Chennai: A survey conducted by the Association of National Exchanges Members of India (ANMI) has found that 92.6 per cent of stock brokers increased their expenditure on technology during the Covid-19 pandemic.
According to ANMI’s StockTech survey that was released on Friday, 41 per cent of stock brokers increased their technological expenses by more than 20 per cent in the past two years.
Moreover, 39 per cent of stock brokers bumped up the budget to meet technological requirements on a year-on-year basis compared to 26.2 per cent brokers in 2018.
Approximately, 61 per cent of the stock broking organisations today increase their budget for technology ‘as and when required’ against 71.4 per cent in 2018.
Further, technology was the main discussion point at the boardroom meetings of about 66 per cent stockbrokers surveyed, said ANMI.
As per the analysis, back office software was found to be invested in the most (78 per cent) by stock brokers, followed by the front office at 73.17 per cent and Algos at 68.29 per cent.
“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,” said Kamlesh Shroff, Convenor and Director, ANMI.
The ANMI is an association comprising around 900 stock brokers from across the country who are members of the National Stock Exchange of India Limited, the Bombay Stock Exchange, the Multi Commodity Exchange and other exchanges having national presence.