The development of information technology has also changed the millennial behavior related to money and its use. Various facilities and investment tools make various financial transactions, investments, and management much easier than before.
The following conveniences in investment & finance have made life easier for millennials to manage those two things:
Cash Back Transactions Increase Instead of Coupon Use
With the development of technology, the concept of cashback service is that you will get your money back after you complete certain transactions. This is very different from coupons, where customers have benefited before they make a transaction.
At present, there are many millennials that depend on micro-investments that make them only need to invest a small amount of money but often to achieve financial goals in the future. The micro-investment allows potential investors who have minimal capital to invest and benefit from the investments they make. Not only that, because the development of investment technology is also made easier with the help of applications and procedures carried out 100% online.
Banks are rarely visited
Now you will rarely see millennials coming to the bank unless they just want to take cash using an ATM or work there.
The more preferred method because of technological developments in mobile banking that allows every financial transaction to be carried out faster and easier.
Based on research there are about 75% of millennial who rely more on mobile banking applications to send money, check balances, and pay bills.
Easier Financial Transactions
Financial transaction services are increasingly facilitated by e-money and electronic wallet applications as they are today. Financial transactions such as shopping at the convenience store, paying tolls, and paying for parking are getting faster and easier to do. This also changes because of the influence of technological developments.
Digital currencies are increasingly valuable and real
Digital currency or cryptocurrency has been increasingly known to many people since the success of Bitcoin. Not only used as financial transactions, but digital currencies are also widely used by young people to invest. However, not all parties legalize transactions using this currency. Will digital currency replace cash in the future? I don’t know, let time tell you the answer.