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How to engage children with banking? Why would banks need to?

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This report published by Verdict Financial in February 2014 about children’s engagement with bank services, shows that it is important for banks to engage with the youth market in order to repair their reputations, shape the next generation of banking users and promote desirable financial behavior among consumers.

This report can show you the tactics and strategies to connect and form partnerships with the youth market.  There are examples of how key providers have developed competitive advantages in the youth market, as well as a review of behavioral trends amongst children and how banks can use this information to engage with their market.

This report tells you which strategies are most effective to engage with children, what techniques you can use to make your products more appealing to youth and also the best ways to become accepted by parents.

Modern children are as comfortable with the digital world as they are with the real world.  Banks need to understand this and be able to give young users rich online content, engaging them with social media, gamification and visual media.  This is how you capture the youth market.

There is a huge opportunity for banks to create financial literacy programs to be used in schools to educate the next generation of banking customers.  The best way to do this is to combine lesson plans, quizzes and games to keep the children occupied.  These programs can not only give banks access to the youth market, but also help young individuals who often struggle with their finances.

There are some new websites that allow parents to monitor and educate their children with virtual bank accounts.  They can help parents control pocket money and allow them to instill good saving and financial techniques in their children.

I hope you find this useful, and can see that there is a lot of useful information available through the portal about the financial industry. If you have any additional needs or questions about our reports, please feel free to contact us.