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Why millennials gravitate to new brands in online investing
Journal of Brand Strategy,
9
(4),
401-407
(2021)
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.
Keywords: millennials; investing; trading platforms; advertising; emotional branding; fintechPhoto
The full article is available to subscribers to the journal.
Author's Biography
Carly Fink is the president of Provoke Insights, a market research firm that specialises in branding, advertising and content marketing initiatives. With nearly 20 years of experience, Carly Fink has worked extensively in marketing strategy, competitive analysis, innovative and traditional research across a variety of industries (eg technology, financial, luxury, consumer product goods, pharmaceutical). Carly previously worked at Harris Interactive, J. Walter Thompson and Grey Advertising. She is a recognised authority on advertising strategies and market research across multiple channels (brand, digital, and social media). Carly has taught Advertising Strategic Planning, Marketing and Market Research at Baruch College and New York University. She has contributed to multiple articles, scholarly journals and books, as well as spoken at several conferences. Carly graduated from Lafayette College with honours and was awarded a dual MS from Boston University in Applied Communication Research and Advertising. She received her MBA in Marketing at Baruch College.
