Family Banking: Tweens, Teens & their Parents In a remote banking world, your most-promising prospects arenít even driving yet!
Jul. 15, 2011; OBR 194_195
Table of Contents
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Abstract: In this report, we look at ways to develop online/mobile banking and card-based services for the youth market, which numbers more than 100 million in the U.S. alone.
Banks typically get serious about younger consumers when they are college-bound and expected to walk into a branch near campus and open an account.
But thatís a holdover from the branch banking paradigm that few 18-year-olds recognize any more.
Tomorrowís college freshman will arrive on campus with a bank accounts and cards already hooked to their parentsí bank via online/mobile connections. The students will continue those relationships because itís less hassle and easier for mom and dad to maintain an uninterrupted flow of funds.
So, the key to banking young adults is to make sure they open accounts in high school or earlier. That means appealing to the parents. Once that middle-schooler opens their first account, you could have them for another 80 years!
In addition, guest authors outline why you need to pay attention to:
- Childrenís Online Privacy Protection Act (COPPA) compliance by Justin Hosie, Chambliss, Bahner, & Stophel PC
- Child Identity Theft Monitoring by Matt Cullina, Identity Theft 911
Companies mentioned: AT&T Wireless, BancVue (Money Island), Bank of America, BillMyParents, Bobber Interactive, Bunting Software (Kids Bank), Citibank, Citizens Bank, Currency Marketing (Canada), Discover, Equitable Savings & Loan, Facebook, FamZoo, ING Direct, Kiboo, MatchFund, Our Doughmain, Patelco Credit Union, PayPal, PNC, Schwab, Sprint, Texas Trust Credit Union, Thwakk, Tile Financial, Twitter, Union Bank, U.S. Bancorp, USAA, Vantage Credit Union, Verizon, Virgin Money, Visions Federal Credit Union, Wells Fargo, Zions Bank