Member Exclusive, New banks

As popularity of teen banking grows, competitors differentiate in marketing and monetization

  • Reaching teens and their parents isn't an easy lift.
  • With the increased popularity of teen banking, competition is finding different ways to market and monetize.
close

Email a Friend

As popularity of teen banking grows, competitors differentiate in marketing and monetization

Parents want their kids to be more financially responsible. Kids want more financial responsibility. Teen banking solutions in the US continue to boom.

But with more competition, teen banking solutions are finding their own ways to scale their businesses and are using different channels and business models to get there.

The journey starts with knowing your user to the max, said Simon Elkjær, the chief marketing officer of avXperten, a Denmark-based electronics store.

“When it comes to marketing to teens or any similar demographic, marketers need to realize that they have to dedicate even more effort into researching their audience,” said Elkjær. “What the current trends are, and what issues they hold dear.”

For Copper Banking, a Seattle-based digital bank made for teens, the key to understanding its customers has been going straight to the place they’re most likely to be found: high school. This has given the company a chance to hyper focus on their key demographic and avoids spending a lot of time marketing and acquiring on social media channels.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $79/mo. Already an Outlier member? Sign in to your account

0 comments on “As popularity of teen banking grows, competitors differentiate in marketing and monetization”

New banks

‘I have a visceral understanding of the underserved customer because I was one too’: The story behind Ahead Financials

  • Ahead Financials was launched back in December to provide banking services to anyone who feels financially insecure or underbanked.
  • Anu Shultes is the CEO of Ahead. Her inspiration for the challenger bank and her understanding of how to build it come from 25+ years in the banking industry, as well as her own experience as an immigrant in the US trying to make ends meet.
Rivka Abramson | May 17, 2021
New banks

Banking software providers are helping their clients go digital

  • Small banks and credit unions need to digitize to compete in an evolving industry.
  • Experts say open banking is the way to go.
Shehzil Zahid | May 11, 2021
New banks

‘Our sweet spot is healthcare’: Laurel Road for Doctors takes niching down one step forward

  • The demand for personalized digital banking products is booming.
  • And with that, companies like Laurel Road and KeyBank may need to figure out a way to become niche ninjas.
Rivka Abramson | May 10, 2021
New banks

Challenger bank Fortú targets Latinos in the U.S.

  • Fortú serves the underbanked and unbanked Latino communities in the U.S.
  • The digital bank uses the Galileo payments platform.
Ismail Umar | May 06, 2021
New banks

As gig work tops $1 trillion in the U.S, workers demand more real time payouts

  • Pandemic related loss of income has spurred an increased interest in gig economy work.
  • Branch and Marqeta’s report shows that 94 percent of gig workers associate faster payouts with financial security.
Rimal Farrukh | May 05, 2021
More Articles