There has been a flurry of banks lighting up Children banking platforms over the last 6 months. The reasoning is sound: Build connection to communities and families and acquire customers early where acquisition costs are lower and the opportunity to build long term relationships greater.
” I have my mortgage with ABC Bank because that’s where I learnt about money. They have been my bank from the beginning, I trust them”
Swiss Private bank UBS are amongst the many joining the fray, updating their tips to parents looking to build financial skills and habits in their children. Similarly, Everfi offers videos and online activities on financial literacy for children. There has been a surge in demand in the past few months, which the company attributes to news around Robinhood and GameStop.
Following our decision to rebuild ChoreScout for the Constellation Digital platform in the USA we are delighted to announce that it’s is now ready for sale. Like many others, we have been busy with our Adult Banking efforts. ChoreScout now works with digital banking platforms from Constellation, Temenos, Data Action and TCS Bancs, configurable with your brand.
The platform is also available in a stand alone version with virtual money, so any parent can use it to teach their children great money habits. Download the apps now and test them for either your family or your financial institution.
Deemed “not profitable enough” by traditional financial institutions, the “pocket money market” has massive potential for scale. Parents want to teach their children financial literacy and responsibility. This is a huge opportunity for financial institutions to demonstrate leadership and capture the next generation of customer and their families.