“Family digital wallets” provide children with a digital-first approach to banking with features and functionality that allow their parents to monitor and control their behavior. The report explores how family digital wallets can help financial institutions address the needs of underserved banking generations.
According to the report, there are roughly 53.4 million children between the ages of five and 17 in
Though the opportunity to capture the next wave of financially active customers is growing, few financial institutions have developed child-centric banking apps or family digital wallets either on their own or by partnering with third-party companies, the report observes. These solutions can offer kids a sense of financial freedom and education while letting parents easily track and control spending.
“Many banks and credit unions are finding it challenging to attract younger customers with their existing products, and this can have an impact on both their consumer and business relationships,” said
The report presents multiple ways financial institutions can integrate digital wallets into their strategies to establish stronger relationships with younger customers and addresses system implementation, deployment and compliance considerations.
“Banks and credit unions can not only tap into the
To learn more about the research and uncover the opportunities for financial institutions to reach younger consumers, download the report and register for the upcoming webinar on
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