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Engaging Children With Banking

  • February 2014
  • 27 pages
  • GlobalData
Report ID: 3375936

Summary

Summary
Engaging with the youth market is vital, and will help banks to meet several key objectives. These include repairing their reputations, shaping the next generation of banking users, and promoting desirable financial behavior among consumers.


Synopsis
- Discover what strategies are needed to acquire and retain young consumers.
- Learn from the examples of key providers that have built a competitive advantage for themselves in the youth market.
- Understand how behavioral trends among children will affect how banks need to engage with them.

Reasons To Buy
- What channel strategy should you employ to engage most effectively with children?
- What techniques should you use to make your youth propositions more appealing and boost acquisition and loyalty rates?
- What are the best ways to win over the parents of children and teenagers?

Key Highlights
Today's children are completely at home in the digital world, and banks need to accommodate this reality by providing rich online content that uses social media, gamification techniques, and video in order to capture the interest of children.

Young adults in particular struggle to effectively manage their finances. This means there is an opportunity for banks to create financial literacy programs for use in schools that will educate the next generation of banking consumers. The best schemes comprise lesson plans, quizzes, and games to maintain the interest of school children.

Several websites now enable parents to collaborate with their children's finances by operating “virtual” bank accounts. These accounts allow parents to monitor and control pocket money, and make it easier for them to teach their children about saving and spending.

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