3 Ways millennials can manage their personal finances

Together millennials and Generation Z make up a sizeable generational demographic in India. They drive seismic changes in technology, managing money, consumer behaviour, and workplace norms. Most millennials manage their finances by harnessing new technology. They mostly use online banking tools to carry out their financial transactions. They prefer dealing with money and budgeting online.

Studies conducted in 2021 showed that millennials are the key drivers of instant personal loans in India, which they avail of through a banking app for home repairs, medical emergencies, marriage, education, and debt consolidation. Millennials find mobile banking apps more useful in managing their personal finances. They make instant payments, transfer funds, open an online bank account, and check account balances with a minimum of fuss.

Millennials are more open to using technology, and hence they invest in products and solutions that help them a budget and save money. With innovative approaches like budgeting and expense management tools, free digital bank accounts, instant loans, and zero-commission mutual funds, banks try to engage them.

The IDFC FIRST Bank net banking app uses artificial intelligence (AI) technology to offer its own solutions to customize and make it a customer-focused tool. The simple procedure for opening a bank account, 24/7 customer service online, and easy accessibility to bank accounts have helped IDFC FIRST Bank simplify most of the banking processes. Millennials use it to manage their money by:

  1. Checking all bank accounts balances from one place 

With the latest mobile banking app from IDFC FIRST Bank, you can link your bank accounts with IDFC FIRST Bank and different banks and do the account balance check without moving to another page. All you have to do is to download the IDFC FIRST Bank mobile app from the App Store or Play Store, register, and log in via multiple authentications. On logging on to it securely, you can use its features to have a quick overview of your account balances and recent transactions.

You can have the app on a smart device like a mobile phone or tablet and check the latest account balances anywhere. Millennials don’t like to waste time visiting the bank for depositing money and checking balances. They can easily transfer funds or make payments from any account. If they so desire, they can open a zero-balance savings bank account, completing the know-your-customer (KYC) process online.

  1. Investing in securities 

Millennials are considered to be better savers than their previous generations. Most of them have a budget to save and invest in equity. Nevertheless, they look for a mobile banking app for support, which offers an integrated platform for investment. Using them you can invest money in mutual funds like large-cap, mid-cap, multi-cap, equity funds, and debt funds. They also suggest investing in fixed and recurring deposit schemes, sovereign gold bonds, unit-linked insurance plans, and initial public offerings.

  1. Categorizing bank transactions

One of the advantages of using a mobile app is it helps improve your financial position. Millennials love to use it to track their spending and manage their finances. They can easily know where they spend too much. With the smart filters, they have a categorization of their expenses based on the type, amount, and mode of payment. It helps them to plan, budget, and control their expenses.

The IDFC FIRST Bank net banking app also helps you to view your bank statement and manage your expenses using the income and expenditure analyser. You will learn to spend money based on your income to attain your money goals. The app offers some investment options and suggests investing any excess money in your account to maximize returns.

With a mobile banking app offering all services digitally, millennials today know pretty well about how they are going to use their money to maximize savings. The IDFC FIRST Bank mobile app is designed to offer customized recommendations to help make effective decisions.