Stock brokers have invested in technology during the Covid pandemic: ANMI
Chennai: A survey conducted by the Association of National Exchanges Members of India (ANMI) found that 92.6% of stockbrokers increased their spending on technology during the Covid-19 pandemic.
According to ANMI’s StockTech survey released on Friday, 41% of stockbrokers have increased their technology spending by more than 20% over the past two years.
Additionally, 39% of stockbrokers increased their budget to meet technology requirements year-over-year, up from 26.2% of brokers in 2018.
About 61% of brokerages are now increasing their budget for technology “as needed,” up from 71.4% in 2018.
In addition, technology was the main topic of discussion at board meetings of about 66% of stockbrokers surveyed, ANMI said.
According to the analysis, back office software was the most invested (78%) by stockbrokers, followed by front office at 73.17% and Algos at 68.29%.
“The changing fintech landscape has gained momentum due to the pandemic. Today, most capital market entities have largely integrated technology into their business model. The shift from offline to online transactions has helped the financial economy, including the brokerage industry, to survive in these difficult times,” said Kamlesh Shroff, Manager and Director of ANMI.
ANMI is an association comprising about 900 stockbrokers across the country who are members of National Stock Exchange of India Limited, Bombay Stock Exchange, Multi Commodity Exchange and other stock exchanges with national presence.