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1、1Digital family banking features reportScheduled allowances Spending insightsSaving goals&choresYouth investment platformsDigital onboarding of minors Family budgeting tools Financial education platformsGamified financial learning Card managementParent dashoardFamily Banking FeaturesINTROJOURNEYSFEA

2、TURESCATEGORIESFEATURES OVERVIEWADVICECONTACT2INTRODUCTIONInspiration for family banking:shared finances within the familyThe digital age has revolutionised the way we bank,and this holds even truer for the younger generation.As technology varies across generation,those born into an already digital

3、world have a much more demanding expectation of digital experiences.However,there is still much evolution to undergo in digital banking as it involves the continual and everchanging needs and preferences of consumers.This report provides an overview of application features within a family banking us

4、er journey and sheds insights into the importance,trends,and implications of digital banking tailored for the youth.Why we should consider offering digital banking services to the youth Growing youth population:The global youth population is increasing,especially in regions like the Middle East.Acco

5、rding to the United Nations the global youth population(aged 15-24)is projected to reach 1.3 billion by 2030.This demographic represents a significant potential customer base for banks.Early financial literacy:Introducing banking features to the youth can foster financial literacy from a young age.A

6、 study by PwC found that 72%of parents believe that financial education should start in primary school.This not only benefits the individual,but also the economy as a whole.Digital banking can be an effective way to provide this education,as it is engaging and interactive.Loyalty and long-term custo

7、mer relationship:Several studies point out that customers who start banking with a bank at a young age are more likely to remain loyal customers throughout their lives.As these young customers grow,their financial needs will evolve,making them potential candidates for more sophisticated banking prod

8、ucts in the future.Alternatives digital banking service offerings for the youth Financial education workshops:Banks can collaborate with schools to offer financial literacy workshops.Youth savings accounts:Traditional savings accounts tailored for the youth,offering incentives for saving.Collaborati

9、ons with EdTech platforms:Partnering with educational platforms to integrate financial literacy modules.Generational aspect and relationship with money Digital natives and Gen Z:This generation has grown up in a digital world.Their comfort with technology means they are more likely to adopt and adap

10、t to digital banking solutions.Changing relationship with money:Unlike previous generations,Gen Z values experiences over possessions.Their spending patterns reflect this shift.Trust in technology:Gen Z has a higher trust in technology making them more open to fintech solutions and digital banking p

11、latforms.Sustainability and ethical spending:Theres a growing trend among Gen Z to support sustainable and ethical brands.Banks can tap into this by offering features that align with these values.Digital banking for the youth isnt just about flashy apps;its also about understanding their needs and o

12、ffering value.In this document,you will find an overview page with some of the most important value propositions within this subject,including a non-exhaustive list of use cases.The future of banking lies in understanding and catering to the digital generation.By integrating technology with financia

13、l literacy,banks can not only foster a sense of responsibility and independence among the youth,but also ensure a loyal customer base for the future.As the lines between technology and banking blur,the onus is on banks to stay ahead of the curve and offer innovative solutions tailored to the youth.I

14、NTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT3COMPARATIVE JOURNEYSFamily banking and traditional retail bankingThe journey of a regular retail bank user typically revolves around their financial management,focusing on personal savings,expenditures,and investments.In contrast,the famil

15、y bank retail users journey is more collaborative and multifaceted.It involves managing collective finances,setting shared goals,and educating younger family members about the value of money.The family banking experience requires more sophisticated tools for permissions,sub-account management,and sh

16、ared financial planning.It emphasises communal decision-making and benefits tailored to family needs,whereas the individual users journey is more straightforward.We intend to illustrate the features that fall under the journey steps that are specific to the Family Banking Journey,as you can see from

17、 the examples below:RETAIL BANK JOURNEYFAMILY BANK JOURNEYOnboarding&account creation Deposit&account funding Transactions&payments Investment&savings Customer service Account management Family account setup Sub-account customisation Shared expenses&savings Family financial planning Childrens financ

18、ial education Family rewards&benefits Security&permissions Family account review FAMILY BANKING FEATURESDigital onboarding of minors Scheduled allowances Spending insights Saving goals&chores Financial education platforms Card management Youth investment platforms Gamified financial learning Parent

19、dashboard Family budgeting tools INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT4Scheduled allowances Spending insightsSaving goals&choresYouth investment platformsDigital onboarding of minors Family budgeting tools Financial education platformsGamified financial learning Card manageme

20、ntParent dashoardFamily Banking FeaturesFEATURES CATEGORIESFamily banking featuresINTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT5FEATURESOverviewDigital onboarding of minors Streamlined onboarding,compliance adherence,and minor empowerment.Nubank(Brazil)offers a bank account for child

21、ren managed by parents.The mobile app allows for easy onboarding and monitoring.CATEGORYVALUE PROPOSITIONEXAMPLEScheduled allowances Automating the process of giving children their allowances.Danske Bank Pocket Money(Denmark)feature allows parents to schedule and automate allowances,visualised in th

22、e mobile app.Spending insights Promotes responsible spending with a clear financial activity overview.Chase First Banking(US)offers a mobile app where children and teens can view their spending patterns and get insights.Saving goals&chores Cultivating financial discipline and understanding the value

23、 of money.Santander Mini 1|2|3(UK)allows children to define their saving targets,while parents can assign tasks.Youth investment platformsPlatforms allowing the youth to invest small amounts with parental guidance.Acorns Early(US)offers custodial accounts for children,allowing parents to invest in t

24、heir childs future while maintaining oversight.Family budgeting tools Tools that allow families to set and monitor a collective budget.HSBC Family Banking(Hong Kong)offers families to set a joint budget and monitor expenses,visualised in their mobile app.Financial education platformsDigital platform

25、s offering financial literacy lessons tailored for the youth.RBC Learning Money with Leo(Canada)is a mobile app designed to teach children about money concepts in a fun and engaging way.Gamified financial learning Using games to teach financial concepts.GoHenry(UK)teaches children financial literacy

26、:as they earn,save,and spend using their GoHenry card,they can complete challenges.Card management Fosters independence with a safety net.BNP Paribas Fortis(Belgium)offers a Hello4You account that allows card management,including viewing card details and setting limits.Parent dashboard Ensures paren

27、tal supervision,fostering trust and guided financial learning.Revolut 18(UK)is a youth account that provides parents with a comprehensive dashboard to keep an eye on their childs spending,savings goals,and overall financial behaviour.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT6FEAT

28、URESDigital onboarding of minorsModern banking customers,especially the younger generation,expect a seamless digital onboarding experience.Banks are now offering platforms where parents can initiate the onboarding process for their children,ensuring all compliance requirements are met.For instance,w

29、ith Nubank(Brazil),parents can set up an account for their child using the mobile app.The child then receives an invitation to complete the registration,ensuring they are integrated into the banking ecosystem without any physical branch visits.The entire process is visualised and streamlined within

30、the app,making it user-friendly for both parents and children.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT7FEATURESScheduled allowancesAutomating allowances ensures consistency and teaches children about regular income.Danske Banks Pocket Money(Denmark)feature in their mobile app al

31、lows parents to schedule and automate the process of giving allowances.The app visualises the allowance schedule,ensuring transparency and consistency.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT8FEATURESSpending insightsTransparency in spending is vital for financial responsibility

32、.Banks are offering platforms where children can view their past transactions,understand their spending habits,and make informed decisions.Chase First Banking(US)provides a mobile app where children and teens can get a clear overview of their expenditures.The app presents this data in a user-friendl

33、y manner,ensuring that young users can easily interpret and learn from their spending patterns.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT9FEATURESSaving goals&choresFinancial discipline is a crucial skill and introducing it at a young age can set the foundation for a secure financ

34、ial future.Many banks now offer features where children can set their own savings goals,and parents can assign chores with associated rewards.Santanders Mini 1|2|3(UK)is a prime example.Within their mobile app children can define their savings targets,while parents can assign tasks.Achieving these t

35、asks can lead to monetary rewards,teaching children the value of hard work and savings.The app visualises these goals,making tracking progress intuitive and engaging.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT10FEATURESYouth investment platforms Acorns(US)stands out with its“Round-

36、Ups”feature,which automatically invests spare change from linked card purchases.Its“Acorns Early”offers custodial accounts for kids,allowing parents to invest in their childs future while maintaining oversight.This platform seamlessly blends micro-investing with early financial education,making it a

37、 go-to for parents who are keen onintroducing their children to the world of finance.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT11FEATURESFamily budgeting tools Managing family finances can be challenging.Modern banks are introducing tools that allow families to set,monitor,and sti

38、ck to a collective budget.HSBCs Family Banking(Hong Kong)offers a feature in their mobile app where families can set a joint budget.The app visualises expenses,savings,and budget limits,ensuring all family members are on the same financial page.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICEC

39、ONTACT12FEATURESFinancial education platformsFinancial literacy is the cornerstone of responsible banking.Recognising this,banks are introducing platforms dedicated to educating the youth about money management.RBC Leos Young Savers Account(Canada)and RBCs MyDoh App aredesigned to teach children abo

40、ut basic financial concepts in an engaging manner.Through interactive games and lessons children can learn about saving,spending,and the value of money,all visualised within the app.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT13FEATURESGamified financial learning GoHenry(UK)is a fin

41、ancial app with a debit card designed specifically for children aged 6-18.Beyond just being a digital wallet,GoHenry uses gamification to teach financial literacy.As children earn,save,and spend using their GoHenry card,they can complete challenges and earn points.These challenges are designed to te

42、ach essential financial concepts,from budgeting to saving for goals.Parents can set tasks for their children and upon completion rewards are deposited directly into the childs account.The app provides real-time notifications,spending controls,and savings goals,all wrapped up in a fun,game-like inter

43、face that appeals to the younger demographic.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT14FEATURESCard managementAs digital banking evolves,so does the need for enhanced card management features.Young customers expect to have control over their banking cards,from viewing card detai

44、ls to setting transaction limits.BNP Paribas Fortis(Belgium)offers the Hello4You account,which comes with a mobile app that allows young users to manage their card details,set transaction limits,and even reset their PIN,all within the app for ease of use.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERV

45、IEWADVICECONTACT15FEATURESParent dashboard Parental oversight is crucial when introducing children to the world of banking.Banks are now offering dashboards specifically designed for parents to monitor and guide their childs financial activities.Revolut 18(UK)is a youth account that provides parents

46、 with a comprehensive dashboard in their mobile app.This feature allows parents to keep an eye on their childs spending,savings goals,and overall financial behaviour,ensuring a balanced and educational banking experience.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT16ADVICEThe key pi

47、llars for a successful digital solutionIn the end it is not about what others do,but what will take your organisation to the next level.At Mobiquity we believe there are three pillars underpinning digital solution success:CUSTOMER EXPERIENCE STRATEGYTruly successful digital products are rooted in hu

48、man behaviour,emotions and needs.The way one uncovers these truth about clients and organises innovation around them is reflected in this strategy.DIGITAL PRODUCTS&SERVICESThis is how a great idea of a new product becomes reality through relentless invention,testing and customer verification.Product

49、 building evolves with the product itself,keeping investments under control and focusing on the value the solution brings to customers and businesses itself.DIGITAL BRANDING&MARKETINGGreat products need to be matched with great data-driven marketing.This is about finding the right positioning for th

50、e product,the right message and experience to translate and the right means to reach the potential customers.Looking at that dynamically is essential to make sure the product gets the right exposure at the right moment.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT17ADVICEFor each pil

51、lar there is a set of key questions to considerWhile all these features may look impressive and useful,they are not necessarily fitting every portfolio.Credit score analysis might work better for credit-focused players than an investment auto-pilot feature.Here are some questions to consider while c

52、hoosing the next feature for your solution:CUSTOMER EXPERIENCE STRATEGY What are the needs of the specific customer segment you are targeting?What is your competitive situation and how will this feature allow you to get an edge?How does this feature fit your overall strategy and values?How does this

53、 feature fit the current and target app functionality?What KPIs will be used to measure success?DIGITAL PRODUCTS&SERVICES What is the feature feasibility and how does it fit the current product roadmap?How does this feature affect development of future functionality?E.g.is it an enabler or a blocker

54、 for future features?Does continuous product discovery confirm the features viability and desirability?Is peoples data safe and secure?DIGITAL BRANDING&MARKETING How does this feature fit your branding?What digital touchpoints does this feature affect?What needs to happen to leverage this feature in

55、 your experience marketing?Is the feature experience building trust?Can this feature enhance the experience through cross sell?As the solution evolves and reinvents itself,the list of value-adding features may change.Thats why it is important to constantly review the product roadmap and ideas you ha

56、ve in a backlog.INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT18ADVICEAll pillars are part of our approach for building successful digital solutionsAt Mobiquity we have built many successful mobile banking applications for our clients by combining the key pillars customer experience,d

57、igital products&services,and digital branding&marketing.We have developed our proven Digital Traction Model(DTM)to drive innovation when building digital solutions for our clients.The Digital Traction Model clearly defines the process from ideation to a fully scalable solution and is focused on crea

58、ting human centric solutions,by continuously validating human desirability,technical feasibility,and business viability.Our approach starts with truly understanding user and business needs,performing market research and combining these insights to execute the first ideation sessions on how a solutio

59、n should look(IGNITION).The outcomes of this process are subsequently validated with users to have clear insight into the level of desirability of each feature.Next step is to prioritise featuresbased on the dimensions of technical feasibility and viability,to make sure the proposed features can be

60、realised and at the same time also serve a solid business case(PROBLEM FIT).Based on the agreed priorities,a first Minimum Viable Product is built and validated again with a selected set of users(SOLUTION FIT).The feedback from this validation process is incorporated into the final version that is r

61、eleased to the market(MARKET FIT).This process is continuously repeated to optimise for scaling and at the same time releasing new features(SCALE).Consistently following this proven approach ensures the running of an efficient process and building of solutions that have real value for the end users.

62、INTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT19CONTACTGet in touchPeter-Jan van de Venn,VP Global Digital Banking,Mobiquity+31 6 4328 4093 and Permissions The material in this work is copyrighted.With the exception of fair use for journalistic or scientific purposes,no part of this r

63、eport may be reprinted or reproduced in any form or by any means without the prior written permission of Mobiquity.In all journalistic or scientific purposes Mobiquity must be indicated as reference.Mobiquity encourages dissemination of its work and will normally grant permission promptly.Legal Disc

64、laimer The material in this document has been prepared with the aim of providing information and is for illustrative purposes only and is not meant to be legally binding.Mobiquity accepts no liability whatsoever in contract,tort or otherwise for any loss or damage caused by or arising directly or in

65、directly in connection with any use or reliance on the contents of this document.The content displayed in this Radar is our opinion.The brands mentioned in the Radar are not necessarily our clients.If you feel we have used information in an unfair manner,please let us know.Paul Arkenbout,VP Business Development APAC,Mobiquity+31 6 4310 6062 Pereira,Digital Strategy Senior Consultant,MobiquityINTROJOURNEYSFEATURESCATEGORIESFEATURES OVERVIEWADVICECONTACT