Financial institutions acknowledge that their customer base is forever expanding and evolving. One such customer base or segment is the unbanked teen population, popularly known as the ‘pre-banked.’ Banks in mature markets, such as the US, Canada, Europe, China, and Oceania, market their teen banking products to parents with the objective of imparting financial literacy to teens. They focus on teens to convert them into lifelong customers. Whereas, banks in developing markets focus exclusively on teens to promote teen banking.
