Children are online and mobile, often driven there by schools moving to smart devices and issuing children with digital identities.
- Nearly all children (97%) have now used mobile devices before their first birthday.
- Roughly seven in 10 parents give their children an allowance who receive on average $67.80 per month.
Banks that acquire customers at a young age, have a great opportunity to convert them into Main Financial Institution customers once they get their first job and gain first mover advantage when it comes to loan time.
Acquiring customers early requires a fun, digital platform that teaches children the fundamentals of money and banking so that by the time they want that loan, they are ready. Without such a product banks are forced into an increasingly broad field of competitors for young adults, with no brand recognition and a price war.
As the battle for engagement heats up, forward thinking banks are increasingly looking at banking youth so that they can tell a better story around financial literacy and engage this group of customers early, so that by the time they leave high school and start looking for their first loans there is an existing relationship and trusted brand
For our latest review of the market please download our current “Banking Gen Z Whitepaper”