The family bank retail user's journey is more collaborative and multifaceted than that of a regular retail bank user. The family banking journey involves managing collective finances, setting shared goals, and educating younger family members about the value of money. This experience requires more sophisticated tools for permissions, sub-account management, and shared financial planning. It emphasises communal decision-making and benefits tailored to family needs. In this report we showcase features which are specific to the family banking journey along with examples of how leading financial service providers have implemented such banking features worldwide.
Digital banking for youth transcends flashy apps; it's about understanding their needs and providing value. The future of banking lies in integrating technology with financial literacy, fostering responsibility and independence. This approach ensures a loyal customer base, especially as technology and banking converge. Reasons to offer digital banking to youth include the projected global youth population growth to 1.3 billion by 2030 and the potential for early financial literacy, starting from primary school. Studies indicate that starting banking relationships with the youth leads to increased loyalty, with evolving financial needs making them ideal candidates for advanced banking products in the future.