Digital technology has gained momentum since the demonetization of 2016. As a result, many startups such as Paytm, PhonePe, Bharat Pay (Bharat Pay) have now taken the form of large corporations.
Angel Broking CGO Prabhakar Tiwari for News18 has shared through research from Tech Innovation of Digital-first platforms how large-scale opportunities exist in this area. Tiwari explains that Gene Z, the generation born after 2000, and millennials (people born between 1980 and 2000) are known for being tech savvy.
So be it brokers, insurance companies, fintechs, digital payment gateways and so on. Everyone wants to take advantage of this new opportunity. What is special is that to simplify this type of service, resources need to be invested to integrate new technology. If you focus here, you will get success Digital platforms, created by financial services companies, learn from popular social media apps to attract advertisers and customers.
The idea is to create platforms that can become one-stop financial solution tools that can become an attractive alternative to existing and legacy systems. You can achieve success by focusing on this. In fact, young people cannot even imagine lining up to withdraw money, hand out checks and go to banks to make their decisions. They like to manage their accounts from afar. With a large number of new stock market investors from Tier II and III cities, most of which are Gene Z and Millennials, even brokers have decided to cut costs and ease onboarding.
The common perception in 2021 is that app users would like to perform all their favorite tasks on one platform, where they can form information, data, groups, exchange media, etc. at the same time. Businesses and brands today know that average users spend more time on their smartphones and mobile apps than they do on TVs and PCs. This is also true for financial planning as people now strive to multitask and make decisions on a large scale regarding wealth.
AI, machine learning, data analytics and many other technology support If you look at it from above you will feel that it is a simple work related to financial allocation. However, if you look at the ubiquity, the simplicity and innovation of technology is lost. By integrating AI, machine learning, data analytics and many other technologies, fintechs help financial firms provide state-of-the-art solutions for every aspect of the value chain. Today, a customer’s choice is tracked, analyzed, and recommendations are made, all developed by knowing how to interpret this data and by presenting the reasons why the customer needs it most. Happened. In addition, AI-powered chatbots can solve customer problems and provide human responses to processes, keeping them free from human error.
Traditional procedures of financial institutions and other service providers include many copies of paperwork, long waiting times and delays for other reasons.
But compared to this, digital platforms provide users with a great experience. It takes no time or paperwork. First, teams of experts and technical professionals design human-centered interfaces so that even the least digitally literate can easily use the functions of these applications. User-friendly layout and fast functions have been developed to work perfectly on all types of smartphones.
Decision-making and the role of digital technology in millennials Millennials today can invest in physical commodities such as gold in the form of gold ETFs. They don’t have to go to goldsmiths or banks to acquire properties.
They can only buy gold for just one gram from the digital payment gateway, which also offers services such as stock investing, mutual funds, etc.,
because they understand that young investors are interested in early investments. New digital brokerages also provide virtual trading features, literature and learning materials about the financial markets and the economy behind them, and all can be optimized by clients while trading or trades.