More than just simple pocket money at Handelsbanken 02 May 2022 346
Emma Granfeldt, Chief Product Manager - Digital Channels at Handelsbanken, spoke with us about how the bank is turning pocket money into a learning tool for kids.
What led to the creation of Pocket Money Assistant?
It is important for us as a bank to be a part of our customers’ ordinary financial matters -an everyday coach. We wanted to make this “middle-of-life” customer segment more active by helping them with a typical everyday problem. “How much pocket money is suitable to give?” “When to start?” “How do I teach my kids the value of money?” These are the types of questions we want to help with.
In which channels is Pocket Money Assistant available?
It is available for everyone on our public web and also for parents/custodians in the online bank.
What were your objectives and/or KPIs? And what are the results of this initiative? What is the customers’ feedback?
We have used this in a campaign to create a more personalized feeling in the online bank. Customers who we thought would be ideal for this because due to the age of their children got a trigger on their start page. We wanted to see increased commitment and also wanted to know if this kind of innovation would be appreciated by our customers. We got a 9% conversion on that campaign. We can also deduce that we have recurring visitors to this assistant, indicating customer satisfaction. On the public web we can see that this assistant attracts mostly new visitors, through organic search, which leads us to believe that there is a need for this kind of advice out there.
Can you tell me about the financial literacy content you also offer (articles, videos, cartoons, games)? Is for parents? For kids?
The content connected to this helper is mostly advice aimed towards parents and their questions about weekly allowance and how and when to do it. Guiding them in how to make their children aware of the value of money and the lessons one needs to learn. The Pocket Money Assistant itself is for both children and parents, but designed for children to interact and explore different levels for different ages.
Do you use Pocket Money Assistant as a marketing tool to promote a current/saving account for kids? What other products & services do you offer for kids/families?
Yes, we use it to promote accounts for children and to get parents to onboard their children with us. We offer a wide range of products for kids; Basic accounts, Cards with your own design (works online and abroad), Online bank/Mobile app, Different kinds of savings and Swish (transfer by phone number).
For families we also offer shared accounts, where up to five people can use the account, for better control over a shared economy. And we work hard for a gender-equal economy to help families achieve long-term and equal financial security.
To learn more about financial institutions' offerings for kids, visit our FS Innovation Radar and download the report "Generation next"