In the past 2 years, the stockbroking industry has seen the most opportunities and growth. It also has seen many old brokers winding their businesses up.
They could not compete with the discount brokers whose reach appealed more to the newcomers.
Lately, new Mutual Fund accounts and trading accounts grew by a huge margin, primarily driven by the millennial, tech-savvy investors, many existing brokers could not ride that wave. Lack of technology adoption was one of the major reasons for it.
But it will be unfair to say they did not understand the value of digitization. Most brokers we spoke to simply did not have the technical know-how to build these digital platforms, and they did not have access to a reliable IT partner who can build and run such solutions for them.
In other words, while they saw digitization as crucial, they did not want to divert into running IT verticals.
How we can help stock brokers digitize their business
Take our plug-and-play Mutual Fund solution. It allows brokers to provide mutual fund facilities to their customers seamlessly. They can perform KYC, bank account verifications, pay, subscribe to new funds, switch, redeem their funds etc.
Onboarding new customers for trading accounts can be also be integrated seamlessly through our solutions.
For one of our customers, we also built a custom mobile application that allows their customers to get news about stocks of their choice. Behind the scenes, an artificially intelligent system is able to judge the relevance level of a news item for a customer. Click here to find it on Play Store.
We were able to provide all these solutions as a fully managed service so brokers can continue to focus on their core business.
Want to know more? Get in touch with us at email@example.com.