In the modern world, millennials are increasingly moving towards taking the help of technology to manage their finances and investments. One such area where these youngsters are taking a keen interest is in Demat apps. These platforms have offered convenience by making the application, tracking, investment and portfolio management easier with a tap of the button on smartphones, and eliminating the traditional process of managing lengthy share paperwork and visiting the branches. This has streamlined the process and made investing in the stock market accessible to everyone by offering a user-friendly experience.
In this article, we’ll explore the reasons why millennials prefer using online platforms for opening accounts and investing, the key features they look for, and the advantages of opening an online Demat account.
What is a Demat Account?
A Demat or Dematerialised account is a digital security locker that allows investors to store their shares and other financial securities safely and securely. This has simplified the process of buying and selling investments and helps users to track their securities. The online process has successfully removed the hassle of managing share certificates, keeping everything on the platform and allowing investors to make their investments from anywhere, without any unnecessary delays.
Benefits to open Demat account on an online platform:
- It includes paperless transactions, as no physical paperwork is required, which reduces the scope of errors.
- Allows investors to manage their portfolios from the comfort of their homes, without wasting any time.
- Buying and selling of securities are done faster than usual.
- The transactions remain secure, and apps maintain complete transparency.
- Reputed online platforms allow investors to diversify their portfolios and invest in multiple securities.
- Take the help of deep insights and information provided on the platform and make informed decisions.
Why Millennials Prefer Demat Apps?
Let’s explore some of the essential reasons why millennials prefer using Demat apps:
- Online Access: They don’t have to waste their time visiting the broker’s office to trade and manage their investments. Everything is done online, with just a tap. Millennials can conveniently open their accounts, track their assets, manage and diversify their portfolios and make trading decisions from their smartphones from anywhere. This has made the investment experience seamless for first-time investors.
- User-Friendly Interface: The Demat apps are made with a clean and intuitive interface, making the navigation straightforward by offering real-time data, charts, alerts and financial news to the users, allowing them to make informed decisions without any delays.
- Quick Onboarding and KYC: Reputable online platforms offer a quick onboarding process, with everything conducted online, including Know Your Customer (KYC) verification. You can upload the necessary documents, and with a simple verification process, everything is completed, allowing you to start making your investments without any hassle.
- Low Brokerage: Several Demat account applications charge low brokerage fees, making it accessible for everyone and allowing them to invest and earn high returns. The low-brokerage fees make the investment process cost-efficient, attracting millennials who are just starting to invest.
Key Features Millennials Look For in a Demat App
Here are the essential features that millennials consider when researching the online Demat platforms:
- Real-time updates and alerts
- Integrated learning resources
- Instant banking and UPI payment support
- Tracking and customised portfolios
- Safe and secure login, data encryption and two-factor and biometric authentication
- Responsive customer support and chat assistance
Conclusion
Investing in the share market and other financial securities is a popular way of building wealth, and millennials are actively taking advantage of it. With the help of reputable Demat apps like Bajaj Finserv, both experienced and first-time investors can open an online account at no cost. This process has become cost-effective, as low brokerage fees are charged, and you can choose from budget-friendly subscription plans.
For millennials, choosing the right platform is crucial, as it will help you take your first step into the investing world and potentially earn high returns.
