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.
Most banks and financial institutions got completely blind sided by the Millenial Shift and opened up the opportunity for Fintech Challengers.
Tech giants and banks, like CBA who attribute $10bn of their market capitalization to a strong youth banking program, know that introducing customers to your brand early can be an economic and highly sticky way to attract customers, with a high conversion to MFI