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Motilal Oswal Securities is bullish on online trading for future growth of its business. The company’s online trading turnover grew 65 per cent in 18 months ending FY16.
Accordingly, online trading as percentage of total turnover more than doubled and formed 39 per cent in the same period.
“The main reason for a steep growth was our focus on technology to deliver a superior digital experience to our customer. This has happened when the overall turnover at the industry level has been more or less been flat,” Ajay Menon, MD & CEO — Broking and Distribution, Motilal Oswal Securities, said.
He expects a similar growth in the next 2-3 years and expects it touch 60 per cent of total turnover.
Share of online trading for the industry has gone up from 28 per cent of retail market turnover in FY08 to almost 53 per cent in FY2016.
The company currently has over 160 people in its IT team and the same will be 200 by FY17-end. The company believes it has created a sizeable support team for its online trading platform. The company’s IT spending jumped 50 per cent and formed 8-10 per cent of its broking revenues in FY16. It sees IT spending growing 25 per cent in FY17 and the same is seen touching 12-14 per cent of revenues in the next three years.
“We plan to introduce new things such as customised experience to clients, pre-packaged productised advice, robo-advisory models to retail clients,” ,” said Arun Chaudhry, Vice-President — Online Business & Product Development.
India’s leading brokerage firm and has been in the field for many decades recently introduced first completely paperless e-KYC and instant trading + demat account facility in 15 minutes. This along with a completely revamped website a year back makes Menon confident about online business. Smart Watch App
The company also launched India’s first Smart Watch App to enable its customers get access on the latest market updates, open positions update and check their portfolio and net worth on their wrists. Its app-based trading platform is successfully running since last two years.
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