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Why millennials gravitate to new brands in online investing

Author

Listed:
  • Fink, Carly

    (Provoke Insights, USA)

Abstract

Companies like Fidelity, eTrade, Charles Schwab, Saxo Bank and Vanguard have dominated the do it yourself online trading platforms since the mid-1990s. What made these platforms so popular is twofold: lower cost of commissions and accessibility. In recent years, there has been an influx of new competitors into this space. In particular, millennial traders are gravitating to more modern platforms on the market like Robinhood, Acorns and Stash, which provide even lower commissions, more functionality and interactivity. As accessibility, ease and no-fee stock trading are no longer differentiators, but rather barriers to entry, brands need to move beyond functionality. This paper examines how brands need to understand and research what makes a millennial loyal to a financial institution.

Suggested Citation

  • Fink, Carly, 2021. "Why millennials gravitate to new brands in online investing," Journal of Brand Strategy, Henry Stewart Publications, vol. 9(4), pages 401-407, March.
    • Handle: RePEc:aza:jbs000:y:2021:v:9:i:4:p:401-407
    as

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    More about this item

    Keywords

    millennials; investing; trading platforms; advertising; emotional branding; fintechPhoto;
    All these keywords.

    JEL classification:

    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising

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