Millennials tend to be more accepting of newer ideas and concepts; so no surprise then that there has been an increasing acceptance of mutual funds amongst them.
As pointed by a study, India has at least 400 million of the millennial population. Besides, a minimum of 40% of the total workforce is believed to be from this generation.
In fact, CAMS report shows that millennials constituted 47% of the total new investor base in 2019. The report also suggests that they prefer the convenience of digital transactions.
Let us look at some common traits of this generation:
Tech-savvy
Generation Y is well-informed about modern technology and its uses. Smartphones, laptops and other gadgets have become an integral part of their lives. This generation loves to shop, do research and even invest by way of a few clicks or swipes.
Social media presence
Social media has a remarkable influence on a larger number of millennials. Their choices are typically influenced by the people they follow on Instagram and Twitter amongst others.
Solution-oriented
Generation Y prefers tailor-made products. Customized solutions make them feel valued and cared for.
Dealing with the millennials
The virtual route
Millennials have transitioned from the conventional model to new-age technology. Grabbing their attention through conventional advertisement may be difficult. From making enquiries to selecting the investment avenues, they prefer the online mode. Small measures like a dedicated web page, mobile app, chatbots, social media pages, make accessibility to the millennials easier. Going paperless is the key to acquiring these tech-savvy consumers.
After-sales support
Millennials expect quick and hassle-free after-sales experiences. These services may include assigning a designated RM to the investor, providing easy access to the portfolio and supporting real-time transactions.
E-engagement
The millennials enjoy keeping abreast of the latest updates. Keeping them engaged through webinars, online content or relevant news flash keeps you connected with them. You can also look at creating content that can explain to them technical jargons in layman language.
Conclusion
Millennials are in the search for quick and seamless processes. MFDs must take the support of the new-age technologies for establishing efficient dealings with this generation.
Meta tags: Millennials, mutual funds, social media, generation Y
