Many Millennials are forgoing face-to-face interaction with financial advisors in lieu of apps that could potentially do the same thing. Young people gravitating to financial apps and technologies have created a burgeoning industry – FinTech. FinTech means financial technology, with the industry representing all the software and apps that bridge Millennials with financial competency.
Experts remark that slow-moving companies and financial advisors need to be cognizant of this shift.
Even though the economic realities of Millennials aren’t particularly bright at times, these millennials are still projected to inherit trillions in the next couple of years. Financial advisors who are not aware of the importance of mobile apps are missing out.
People sometimes have disparaging remarks about Millennials, but one thing is for sure: Millennials are hyper-connected to the World Wide Web. This has fostered future clients who are in the know.
Financial Apps Make Sense To Millennials
Financial issues that once required a call to financial advisors are now delegated to apps. These apps are not only able to answer common questions, but are quickly becoming mainstays in the financial life of many young adults.
Not only can they rely on these apps for up-to-date information, but they are empowered in such a way that they could invest, fund, and make financial decisions without the advice of a third party.
How Can Those Who Work in Finance Stay up to Date?
No one cares that your landline phones are open on business days. Millennials want apps, allowing them to tap into information whenever they want. This savvy generation wants to invest and keep up with portfolio analysis right on their smartphones.
Accessibility should be emphasized if you want to not only attract young investors, but also retain them.
Digital mobile offerings and financial advisors that are accessible by a mobile interface have the potential to secure a piece of the $2 trillion sales opportunity of this demographic.
Watch this video for more information about financial apps for your Android Phone.
Featured Image: Screenshot Via YouTube Video.
