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

Acorns automatically jacks-up fees on subscribers paying $1 per month

  • Acorns is approaching going public via a SPAC.
  • The firm recently told customers in its lowest subscription tier that it was raising their fees by 3x.
Zachary Miller | July 28, 2021
New banks

Midwest BankCentre shows how community banks can compete with new players

  • Midwest BankCentre launched Rising Bank to grow its deposits by $200 million in two years.
  • Embedded finance is expected to generate about $230 billion in revenue over the next five years.
Shehzil Zahid | July 21, 2021
New banks

Remitly targets U.S. immigrants with new banking features in its Passbook app

  • Remitly has launched several new digital banking features in its Passbook app.
  • Features include early access to pay, instant P2P payments, and immediate Visa debit card access.
Ismail Umar | July 12, 2021
New banks

Family matters with Family Money: Verizon’s new financial app for kids

  • Family Money is a financial literacy app for kids aged 8-17
  • The app fits in with Verizon’s other family-focused products and services.
Shehzil Zahid | July 01, 2021
New banks

‘The platform has to be as malleable as the families that use it’: How Till banks families of all kinds

  • Till is stepping into the booming field of family banking with plans to become financial training wheels for kids.
  • But defining what a family actually is is no easy feat.
Rivka Abramson | June 28, 2021
More Articles