Banking New Generation Youth

www.surkreo.com
BANKING A NEW GENERATION

Every child and youth
has a right to safe,
accessible financial
services to empower
them to grow into
productive economic
citizens.
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Children and youth are the future economic
actors whose financial decisions will dictate the
future of world economies.
Providing young people with the economic and
social environment to prosper and the
competences (financial, social and livelihoods)
to thrive has a meaningful impact on the lives of
individuals and the communities in which they
live.
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WHY SHOULD CHILDREN AND YOUTHS BE BANKED?
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As central actors in finance, and the economy at large,
financial institutions have an opportunity to create the
fundaments for a generation of entrepreneurs, business
leaders, and responsible economic citizens through financial
inclusion in combination with Economic Citizenship
Education (financial, life skills, and livelihoods education).

AND ARE THEY REALLY TAKEN SERIOUSLY?
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Most financial institutions claim to
have youth banking products, but
how many are fully integrating these
products into their brand?

The financial
institution’s social
investment program
states that the financial
institution invests in
children and youth.
The financial institution
promotes educational
savings accounts for
children that are
entirely directed to their
parents, and in fact have
no substantive
educational dimension.
The website/CSR report
states that bank
employees have
personally donated
enough money for a
local school garden to be
set up
has developed products
for children and youth
without actually
discussing,
understanding or
addressing their needs.
promotes and signs up
new children and youth
customers but does not
change its engagement
process.
has spent time learning
about children and
youth. It is delivering
children and youth
specific products and
programs which
encourage financial
inclusion. The bank is
actively working with
children and youth,
schools and parents on
Economic Citizenship
Education programs.
The child and youth
segment is key to the
financial institution’s
brand. It offers child and
youth friendly bank
accounts, and trains its
personnel on how to
engage with children
and youth at all touch
points. Schools are
trained to run ‘school
banks’ as part of a larger
national school bank
program.
As part of its larger child
and youth focused
strategy, the financial
institution collaborates
through expertise and
funding with NGOs and
government on rollout
of high quality Economic
Citizenship Education
programs.
Very Superficial Fully Integrated
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WHO ARE CHILDREN/YOUTH?
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Understanding their seemingly similar yet
different journey to financial freedom will help
us properly define their wants, needs and our
business objectives/goal to them.

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UNDER 12 YEARS OLD
Growing Financial Awareness and Understanding
Key requirements: Financial education
Financial independence status: Financially dependent
Stage: Growing from toddler into childhood
• Things they need and want are usually bought by parents
• Lack of card products and current accounts
• May have a savings account operated by parents
• Most likely no (or minimal) financial education
Resulting change in financial circumstances
• No real independent financial needs
• Parental donations account for most of worth
• Make minimal, if any, small purchases

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LATE TEENS 13-17
Increasing Financial Responsibility and
Accountable Decision Making
Key requirements: Payment options, control and financial education
Financial Independence status: Shared responsibility
Stage: Approaching important crossroads in their lives
• Growing independence within the safety/confines of their parents control
• Making choices about their lives and the path they wish to follow
• Many experiencing work for the first time and earning their own money
• Being weaned away from parental financial support
• Spending own money on clothes & socializing with friends –
• Financial needs are entirely recreational in nature
• Parental donations can require a savings account
• Teens want more control over spending of own money
• Parents keen to maintain control over teen spending – so joint
accounts or means of monitoring are common
• Need for education about financial responsibility given their
tendency to purchase impulsively

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YOUNG ADULTS IN FURTHER EDUCATION 18-25
Independent Financial Management and Budgeting
Key requirements: Financial education, payment options
to meet fundamental and aspirational needs
Financial independence status: Financial unpredictability
Stage: Sudden change in circumstances and lifestyle
• Moving away from home
• Increased freedom & control over own life and finances
• Greater responsibilities through sudden independence
• New demands on their money:
- Accommodation
- Tuition fees
- Food
- Books
- Socialising
- Transport
• Greater need for budgeting & financial planning
• Increased need for funding – from family, financial institutions or
government schemes
• Need for broader portfolio of financial products/services:
- Current & savings accounts
- Student loans
- Insurances
- Credit facilities
- Financial education
- Long-term planning

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WHAT DO CHILDREN/YOUTH WANT
Children and youth have a requirement for access, control, a positive
financial incentive, security and financial education as part of a basic
bank account product.
Progressing from the consideration of these basic requirements,
WemaBank should then consider what ‘needs’ the product is trying to
address.

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School Bank
Introducing them to
the concept of savings
with the guidance of
parents and teachers
School Bank/Bank
Branch
Putting the power of
savings in their hands
with the guidance of
parents
Bank Branch
Financial
management,
education and support
Kids should be
advised to save a
quarter of their
snack money,
monitor and share
their savings results
Saving part of their
snack/pocket
money, having a cap
on personal
withdrawals daily
and monitored by
parents
Full control on
account, embedding
digital forms of
transaction, social
media interaction with
bank, etc.
Free account opening
(No minimum
balance), free club
membership, free
school field trips. Etc
Creating incentive
based marketing on
savings, target account
platform, financial
management support.
Free account opening
(No minimum
balance), free club
membership, free
school field trips. Etc

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Secure transactions
and policies to guard
against vulnerable
fraudulent
transactions from
family or guardian
provide education
and support in terms
of physical and
virtual security
fraud and identity
theft.
Incentive based
school programs to
motivate savings and
financial transactions
Influence school
policies and create a
Purple club in
secondary schools
Free Entrepreneurship
foundation classes and
enrolment for
members
Secure transactions
and policies to guard
against vulnerable
fraudulent
transactions from
family or guardian

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MARKETING OUTREACH
Children and youth today are global citizens who:
• have infinite access to information;
• have the power to essentially be their own media company;
• have tremendous influencing power;
• are the most technologically literate segment;
• and are positioned to have more spending power than any other so far

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MARKETING OUTREACH
When reaching out to them, financial institutions should
consider moving away from traditional product marketing
to relationship marketing. The most important form of
communication/recommendation is through their friends
and family and their social networks.
Many prefer to do their own research online and this is
why the different forms of social media are so important.

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CONSUMER BEHAVIOR
• Individualistic
• Mature quickly
• Brand aware
• Early adopters
• Social conscious

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TACTICS: Saving together. Winning together
Every going child cherishes the importance of friendship. It’s an
innocent phenomenon that goes beyond understanding, even to
the parents of the child.
We want to position Wema Bank as a friend that they can always
rely on to help with their financial needs.

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Task
The task is to re-introduce Wema Bank
to this new generation of bankers.
Change perception of the bank
amongst that age group
Create appealing visual and
communication elements to drive
conversion

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What we intend to achieve …
To create communication materials that
visually disrupts current brand perception

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Saving together. Winning together
This is the story of friendship that goes beyond reasoning.
It’s a story of taking the challenges of another before yours.
It’s a story of sacrifice, understanding, care and patience.
It’s a story of staying with you all the way…

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Promotion: Fibi and Uno
We created promotional mascots that
kids would easily relate to. Young friends
that always look out for each other,
similar way Wema Bank will look out for
the kids

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Promotion: Fibi and Uno
Promotional materials that would be deployed in the
market to sell our products will also be designed

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Outreach: Regal Prime
We will be creating communication
materials that would further reinforce
TOMA of the Regal Prime account

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Education
School Banking Program
As part of our push for financial
literacy amongst children/youths,
Introducing a school banking
program would teach money
management skills to
primary/secondary schools
students.
This program will be targeted at the
Royal and Purple age group

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Education – School Banking
Incentive
Children who participate will be rewarded with
tokens that they can redeem for exciting rewards
when they deposit regularly into their savings
account. The program will be supported with a
range of fun and engaging materials to help them
learn about money – and encourage them to save.
Schools that participate in the program will get up to
5% of annual savings and also get invited to
competitions and events amongst participating
schools

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Metrics
Students will be encouraged to save a quarter of
their feeding money to help them attain a financial
goal.
A passbook will be given to any student that
registers to save. After every week of saving a
starburst sticker will be placed on the passbook as a
reward point which can be redeemed for gifts and
cash backs.
These savings will be collected by an accountant
from the nearest Wema Bank

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Control
Students will control
depositing their savings. They
will also be able to withdraw
only a cap figure approved by
parents/guardian. Any
student that wants to
withdraw above the cap
would need a signature from
parents or approved
guardian.

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Education – Game App
Fibi and Uno goes to market
We also would explore other engaging ways of
teaching financial literacy with the help of a mobile
game.

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Education – Game App
Fibi and Uno goes to
market
This simulation game
will engage kids on
financial management,
wealth creation and
financial literacy.
It will be designed to
IOS and android
applications

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Education – Regal Prime
The adaptation of technology into the lifestyle of
these age group is not ending anytime soon and
these trend impacts how to perceive and accept
certain brands.
They would naturally tilt to brands with broader
tech oriented programs and solutions and that’s
where we intend to meet them.

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Regal Prime portal
Aside from the regular bank offerings
like account login and bill payments, the
Regal Prime portal will be home to fun
and engaging lifestyle options that
perfectly suits this age bracket.
We intend to synergize most of Wema
Bank’s current partnerships and add a
few more if need be to create a
memorable interaction with Wema Bank
and the youths

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Regal Programs
A key aspect of these website will be the
virtual classes where youths can obtain
lesson on financial management,
entrepreneurship, creative leadership,
etc…
This programs will be strictly online and
certificate will be sent to their mail
automatically after completion

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Education – YouTube Series
The Chronicles of Jaja
Jaja, the King of Akpogbo kingdom in Benin, is a
young man that lives on the edge.
His Kingdom is comprised of; him, his goat, chicken
and a large expanse of land.
Jaja has always been satisfied with his “ordinary” life
in his kingdom until a friend came along and took
him on a journey. A journey to create and sustain
wealth start from the little he had and building a
massive empire

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Metrics
We are going to be creating a series of 12 episodes
and each episode will be released every month giving
room for build up and engagement of the previous
episodes shown

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Deployment
This will be target to the youths and will
be premiered first on the Regal Prime’s
portal before any other social media
channels

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Conclusion
‘‘It is essential to invest in young people,
giving them a sign of confidence
and involvement.’ ‘It is more interesting
to engage with these new generations at
an early age with relevant but less profitable
products and evolve with them as
their needs change than to acquire
them as new customers at a later age.”
Marco Siracusano
Head of Marketing, Intesa SanPaolo

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Conclusion
Value of Saving money
Every one always remember and miss the
money they did not save and this also affect
children/youths the most knowing they have
seasonal periods where they likely get enough
money to spend.
With Wema Bank showing them the best
approach to financial management and
literacy, it would be hard to drop even after
they have gotten much older thereby making
them feel indebted to the us.
And all this we do cause we are with them all
the way.

www.surkreo.com
We’ll be happy to be a
part of your team

Banking New Generation Youth

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