Millennials & Technology

India's millennial population; that is people born after 1982, are 400 million plus and counting, meaning one third of the country's population. It is more than the entire population of US & UK combined. While all major countries are ageing, India is becoming younger, we are set to become the youngest country in the world by 2020, with a median age of 29, and with 64% of our population in the working age group, said India's envoy to Sri Lanka, while delivering a lecture on foreign policy in Colombo, last year.

This data illustrates the change that's taking place and defines the future, we will be living in a country dominated by young people. And it also highlights the need of the hour, to direct our focus on the new cadre of people, the Millennials, our next client base.

The Millennials exhibit certain unique characteristics and have some distinct requirements, and one of the most prominent among these characteristics is excessive reliance on Technology. This is the first generation of people who have have grown up with computers, and experienced the evolution of mobile phones, first hand. They book train tickets, movie tickets and hotels online, they pay their electricity bills online, they date online, they study online, they purchase their clothes, shoes and even groceries online, precisely they are enveloped within technology. The millennials tend to heavily rely on technology as against their senior counterparts, who form our major client base today. Now we need to gear up and equip ourselves for our future client base, the tech savvy Millennials.

The implications of this extreme penetration of technology are varied for our business. Let's learn how the new wave will impact us and how it will change the way we do business.

• Traditional instruments: The good part about invasion of technology is the Millennial generation is open to newer and modern investment products. This is because of ease of investment in modern products like Mutual Funds and increasing awareness, both due to technology. So, you would not have to stress yourself out in convincing the client to look beyond their bank FD and traditional life insurance policy.
• Vigilance: People check for reviews before going out to a restaurant for dinner, or a movie, a hotel, or even before buying a new night cream. So, they would obviously seek for reviews before buying an investment product. Hence, you must be very careful in sharing information with your young clients, as they will research and check the facts. In this view, the role of your website also becomes paramount. Many advisors have a website for the sake of having one, you know just in case someone cross checks, but this approach may not work for too long. Your website is a gateway to your business, it gives you an opportunity to talk about your services, products, your business ideology, your USP, etc. The probability of your prospective young clients visiting your website is high, plus it will also work as an efficient lead generation mechanism. Hence your website must be maintained and be drawing out the best of your business at all times.
• Social Media: The Millennials are also a set of social media fanatics. So, when your clients are on Facebook, Linkedin, Twitter and WhatsApp; Social Media marketing becomes inevitable. Social Media will probably be the biggest platform to get leads, as well as to disseminate information among existing clientele. Like your website, content management on your social media pages too becomes pertinent.
• Robo Advisory: Another aspect about increased use of Technology which exercises a significant impact on the advisory business is inclination towards Robo Advisors. Since the millennials trust Technology, there are chances that they would bend towards Robo Advisors. Robo Advisors pose as a strong opponent, but you have this one element which can help you beat the competition, and that is 'personal touch'. NJ's technology initiatives, like various desks, online tools, E-Wealth account, facilities like Partner Initiated Transactions, etc., are all aimed at eliminating your role from the redundant tasks, and empowering you with more time to spend with people. You can conquer your Robo rivals by offering not just an overwhelming investing but also a superior technological experience.

The above are a few among the many offsprings of the technological wave that has already hit. The Millennials, our next target market, have accepted technology with open arms, and so should we in order to survive and grow. Technology offers an impeccable opportunity for us to prosper in our venture, let's not let it go.

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