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Tag: Youth Banking

Helping Families Navigate the Challenges of Youth Banking

Posted on by Rachael Shupe

Learning financial skills is fundamental to leading a fulfilling life. Yet at present both young people and their parents believe that financial institutions are falling short in meeting their information, service and education needs. In this video, we dive deeper into the key themes uncovered in our latest Youth Banking White Paper and share how financial institutions are well-positioned to develop innovative, educational, and accessible banking solutions that can strategically connect with the next generation of financial customers and seize opportunities in this dynamic market.

Inside this video:

  • Uncover the crucial stages of financial development for young Australians and the impact on your youth banking strategy — from the basics of money management to navigating digital payments and the influence of social media.
  • The three strategic decisions financial institutions must make to capture the youth banking market effectively.
  • Why a one-size-fits-all strategy fails for the 6-year-old to 22-year-old age group and the importance of adapting your products, messaging, and experience for each life stage.
  • The four main opportunity gaps between current banking offerings and the growing needs of parents and young people.
  • Understanding the ebb and flow of parent involvement along the youth banking journey and how to build this into your strategy and approach.
  • The importance of tone of voice and platform-appropriate experiences for digital-native youth.
  • The correlation between financial literacy and financial inclusion and how it affects customer lifetime value.

Featured Speakers:

  • Sarah Rowley, Senior Product Manager for Issuing, Cuscal,
  • Dawn Mischewski, Research and Customer Insights Specialist – Phase One Insights, and
  • Ryan Yuzon, Senior Director, Visa Consulting & Analytics, Visa Australia.

Watch this video now and learn how these insights can help you develop a program for the youth segment in line with your wider customer lifecycle strategy.

Important Information: The information in this web copy and video are current as at December 2024 and is subject to change. This information is provided for general information purposes only and not for the purpose of providing legal, financial or investment advice. The information contained in the web copy and video does not constitute an offer, a solicitation of an offer or to enter a legally binding contract. The web copy and video contain material provided by third parties. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. Although Cuscal has made every effort to ensure the information is free from error, Cuscal does not warrant the accuracy, adequacy or completeness of the information. Except where contrary to law, Cuscal intends by this notice to exclude liability for the information. This web copy and video are not to be distributed to any other party without Cuscal’s prior written consent. Cuscal Limited ABN 95 087 822 455.

Eye on the Future: Helping Families Navigate the Challenges of Youth Banking

Posted on by Rachael Shupe
A picture of a family with parents and two children sitting in a loungeroom

With 26% of the global population under 15 years old and projected growth of 7% by 2030, according to the United Nations World Youth Report, 2020, the landscape of youth banking is rapidly evolving, presenting both challenges and unprecedented opportunities for financial institutions. Our latest white paper shares in-depth findings of the financial learning journey at each youth life stage and delves into the strategic imperatives of targeting this 5.5 million strong demographic—from understanding their digital-first expectations to nurturing lifelong customer relationships.

Inside, we explore crucial topics such as:

  • Evaluating the $825 billion total opportunity value of the youth segment and its strategic importance within your financial institution’s broader vision.
  • Quantifying the correlation between early financial education and sustained customer loyalty—explore strategies to capitalise on this proven link.
  • Understanding why conventional banking methods are falling short in meeting the precise financial literacy needs of today’s youth—and learning actionable solutions to address these gaps effectively.
  • Detailed insight into the youth financial learning journey and how to develop compelling youth banking propositions that drive both acquisition and retention.
  • Uncovering the five key elements of a robust youth strategy to harness competitive advantage.
  • How to navigate regulatory landscapes and forge strategic partnerships to bolster your youth banking initiatives, ensuring both compliance and market relevance.
    Ready to transform your approach to youth banking?

How can Cuscal help your organisation?
With nearly 60 years of expertise, Cuscal can partner with you across the whole payment ecosystem. Harnessing our deep knowledge of the Australian financial market and robust regulatory experience, we can help your organisation bring to life the digital experiences required to attract and retain these customers.

If you would like to speak to us about your youth banking strategy, email us at getintouch@cuscal.com.au.

Important Information: Information in this web copy and White Paper are current as at December 2023 and is subject to change. This information is provided for general information purposes only and not for the purpose of providing legal, financial or investment advice. The information contained in the web copy and White Paper does not constitute an offer, a solicitation of an offer or to enter a legally binding contract. The web copy and White Paper contains material provided by third parties. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. Although Cuscal has made every effort to ensure the information is free from error, Cuscal does not warrant the accuracy, adequacy or completeness of the information. Except where contrary to law, Cuscal intends by this notice to exclude liability for the information. This web copy and White Paper is not to be distributed to any other party without Cuscal’s prior written consent. Cuscal Limited ABN 95 087 822 455.