March 21, 2024: In a strategic move to disrupt Sri Lanka’s financial market landscape, Softlogic Stockbrokers, the full-service brokerage arm of Softlogic Capital PLC, has launched StockGPT, that has been developed by the in-house tech team of the Group.
StockGPT utilizes cutting-edge artificial intelligence (AI) technologies, including Microsoft Azure OpenAI Service, to give investors, financial analysts and fund managers unprecedented and instant access to real-time, credible information on companies listed on the Colombo Stock Exchange (CSE). StockGPT which can now be accessed through www.stockgpt.lk has been developed to analyze credible and directly-sourced data from annual reports of CSE-listed companies as well as reports relating to the financial sector and tourism sector, that comprise some of the most sought after information given their importance to the national economy.
The inspiration behind StockGPT stems from customer feedback over the years on the limitations of relying solely on stockbroking firms for market research, which impacts the speed and efficiency of investment decision-making. One primary challenge is the potential for information asymmetry, where interested local and foreign investors might receive only partial or selective insights due to limitations in time and resources. Therefore, being able to directly obtain information relating to companies listed on the CSE is a game changer.
With StockGPT, Softlogic Stockbrokers aims to bring a transformative shift in the Sri Lankan financial market, providing greater accessibility for users whenever and wherever they need it. By leveraging AI, StockGPT directly tackles the issues associated with information asymmetry, time constraints, and limited insights in traditional stockbroker interactions. Some of the types of questions you can ask StockGPT include;
- What are the main business segments of X company?
- What is the total installed capacity of X company?
- How much has X company paid in claims during 2022?
- How much is the Dividend Per Share paid by X company in 2023?
- What were the top 5 tourism source markets in 2022?
With further improvements planned for the future, the Application has the potential to be a game changer in the Sri Lankan Capital market as the go to primary knowledge hub for industry participants and clients alike.
Commenting on their latest innovation, Dihan Dedigama, Director/Chief Executive Officer, Softlogic Stockbrokers, stated, “We are proud to introduce StockGPT, a groundbreaking initiative that stems from our commitment to addressing the challenges faced by investors relying solely on traditional stockbroker interactions. Through StockGPT, we are not just revolutionizing market research but laying the foundation for a more dynamic, efficient, and inclusive financial market landscape in Sri Lanka. This innovative tool empowers investors with credible information, fostering a culture of informed decision-making. By doing so, Softlogic Stockbrokers contributes significantly to the growth and modernization of the nation’s financial sector, ensuring that all stakeholders, regardless of their scale, have the tools they need for success in today’s dynamic investment environment.”
The use of world-class technologies underscores the credibility employed to integrate world-class data security and protection. Using a platform like Microsoft OpenAI further ensures that StockGPT users can trust the platform for reliable and secure market insights. This innovation, guided by company’s dedication to client-centricity, exemplifies our vision for a future where every investor, from seasoned professionals to newcomers, can navigate the financial markets confidently and quickly.
“I am immensely proud of our in-house team at Softlogic Stockbrokers, whose dedication and expertise have driven us to the forefront of modern technology. In pursuing our vision to transform market research and enhance investor experiences, the collective efforts of our team have turned a visionary idea into a tangible reality. StockGPT is a testament to our commitment to innovation and our capability to harness cutting-edge technology to address real world requirements. This accomplishment reflects the strength and capabilities of our in-house talent, who consistently strive to push boundaries and elevate our industry standards,” said Saranga Wijayarathne, Chief Digital Innovation Officer, Softlogic Life.
The company has been making several waves in the financial service sector by introducing industry-first digital solutions to attract new investors. One such initiative was being the pioneers of introducing an online platform where new investors were offered the ability to open their Central Depository System (CDS) accounts on the CSE in under an hour, overcoming the 24-48-hour account opening timeline practiced in the industry. The innovation came from Softlogic being the first in Sri Lanka to onboard over 5,000+ clients through a 100% digital process, placing the company on the path to explosive growth.
Over the past decade, Softlogic Stockbrokers has grown from servicing a handful of retail and institutional investors in their investments in stocks to supporting thousands of local and international clients to expand their wealth. The company also has an award winning research team that constantly studies volatile market situations to produce market insights and support its clients in making the best financial decisions.
Softlogic Stockbrokers Pvt Ltd is a subsidiary of Softlogic Capital PLC and part of the Softlogic Group financial services sector. The Softlogic Group has diversified interests and perhaps the largest consumer base being present in Retail, Healthcare and Financial Services.