council of Securities Association (ICSA).
This news was shared to Prittle Prattle News via press release.
