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Millennials Demand High Service Levels in Financial Advice
Posted November 15,2017 by CUNA Economics

Artificial intelligence is impactful as millennials demand a natural language interface.

“Being able to attract—and retain—millennials will be critically important as their aging parents transfer wealth,” says an article at ThinkAdvisor.  Financial providers need to know that robo investment advice and high service levels are necessary considerations in retaining this audience.

Almost one-third of millennials are receptive to robo advice, compared to 11% of all investors. 

Millennials are very familiar with technology, and expect financial advice will be readily available.  They want to access financial information at any time via multiple channels including laptop, smartphone or tablet, and the opportunity to “switch between self-service applications…and working with a live advisor,” the article notes.

This consumer group likes the opportunity to make small savings and investment contributions, as evidenced by their use of the app Acorns, which allows such functionality. 

Crowdsourcing and crowdfunding, too, are appealing because of the combination of social media and fintech participants enjoy.  In fact, 20% of adult consumers in America have engaged in some type of crowdfunding. 

Editor of Inside Information Bob Veres gives credit to the design of the application—87% of crowdsourced donators say the platform assisted in their levels of engagement.  This trend will have great repercussions as the internet will transform to “a superconductor of capital, perhaps leading to the decline of the corporate form itself.”  Veres imagines businesses will indicate their capital requirements and preferred terms online and providers will vie for the opportunity to meet their specific financial needs.

Artificial intelligence will prove influential as millennials will demand a natural language interface much like Siri. 

Related

Confident Investors Use Personal Financial Advisors

Millennials Fear Investing in the Stock Market

Millennial Money Attitudes Impactful

 

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