Exchanges deploy apps, platforms & chatbots
Volume, business and trade grow:
The first stock ticker was invented by Edward A. Calahan in 1867. Since then, a lot of technological advancements have changed the way exchanges operate. National Stock Exchange of India (NSE) has recently launched India’s first web-based platform and new mobile app ‘NSE goBID’ for retail investors to buy government securities.
CONVENIENT, COST EFFECTIVE
The ‘NSE goBID’ app is being made available to all the registered investors with NSE’s trading members. It will allow retail investors to make payment directly from their bank accounts using the UPI and internet banking. While retail investors will benefit from a convenient payment option, its cost effectiveness will appeal to trading members of NSE as the cost associated for setting up infrastructure is much lower than the existing platform. The ‘NSE goBID’ platform will handle order collection, payment and refund, which is currently required to be managed by trading members. It will facilitate trading members in acquiring new retail investors.
Ajay Tyagi, chairman, SEBI, says the launch of the web and mobile app for investing in government securities is an important milestone at a time when India is seeing surge in digital payments. “It is necessary to extend this technology for improving the penetration of the capital markets. The retail participation in government securities only started after SEBI allowed exchanges to set up non-competitive bidding platforms by exchanges,” he adds.
Hari K., chief business officer, NSE, says mobile trading on NSE is 8% of its total volume in cash market. Similarly, internetbased trading is 15% of volume. They are proving to be game changer, says he.
BSE app: MILLION USERS
The Bombay Stock Exchange’s mobile application ‘BSEIndia’, launched way back in August 2013, helps investors to keep track on markets on a real time basis. It facilitates investors a direct access to all the BSE indices. This application also allows investors to keep track of the stock price movement at any given time of the day along with information on the top gainers, losers and turnover. The app is available to investors from Google Play and Windows stores. Yatin Padia, head, corporate communication/ investor relations, says the toal download of the app as on 3 December 2018 is more than one million. The app and BSE website are now available in multiple languages.
STaR MF’S pROCESS RECORD
BSE runs the mutual fund trading platform - BSE StAR MF - the largest MF distributor platform in India. BSE StAR MF has processed nearly 13.9 million transactions in 2018-19. It is seeing 17% month on month growth. All mutual fund investors/ distributors/ registered investment advisers and users can download BSE StAR MF mobile app (beta release) from Google Playstore. The platform, originally launched in December 2009, now provides a range of services for easy transactions and seamless order flow for AMCs. Says Padia: “BSE StAR MF is a browser based front end. Its architecture provides scalable operation and flexible deployment options while ensuring data integrity for improved performance. The system uses ASP.NET as browser based front-end and RDBMS as the back-end database.”
aSK MOTaBHaI: CHaTBOT
BSE in partnership with Microsoft and Shephertz has launched ‘Ask Motabhai’, an AI-based chatbot in August 2018. It provides on-demand data and information from the stock exchange’s website. It can have a text-based conversation with the user and mine the BSE website to give customized information. Padia says the chatbot has been built using the Microsoft Bot Framework, Cognitive Services, QnA Maker and Language Understanding Intelligent Service on Microsoft Azure cloud.
The chatbot is significant initiative in BSE’s endeavor to create a seamless customer experience. In addition to stock prices and corporate news, visitors to the BSE website look for information on various financial instruments like mutual funds, derivatives and IPOs. The chatbot, says Padia, is programmed to address market related queries, like ‘what are the new IPOs? and which stocks are trading at their 52-week high?’, in addition to the capability to address queries related to corporate actions and a stock’s price.
SOCIaL MEDIa UpDaTES
BSE has tied up with Sentifi, a Swiss company and leader in algorithm-based analyses and reporting, for social media updates of 40,000 listed stocks globally. The information, made available on BSE website in near real time, includes ranking of the most talked about stocks, the market attention to stocks from global voices in news and social media, in tweets, news and blogs. Padia explains: “This helps investors/ readers to steer away from information overflow and listen to the most influential persons and organizations online. Using machine learning and deep learning algorithms, every source is classified and scored and every message is converted to financial context. Insights are generated and visualized through widgets.”
Ajay Tyagi, Chairman, Sebi and J Ravichandran, Group President, NSE at the bell-ringing ceremony, to mark the launch of ‘NSE goBID’