Get to Know Stockbit Stock Analysis Platform

Last week had informed that local stock analysis platform stockbit just got seed funding from Ideosource which will be dedicated to mobile application development, recruiting new talent, and market expansion. Founded by Wellson Lo and Johny Susanto, the Stockbit platform has a mission to produce analytical results that help investors and traders make the best decisions for issuers listed on the Indonesia Stock Exchange (IDX). DailySocial conducted an interview with Stockbit CEO Wellson Lo to dig deeper into the service.

The motivation for the birth of Stockbit

Wellson said that he first met Johny, who is now the CTO and Co-Founder of Stockbit, by accident while still in Melbourne in 2006, at a sporting event held by Indonesians in Australia. At that time Wellson and Johny were both still students and had the idea to create a startup company, but at that time nothing was executed properly. However, they did not collaborate directly. In 2007 they were separated after Wellson chose to start his career in Singapore as an auditor at KPMG Singapore, while Johny remained in Australia working in the IT world.

In 2012, when the startup trend was booming in Indonesia, Wellson met Johnny again. Apart from technology, Wellson and Johny also have an interest in the financial sector and they see an issue in the Indonesian capital market. There is a huge information gap between retail and institutional investors. Information is not widely available. It is quite difficult to follow information because it is spread across various sources, even though the information flow process is not smooth and will result in poor market analysis results.

With the current trend of social media already starting to develop, Wellson and Johny thought of harnessing this social power to bridge the gap. Social media is thought to help facilitate better connections to gather information from people, news and reports in one place and update automatically.

Wellson and Johny assessed that at that time the stock market in Indonesia was still less efficient, like emerging markets in general. Lack of availability of data and education in this area is its weakness. New investors are also difficult to attract. In response to this situation, Wellson said that the platform he established would provide a solution to the issue.

Wellson says:

"We believe having an online analytics platform coupled with quality data will help educate the market through better collaborative analytics. With good tools and community support, we believe that Stockbit has the potential to revitalize the industry in the long term. Stockbit is built on with a vision to be an integrated platform, to make it easier for people to grow in the stock market in one place."

Stockbit has four main features

Broadly speaking Stockbit can be defined as an integrated stock analysis platform to help investors better understand the stock market and reduce the risk of failure. The service that is packaged in a premium subscription system consists of 4 main services, namely Social, Analytics, Stock Screener, and Chartbit.

Social

Sebagai analytics and social platforms, social features are a crucial part of Stockbit. Social allows users to analyze and discuss the latest news online real-time. In this feature Stockbit provides news aggregator facilities related to local stocks from trusted sources, such as from Bisnis Indonesia, BeritaSatu, and Kontan. All news presented in one timeline.

In social features Stockbit strives to pamper users with a wealth of data. Company reports as the most important part of stock analysis are provided for easy access through social features. Even for companies that havefollow, periodic reports will be sent automatically to users when there is an update.

Analytics

With the exact ingredients applied in Back-endplatform, Stockbit strives to present strong and innovative stock analysis results to be used as a basis for user information with quality data accuracy. The analytics platform is also capable of performing cross-company performance comparisons by displaying historical achievements in a dynamic table visualization.

While users can also get related data for free through services such as Yahoo Finance, Stockbit strives to provide better detail by providing data along with historical averages to help users visualize whether the stock is undervalued or overvalued based on historical data.

Some other information provided in Stockbit's premium service is access to important company statistics, namely access to consensus target analysis documents and calendars that inform corporate actions. In addition, the database is designed to automatically identify company partners to be used for comparative analysis, including combining with industry medians.

Stock Screener

As a supplement for users, Stockbit also provides a screening tool that allows users to create dashboard its own screening based on selected financial metrics and stock information that matches the specified criteria. A pre-defined screeners has also presented an automatic system based on various types of investment strategies. Tool screening methods This is expected to make it easier for users to get investment ideas.

chartbit

A service that allows user analysis to directly real-time stored on a Stockbit cloud storage. This allows users to re-access the formulated analysis anytime and anywhere.

The interaction between users and the community is an important point

Explaining how Stockbit differs from similar services, Wellson says:

"Stockbit is unique not only in terms of features, but also because of our closeness to the community. We believe that localization of content and close relationships with the community is a competitive advantage that we have. Because we believe when you get access to comprehensive tools which also connects you with other merchants so that's a really great user experience."

In Indonesia's online atmosphere, platforms related to the capital market are still relatively new. It is believed that Stockbit will create a lot of space to innovate and simplify the ways people invest in stocks and understand the market. The mobile applications for Android and iOS that will be launched are expected to have a positive impact on users.

To be sure, Stockbit is aiming for the ability to trade live stocks on Stockbit as a key feature of its upcoming update.

"For now we will concentrate fully on the Indonesian market, but we will definitely consider expanding into Southeast Asia, such as Thailand, Malaysia and Singapore," said Wellson in response to Stockbit's market share expansion plan.