What is the Importance of Fintech and Discount Brokers
Fintech is the combination of finance and technology. Fintech involves the use of technology in the financial sector to make the changes towards automation of tasks. Many tasks that were manually performed are now made easy with the help of Fintech. Many tasks that used to take days can now be performed within few hours or in a day only.
Stock market has been benefited a lot with the advent of Fintech. There are many areas and fields where Fintech has turned out to be advantageous but stock market has been benefited the most. Many Discount brokers have been benefited as they are able to offer a platform where the customers/ investors can trade. Discount brokers are the middle party that place all the trades on client behalf but is not responsible to provide a portfolio analysis or trade related suggestions. Some of the best Discount broker in India have implemented Fintech and have grown a lot in just few years. The advantages of fintech to discount brokers are:
- Automation: Fintech has helped the discount brokers in making all their work automated. Every task can be performed online and the data too gets saved in the database of the program.
- Fast trade placing: The trades get placed as soon as the order is place by the investor. There are many trades that get placed at a single time but with the help of Fintech it is quiet easy for discount brokers to execute the trade as soon as it gets placed.
- Faster cycle: With the help of automation the tasks that used to be completed in few days or weeks, now finishes within few hours. This has made the cycle faster and convenient.
- Digitalization: All the payments of the stocks and other orders that gets placed is done through digitalization. All this can be done just by sitting at home and there is no need to contact the bank.
- Customer satisfaction: Customer satisfaction is natural as they can calculate their profit and loss and easy to understand interface. The interface can be designed and then implemented in such a way that any layman who is using this application for the first time also understands how to use it. Also it has helped in increasing profits by reducing cost. This has also lead to customer/ investors being satisfied.
- Providing other services: Fintech has helped discount brokers in providing other services as well like providing technical tools and charts. Other than that there is an inbuilt calculator that calculates the overall profit and loss for the investor portfolio. Also the daily gain/ Loss can also be known by investor. There are every types of chart that is available on the interface which makes it easy for people to analyze their portfolio and individual stock movements.
All the discount brokers in India have seen a rapid increase in customer base and customer satisfaction. Their own profits have increased and they are making improvements day by day to provide better services.