New Delhi. Digital technology has gained momentum since the 2016 demonetisation. As a result, many startups like Paytm, PhonePe, Bharat Pay have now taken the form of big companies. For News18, Angel Broking CGO Prabhakar Tiwari has explained through research on tech innovations of digital-first platforms how there are huge opportunities in this sector.
Tiwari explains that Generation Z, i.e. the generation born after the year 2000 and millennials (people born between 1980 and 2000) are known to be tech-savvy. Hence, be it brokerage houses, insurance companies, fintech, digital payment gateways, and so on, everyone wants to capitalise on this new opportunity. The special thing is that to simplify such services, investment of resources is needed to integrate new technology.
If you focus here, you will get success
Digital platforms created by financial service providers are taking a cue from popular social media apps in terms of attracting advertisers and customers. The idea is to create platforms that can become one-stop financial solution tools that can become an attractive alternative to the existing and outdated systems. Focusing on this can bring you success. In fact, the youth cannot even imagine standing in line to withdraw cash, deliver cheques and go to banks to take their decisions. They prefer to manage their accounts from a distance. With a large number of new stock market investors from Tier II and III cities, most of whom are Gen Z and millennials, even brokerages have decided to reduce costs and ease onboarding.
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The key to success is to have all options in one place
The common wisdom in 2021 is that app users prefer to perform all their favorite tasks on a single platform where they can share information, data, form groups, exchange media, etc. all at once. Companies and brands today know that the average user is spending more time on their smartphones and mobile apps than on TVs and personal computers. This is also true for financial planning, as people now desire multitasking and make large money-related decisions from a distance.
Help of AI, machine learning, data analytics, and many other technologies
On the surface, you might think it is some simple task related to financial allocation. However, when you look at the bigger picture, the simplicity and innovation of the technology is lost. Integrating AI, machine learning, data analytics, and many other technologies, FinTech is helping financial companies with cutting-edge solutions for every aspect of the value chain. Today, a customer’s preferences are tracked, analyzed, and recommendations are made, all due to the evolving nature of knowing how to interpret this data and present what the customer needs the most. Moreover, AI-powered chatbots can resolve customer issues and provide human-like responses while keeping the processes free from human errors.
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Earlier there were delays due to paperwork, long waiting period and other reasons
The traditional processes of financial institutions and other service providers involved multiple copies of paperwork, long waiting periods and delays due to other reasons. In comparison, digital platforms offer a seamless user experience. Neither time consuming nor paperwork. Firstly, teams of experts and technical professionals design human-centred interfaces so that even people with minimal digital literacy can use the features of these applications easily. The user-friendly layout and quick functions are developed to work perfectly on all types of smartphones.
Decision making and the role of digital among millennials
Millennials today can invest in a physical commodity like gold in the form of gold ETFs. They neither have to go to goldsmiths nor banks to acquire the asset. They can simply buy gold in as little as one gram on digital payment gateways, which are also offering services like stock investments, mutual funds, etc., as they understand the young investors’ interest in early investing. New-age digital brokerages are also providing virtual trading features, literature and learning material about financial markets and the economics behind them, all of which can be used by customers to optimize their trading or transactions.
Tags: Digital Platforms, Indian Startups, Startup Idea
FIRST PUBLISHED : April 9, 2021, 14:08 IST