Digital interfaces and now 5G have enabled businesses across industries to democratise most services and commerce even at the grassroots level. Online investing and trading is an exemplary testament to the power of digital. However, for fintechs, relying on GenAI insights alone might not be an effective approach, highlights Kishore Kumar J, CEO, Tradejini in an exclusive conversation with Express Computer. He further shares his views on technology advancements at Tradejini, the implications of GenAI on fintechs, and his future outlook.
What innovations has Tradejini brought to the fintech space, recently? How do you envision their impact on your business and clientele?
We have invested in R&D on AI/ML, design trends, and trading ecosystems globally. We have launched advanced mobile and web trading platforms with exclusive features and customisation to enhance the customer experience.
Our new eKYC platform streamlines customer onboarding and internal processes. We focus on marketing automation for better customer engagement, as it will make it more efficient, both in trading and internal processes.
Our cloud security system implements IAM policies with multi-factor authentication and minimal access security groups, along with VPNs that will ensure secure communication between on-premise and cloud environments.
For us, data security is paramount, with strong encryption, access controls, and periodic audits. It helps in preventing any unauthorised access. In trading, we use encryption, multi-factor authentication, and secure APIs to protect sensitive data and mitigate attacks. Infrastructure-level measures like firewalls and continuous patching address vulnerabilities, and regular assessments like VAPT ensure ongoing security.
One of Tradejini’s goals is to minimize the cost of transactions to maximize profits. How far have you achieved this? How technology solutions have contributed to achieving your goal?
Tradejini prioritises minimizing transaction costs to ethically optimise our client’s long-term profits. Firstly, opening an account with us is free of cost. After that, we charge a maximum of ₹20 per order placed, whether it be for delivery, options, futures, or intraday trading. There are no other hidden charges associated when using our services.
Furthermore, we have created tools for our traders on the CubePlus app that complement their trading approaches and styles. This further shows that we have created cutting-edge technological solutions to offer the most effective and reasonable broking service.
AI-based tools are being widely adopted in the fintech space, especially to predict market trends. What’s your take on this practice? How effectively or accurately have these trends helped fintechs prosper?
AI-based prediction tools in fintech can analyse vast amounts of data to identify patterns and potentially forecast market movements. This can be valuable for informed decision-making by both fintechs and investors.
However, market trends are inherently complex and influenced by unforeseen events, thus, the accuracy of these tools depends on the quality and completeness of the data they are trained on. I feel fintechs that utilise it effectively should combine its insights with traditional analysis and a healthy dose of scepticism for efficient outcomes.
How Tradejini is leveraging or planning to leverage GenAI-based tools in its offerings?
It is evident that generative AI (GenAI) has leveled the playing field and every industry is racing to adopt and benefit from GenAI. These days, discount brokers are adding Robo-Advisory, Algorithmic Trading, and sometimes even predictive modeling for portfolio management to their list of services. At Tradejini, we are also making significant progress in providing our customers with industry-leading AI tools to enhance their trading experience.
In addition to the financial aspects of the business, we also intend to use AI models in our regulatory and compliance departments. This includes using them to detect fraudulent activity related to suspicious trading activities and unauthorised access attempts.
To promptly handle customer complaints, our tech team has already deployed chatbots and other AI-enabled customer support measures. By using AI for such tasks, manpower costs can be greatly decreased, overall query resolution can be improved, and efficiency and customer focus can be increased.
We are also rapidly working to bring in AI sales representatives and AI content creation tools in the future.
In your opinion, how emerging technologies are reshaping the fintech industry? Any best practices you would like to share for smaller fintechs to ride the wave of digitalisation and reap maximum out of it?
When Tradejini was first founded, all of our operations relied on a ton of paper records, in-person meetings, and documentation. However, thanks to the quick advancement of technology, things have changed. Coming from traditional trading days, it is amazing to see everything can be done in the palm of our hands. I believe technology has the power to completely transform the way we view and conduct business.
My years of experience in the industry have made me realise that the right way forward is to invest heavily in technology and be a tech-driven stock broker. The one advice I would like to share is to have faith in the technology and trust the process.
Often, people frequently expect a sudden and significant rise in sales, clientele, and popularity; however, the benefits and outcomes will take time to materialise but will undoubtedly be well worth the investment.
Do you feel that, at present, digital literacy has become a basic requirement for people to invest effectively? Does this pose a challenge for people from rural or remote areas?
Absolutely. Digital literacy is rapidly becoming essential for effective investing. Online platforms rule the investment world. They provide access to a wider range of investment options and real-time market information, but navigating these requires digital fluency. Researching investments, understanding online tools, and recognising online scams, all demand digital literacy.
This creates a significant challenge for people in rural or remote areas. Limited internet access and lower levels of digital skills can leave them at a disadvantage. Initiatives promoting digital literacy and ensuring broader internet access are crucial to bridge this gap and empower everyone to participate in the investment landscape.
What are your plans and outlook for the year ahead?
We are optimistic about Tradejini becoming a pioneering trading platform renowned for its outstanding features, especially our CubePlus app. We are continuously investing in upgrading our app to provide a more user-friendly and efficient experience.
We will capitalise on our core strengths, such as our experienced team, diverse investment products, and competitive fee.
We still have a lot of room to grow because we are dedicated to utilising financial technology advancements. Hence, I think we will eventually gain our position in the market.
Furthermore, we are creating a website, Jiniversity, which will provide free educational information about finance and the stock market for anyone who is interested in learning.