The present generation is native to the digital world especially the Y and Z generations because they had grown up when the technology was developing. So, millennials and Z generations are getting exposed to technology from their early years and they adopted it as a part of their lives. So, technology is an important part of their financial journey.
Millennials use Fintech technology to improve their finances because these are innovative products that satisfy millennials’ needs. Fintech offers straightforward, easy-to-use and mobile-friendly digital experiences that make it easy to access financial services anytime and anywhere.
In fact, digitisation in India accelerated at a faster pace post demonetisation and dematerialisation of stocks by SEBI. After these things, we have seen a surge in the number of Fintech companies in India.
The traditional way of investing involves filling physical application forms, depositing with cheques and many more physical formalities which got hit badly last year due to nationwide lockdown. Many older investors struggled to complete their targetted investments and faced many difficulties, while tech-savvy millennials continued their investment journey uninterrupted through digital mode.
Fintech companies are successful in reaching out to a wide range of audiences. Previously, people used to hesitate to invest in financial markets, but now, even younger people are attracted to invest in financial markets only because of Fintech companies. Today, millennials are not only interested in spending but also gives due importance to savings as well.
Fintech companies have great opportunities to grow themselves in India. And it is rightly said that With great opportunity comes great responsibility. So, Fintech companies also have a great responsibility to focus on financial literacy among their customers and also make them aware of the risks they are exposed to while investing. To become a reliable brand among people, companies need to provide seamless customer journeys, backed with efficient customer support.
Fintech made it easy for millennials to learn more about financial products and services which companies offer and also made it easy for them to invest in a range of equity, debt, mutual funds, insurance and hybrid instruments all at the click of a button. All these facilities and innovations made it easy for them to get into the habit of investment and also putting them in charge of their finances early in their lives.