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What can millennials expect from trading apps?

One of the driving forces for the shift in trading preferences towards online, mobile app-based, and discount broking has been the sharp rise in the number of millennials participating in the stock markets. In a way, the trading technology that has evolved in the last few years has been largely in sync with what the millennials look for. That is also likely to drive the growth of trading technology going ahead. Let us look at four such factors:

Speed and efficiency

In the last few years, one of the big changes in trading technology has been the speed of execution and the efficiency of managing client experience. The combination of better broadband connectivity and sophisticated smart phones at reasonable prices led to the proliferation of app-based trading in India. The millennial population has been the one to latch on to this trend the quickest. It is not just about speed but also about efficiency. The seamless integration of trading platforms with your financial plan, the call to action approach from trading ideas have all made the process of trading a lot more efficient.

Control at all steps

In a way, the millennial generation is full of control freaks. They may not be control freaks in the traditional sense of the term but they prefer to understand the entire process and focus on transparency. No longer are the millennials comfortable calling up the dealers and leaving the discretion to them. Trading technology has evolved so as to give the millennial full control over the entire value chain—from making your plan to deciding your trade based on hard data to executing the trade in the best possible manner. At each stage, the trader has full and final control; something that has gone down well with the millennial trader.

Simple and Seamless

Trading technology has evolved not with the power of complexity but with the power of simplicity. The millennial is not impressed with complex navigation and unwieldy process flows. The new age trading technology has evolved as to put simplicity and logic at the forefront. The millennial trader is a lot more demanding and has lower tolerance levels. Their span of attention is low and the millennial is not too touchy about changing platforms. That is why the User Experience and User Interface have got to be simple with seamless logic woven into each step. As the saying on the internet goes, “It is all about going from anywhere to anywhere in 3 clicks.”

Advanced technologies

Let us understand the subtle difference here. Advanced technology does not mean complexity. It is more about adapting the latest technologies and advances in computing to give the customer a better value proposition. For example: use of Artificial Intelligence for making routine activities more intelligent is a great advantage. Similarly, the use of machine learning and big data in helping customer shortlist the best stocks and screen them on objective criteria is another major thrust. The millennial trader is more than willing to adapt trading strategy to the use of such tools. Some of these technologies like AI, machine learning and big data have just about taken off and the value add could be huge in the coming years. That is what the millennial wants and that is the direction in which trading technology needs to evolve.

Categories: Outlook