Why Stock Brokers Should Adopt Technology
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Kaushlendra Singh Sengar, Founder of Advisorymandi.com, shares why adopting technology is the need of the hour for the stock broking industry that can be filled by technology.
Challenges in the Industry
Sengar says that stock broking industry is struggling as retail participation is plummeting. He also points out the biggest reason for the same, "Brokers are not using technology in the right way to increase the market size."
Another reason why there is a slump in the industry is because the KYC software that brokers are using as per Securities and Exchange Board of India (SEBI) compliances for client onboarding takes a lot of time to process which increases the drop rate of users. He says, "Client on-boarding should not ideally take more than 30 seconds."
Making it a Seamless Process
It is essential to adopt latest technologies like machine learning, artificial intelligence, data science and deep learning to improve user experience. "These technologies will improve user experience and user interface."
He also added that technology will help making investments in stocks as easy as online shopping.