Do banks have anything to offer to children and their parents? banks have anything to offer to children and their parents?
The competition for banking clients is a nearly rule-less battle. One rule is universally applicable, however - this battle is extremely financially demanding. Winning a client from a competing bank today requires investments in massive advertising, substituted products, or direct financial incentives for the switch.

The response of banking innovators is not to continue this endless competition, but to shift attention to other client segments. Capturing clients at a young age and actively working to increase their loyalty today appears to be a significantly more useful (and cheaper!) path to a profitable client than just very laboriously acquiring clients from other banks.

"Children's banking" teaches clients from an early age that banking services are a part of their lives, prepares them for using a wide range of products in the future, and at the same time increases the much-discussed financial literacy. Providing children's accounts, children's savings, or prepaid cards linked to parental accounts is a way to make the use of banking services part of family activities.

The youngest generation naturally prefers a "mobile-first" approach, which also increases the digital literacy of their own parents and their gradual transition to increasingly using internet- or mobile banking services.

The value proposition is as follows:

Teaching responsibility

With a payment card and account, the child gains a sense of responsibility and a tool to track their money movements.

Rewards for tasks and chores

In the parental app, it is possible to define tasks or school assignments that, when successfully completed, are rewarded with a financial incentive from the parent.

Regular allowance

Dedicated applications and Internet banking provide the option to set up regular allowance payments into the child's account.

Financial education

Children need to learn about the value of money and how to handle it. Attractive interactive applications teach children in a playful way how to save or keep track of their small expenses.


Minimizing the risk of cash loss and setting limits on card payments, mobile payments, and cash withdrawals.

Parental control

The parent has the ability to monitor what their child is spending money on and how well they are saving. In the next stage, for example, they can set limits on categories of children's expenses.

It's interesting that in this area, the demand from young clients and their parents is not fully reflected in the offer of banking products. In the Czech and Slovak Republics, there is only a very limited range of specialized children's banking products available so far.

Providing regular accounts for junior clients may have been sufficient ten years ago, but innovative savings products, adaptation of internet banking, or a dedicated mobile banking application for young clients are still missing from the banks' offerings.

Overview of selected children's bank products:

Czech Republic
Customized internet
and Mobile banking:
Extra advantage:
Czech insurance company
0-20 years
personalized card designs
0-26 years
personalized card designs
0-15 years
personalized card designs
Slovak Republic
Customized internet
and Mobile banking:
Extra advantage:
Czech insurance company
8-15 years
personalized card designs
VUB bank
0-15 years
personalized card designs
Tatra banka
0-15 years
personalized card designs
Crossing our borders and analyzing the offers of banks abroad will definitely offer an interesting view - here are a few of them:
PKO BANK – Poland
  • Mobile "recharging" of money
  • Setting goals and savings
  • Rewards and badges for good school results and homework
  • Approval of child's transactions
RABOBANK – Netherlands
  • Savings account for children with interest
  • Setting goals
  • Mini games with virtual currency
  • Earning virtual money for good grades and homework
Revolut Junior – United Kingdom/Lithuania
  • Prepaid card
  • Possibility to create a weekly pocket money budget
  • Rewards for completed homework
  • Real-time alerts for spent money
Kard - France
  • Smartphone insurance
  • Link with social networks
  • Block selected merchants
ZAAP - Australia
  • Prepaid card
  • Custom card design or ZAAP bracelet
  • Parental control
Roostermoney - USA
  • Customizable dashboard for children
  • Savings settings with photos
  • Tracking of chores with rewards
  • Motivating children to save
Are you interested in this topic?

Greyson Consulting has been bringing banking innovations to help our clients grow successfully for 15 years.

Are you also interested in new trends in banking and insurance? We would be happy to discuss opportunities in your company with you.

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