In doing some initial research for a report we are planning for Q1 on “family bank accounts,” I started where I usually do, on Google. The only financial institution advertising specifically on the term “teen banking” was USAA (see note 1).
The top-of-the-page ad led to a well-designed landing page devoted to Teen Checking (see screenshots below) with a clever call to action:
We won’t take any of your teen’s allowance.
Teen checking without hidden fees.
USAA even has a dedicated site with its own URL to support its youth-banking efforts: https://my.usaa.com
Relevance for NetBankers: Teenagers may be one of the most lucrative segments to attract to your financial institution. They not only spend billions themselves, but also could literally stick with you for a lifetime.
The thinking goes something like this:
- Attracting the children of your customers helps you retain the parents
- Retaining the parents helps you retain the kids as they become young adults
- Young adults become parents
This didn’t work so well in the old branch-based world because one of the first things the kids did when they moved away was open a checking account at the closest branch to their new apartment or dorm room. In an online/mobile-centric world, that no longer has to happen.
Google search for “teen banking” (see note 1; search conducted at 5:00 PM on 11 Jan. 2011 from Seattle IP address)
USAA’s “Teen Checking” landing page
1. First-page organic results included (note, search was limited to items posted in past month)
— Fremont FCU
— North Shore Bank
— Coast Hills FCU
— U.S. Bank (Visa Buxx)
— S.T.A.R Community Credit Union
— American Riviera Bank (my new favorite bank name)
2. If anyone wants to point out great examples of teen/youth/family banking efforts, please drop me an email email@example.com or leave it in the comments. Thanks.