Brokers must 'act and think' like fintechs

Firms are facing intense competition as more retail customers turn to self-directed online trading; this calls for change in mindset to stay relevant, says Phillip Securities managing director

Published Mon, Feb 8, 2021 · 05:50 AM

Brokerages

Singapore

SINGAPORE'S traditional retail broking business has been facing intense competition in recent years as more retail customers turn to self-directed online trading with the emergence of discount brokers.

Luke Lim, managing director at Phillip Securities, brokerage and wealth management arm of PhillipCapital, said brokers that want to remain relevant will have to start "thinking and acting like a fintech". This entails taking a technology-driven approach with a focus on optimising operations and meeting customers' needs.