Millennials Lead ‘On-the-go’ Trading with Female Traders on the rise, Finds FYERS While Designing its New Trading App
With the aim to cut the screener complexity and avoid analysis paralysis at the time of trading, Technology-focused stock brokerage firm FYERS, announced the launch of its user-friendly trading app geared towards active traders and investors across geographies. The new app is primarily built to make the process of trading fast, simple and clutter-free, hence empowering the customers to make quick and informed decisions while they are on the move.
The newly developed FYERS’ app is an outcome of the in-house survey undertaken by FYERS to address the challenges faced by customers using mobile as their primary trading platform. Millennials representing 50 percent of over 50,000 customers, dominate the mobile trading, owing to ease of convenience when multi-tasking, affordable smart phones and cheap data plans. Whereas, the demographic segmentation of the survey revealed that female traders are on the rise, accounting for 20 percent of the trading community. Other key findings cited that Mumbai generates maximum traffic to the trading platform followed by Bengaluru, Ahmedabad, Hyderabad and Chennai. In addition, first-time investors from Pune, Delhi and Kolkata are slowly jumping into the wagon.
In the recent 4-5 years, mobile trading has gained remarkable heights in terms of coverage and usage. As per industry estimates, the average daily turnover through mobile trading in shares on the NSE jumped to a record 10.15 percent to nearly Rs 3700 crores a day in 2019 from 3.6 percent two years ago.
The app comes up with simple yet innovative features and delivers a phenomenal experience for the customer such as real-time streaming of quotes and charts, portfolios with sortable data, simple one-page experience for quick check in on markets and demat account, streamlined order entry/exit functionality, fundamental and technical analysis on single board, and all asset classes can be traded on the app.
During the launch, Tejas Khoday, CEO and Co-Founder, FYERS, said, “When it comes to technology, we offer consistent optimal user experience to clients through our platforms. With the launch of new simplified trading app, we aim to refine the app experience to a point where a majority of investors can take a mobile-only approach to their portfolio.”
In light of the current COVID-19 crisis, deviating from historical trends, for the first time new investors are entering the markets. There is a significant surge in trading and Indian online brokerages are observing a significant increase in their client base and orders. FYERS has observed a 40% increase in its customer base.
He added, “Our new trading app is easy-to-use and feature-rich while providing relevant and actionable information to help clients make the most informed decisions. Furthermore, it’s interesting to see increased participation from woman traders, first-time investors. We have been actively investing in the app and technology platforms to continue to provide an edge to such customers.”