GlobalData’s 2018 Mass Affluent Investors Survey found that 53.3% of affluent investors ages 18 to 34 agree that they are easily confused when things are complicated.
The company sees this as proof that products must be kept simple in order to reach the young and affluent population and encourage them to start investing.
“It’s important to remember that while these apps may seem easy to use for a well-informed, tech-savvy audience, it’s just as important to ensure the same is true for less technologically advanced people, or even for people who don’t understand the market as much,” said Oliver Wintle, associate wealth management analyst at GlobalData.
“Vendors that are not sensitive to this will lose out to competitors who offer platforms that resonate better with the general public.”
A simple, easy-to-use digital product can help businesses welcome new users who were previously put off by jargon and complicated procedures, he added.
“Therefore, it is important to maintain a human-centered design approach when introducing a new product or modifying an existing product. This applies to both fintech start-ups and incumbent players developing new offers.
