Business

SSL eyes millennials for online brokering system

BY RICHARD BROWNE
Business editor
browner@jamaicaobserver.com

Friday, June 14, 2019

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Brokerage house Stocks and Securities Limited (SSL) has invested more than US$1 million ($130 million) in upgrading its system to allow customers the freedom to trade easily in both the overseas and local stock markets.

“Now you can buy and sell straight from your phone, laptop or ipad,” said Adrian Smith SSL head of sales in an interview with the Jamaica Observer. The new system would remove the middleman, allowing the client direct access to pick his price and act swiftly. There will be no additional cost for the client.

The new SSL Live system launches today, having been in soft launch from earlier this month, and it's aimed particularly at millennials, who are quick to try out new technology. Some 200 clients were hand-picked to test the new system, with 110 of them becoming active users. Many of that group were millenials, who were quick to offer criticisms and approvals, helping the company to tweak the system.

The new system “will be a culture change”, Smith said, giving the clients much more control and allowng them to be self-sufficient. But he predicted “one year from now its going to be the norm,” as many other brokers are following suit.

Prospero, the Swiss company behind the technology, also improved other areas of SSL, including auditing and Know Your Customer abilities.

Training will be a key component of the move to the new system and Smith told the Caribbean Business Report that it was important for users to aquaint themselves with the new technology by viewing training videos on the site.

“I encourage everyone to view the videos before jumping in,” Smith said.

Meanwhile, a customer care team will be on hand to answer any questions, and SSL staff will work with customers to ensure that they are up to speed, he said.

SSL claims that although many brokerages are moving to similar fintech systems, SSL is the first to offer both overseas and local trading abilities.

Smith demonstrated how customers can use their cell- phone to easily view their portfolios, and various breakdowns of it, such as by sector.

The speed with which a customer will now be able to complete a trade is one of the key advantages to the system, allowing a customer to perform a trade himself, at the price he desires, without waiting on the actions of others.

The end result will be greater self-sufficeincy for investors. Smith acknowledges that some older customers may well want to retain the personal touch currently offered by SSL, but he anticipates that millennials will appreciate the greater investment freedom offered by the service.

As a result of the self-sufficeincy aspect, some SSL staff will now be moved to new departments. In addition, the company will be churning out greater amounts of advice in weekly stock tips and monthly e-mails, helping investors to keep on top of the latest developments and trends in the market.

Prospero, the Swiss develper, has been working with SSL for more than a year on designing SSL Live and has sent four or five teams over to both develop the system and transfer knowledge to the SSL team.


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