Mobile Apps are Taking Over Jobs of Financial Experts As Millennials Prefer Fintech
Fintech is the new cool as more investors choose apps over experts.
The technology-phobic financial experts are running out of jobs-- making ways for the tech-savvy ones.
The younger generation of investors is no more happy with 9 to 5 business hours to seek out financial experts, and sit in a room with them for consultation. Not when, the same is available at the click of a button in their electronic gadgets.
The investment industry has never been static, and everyone working in the industry has had to deal with changing times. But the XXI century has brought rapid changes with the advancement in technology, and many generations of financial experts suddenly find themselves not able to match up to it.
Fintech is the new Cool
As fintech managers say, the new generation clients do all their investing, banking and portfolio analysis on their e-gadgets. For them, Wall Street fails the young investors not knowing how to begin saving and investing, but Fintech companies bridge that gap.
Addy Crezee, CEO at Investors' Angel and Advisor at Cointelegraph, says:
“I'd rather say that young investors are more friendly to Fintech, because that is a rapidly growing industry. We can see lots of people without investing experience who are funding very risky, but promising projects via crowdfunding platforms for example. So yes, Fintech and especially Blockchain is a magnet for not experienced investors right now. Even some experienced ones follow the wave and invest with emotions, based on the buzz around it.”
Less formal and more productive
Millennial investors are ditching their parents’ financial advisors in favor of Fintech companies. Fintech offers all that they need: “24/7 reliable service at the click of a button”.
It is no more needed to visit a certified financial advisor before making a decision, as all the needed advice is available from leading industry experts online.
Priyanka, a student at University of Pennsylvania, says:
“I am a college student, and always short on time. It is easier on the web. With Fintech companies, I can get all the information I need before I even begin investing. I began investing with a small amount of $10. I had all the help I needed, and without having to schedule meetings with my consultant; it saves a lot of time on travelling as well. It is less formal, and more productive.”