Banks Toy Around With Burgeoning Kids Market Bank Technology News (07/00) Vol. 13, No. 7 p.1; Hackett, John
In the past, banks have typically ignored the youth
market. However, with the continuing advancement of online
banking and marketing this may be changing. In the eyes of some
banking professionals, establishing a relationship with a high
schooler could potentially lead to a long-term banking
relationship. As a demographic segment, teenagers are growing
twice as fast as the overall population. Teenagers are
responsible for more than $300 billion in annual spending.
Aiming bank promotions at teenagers is also considered to be good
public relations and has the potential to reach more lucrative
family members. Some programs targeting the youth of America
take this concept one step further. Banking on Kids, Milwaukee,
has a for-profit educational program targeted at students in
primary schools, and the American Bankers Association holds a
spring conference dubbed "National Teach Children to Save Day."
With the intention of promoting good money habits, over 2,000
bankers across the United States make presentations to students.
Another online-startup that focuses specifically on teens is
called Doughnet. Doughnet is an online shopping community that
enables teens to open accounts with a parent's consent and make
purchases without a credit card.