Forming an Early Connection - Insight into Children's Banking

Forming an Early Connection - Insight into Children’s Banking

Summary

Financial education is central to a kid’s banking proposition. This is almost universally considered the most important feature among all consumers, albeit to different degrees in individual countries. Education can come in a variety of forms, including games, stories, lesson content, and real world experience. Banks and financial services providers have created a large range of children’s banking propositions across the world. the publisher's has chosen both good and bad examples to highlight innovative ways of addressing the needs of both parents and children, while explaining the compromises that these propositions have made.

This report provides insight into the global children’s banking market, including parents’ priorities around children’s banking features, and how these priorities vary in different regions; information on how propositions should be tailored towards younger and older families, as well as retail and more affluent customers, in Asia Pacific; and detailed analysis of the importance of engaging the child as well as how propositions are and should be split into multiple age categories. A variety of current propositions around the world are examined, exploring the pros and cons of each example, how each provider has differentiated its offering, and whether there appears to be a gap in the overall market.

Scope

• Banks are increasingly adding gamification features to their children and youth banking propositions in a bid to engage users.
• Banks should not offer a one size fits all option but instead retain young customers via multiple age-appropriate offerings.
• Of the propositions examined, few have managed to successfully cater to the 10–15 age group.

Reasons to Buy

• Gain insight at both the micro and macro level into the children’s banking market.
• Learn about threats to incumbents and newer kid’s banking providers, as well as potential opportunities post-COVID-19 around attracting and retaining young customers.
• Compare the performance and strategic direction of your firm against competitors.