Fintechs have created several innovative and intuitive ways to create technology based applications that appeal to younger children. These use different techniques like gamification to advance financial literacy and a savings culture from an early age. These range from virtual bank accounts to gamified mobile education platforms
Banks have long recognized the value of segmenting their client base, although much of this has resulted in very broad segments in which there is much variation. They have also recognized the stickiness of families who bank together, particularly by encouraging banking for younger family members. However, these offerings have tended to be reasonably low cost banking accounts as a means to create awareness on savings
The advent of technology now being available to increasing younger children implies an earlier opportunity to advance financial literacy and a savings culture from an early age. The fintech field has created several innovative and intuitive ways to address these, albeit not always using an actual bank account. This presents a significant opportunity for traditional banking institutions to engage with younger clients and create brand loyalty and awareness.
- Financial literacy and saving game for youth clients linked to a bank account
- Child savings account integrated with incentives to save
- Digital tool to build loyalty in children by linking allowance to tasks
- Online piggy bank for children to allow safe internet purchases using Paypal
- Online bank app for children while teaching financial education in a fun and intuitive way
- Contact Terence Singh for specifics about any of the solutions mentioned above
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More on Matchi: Matchi is a global fintech innovation match-making firm, since 2013. Matchi has worked with over 100 leading banks and insurance companies (FIs) around the world, and has a database of over 2,500 fintech firms. Matchi provides both a highly curated portal of fintech solutions, as well as bespoke projects for FI clients to source targeted fintech solutions aimed at the FIs focus areas / pain points. The global Matchi team has run Innovation Challenges and Market Scans for multiple FIs around the world, in markets as diverse as Canada, Japan and India, as well as searches in other geographies.