Page 108 - Azerbaijan State University of Economics

Amit Mishra, Vibhuti Tripathi: From Mobile Trading to Intelligent Investing:
A Bibliometric and Thematic Review of AI-Driven Financial
Investments
Keywords: Mobile stock trading , Artificial intelligence, Retail investment, Fintech,
Investment decisions

JEL codes: G11, G41,G23.

1. INTRODUCTION
The Internet infrastructure has contributed to the continued development of economic
activity, including financial markets, with a trend toward online investing platforms
in recent years. (Mendoza et al., 2025) The rapid advancement of financial technology
(FinTech) has significantly transformed the global investment landscape, particularly
through the proliferation of mobile stock-trading applications (Ashraful Alam et al.,
2025). These platforms have democratised access to financial markets by enabling
retail investors to trade securities more easily, at lower transaction costs, and with
access to real-time information. Further, low data prices, rapid smartphone adoption,
and an expanding middle class with aspirations for financial independence are key
factors that have contributed to this growth in the Indian context. The outbreak has
heightened the significance of innovation in the financial service sector; however, the
pandemic further accelerated digital transformation through the increased use of
digital payments, especially in developed regions where e-commerce and mobile
payment systems were already well established. (Bhopal et al., 2025). This shift
gradually fueled the adoption of mobile stock trading platforms, particularly in the
Indian context, where the transformation has been significantly driven by the parallel
expansion of digital infrastructure, rising internet penetration, and widespread
smartphone adoption. Over the last decade, India has witnessed a substantial rise in
digital connectivity, which has facilitated the onboarding of millions of first-time
investors into capital markets. The development of user-friendly mobile trading
platforms, more affordable internet access, and rising smartphone adoption are all
intimately related to the rise in retail involvement (S Parsheera, 2022). The digital
revolution, streamlined account creation procedures, and the rise of inexpensive
brokerage platforms have all greatly reduced the barriers to entry for retail
involvement. The extent of this change is demonstrated by empirical data. The number
of dematerialised (demat) accounts in India has increased dramatically Over the past
four years, the number of demat accounts in India has soared from 40 million to 150
million. Most of these new investors are under 35, digitally savvy, and armed with
user-friendly apps such as Zerodha, GROWW, and Upstox. (Jayatu Sen Chaudhury
& Akhter M. Rather, 2025). This boom has been aided by factors uniquely Indian:
low data costs, rising smartphone penetration, and a growing middle class with
aspirations of financial independence, reflecting more than a fivefold increase in retail
investor participation . Similarly, total demat accounts crossed the nearly 21 crore

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