Bank products and services for children, youths and young adults: features, models, customization

Michal Buszko (), Dorota Krupa and Malwina Chojnacka ()
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Michal Buszko: Nicolaus Copernicus University in Torun
Malwina Chojnacka: Nicolaus Copernicus University in Torun

No 6810238, Proceedings of Business and Management Conferences from International Institute of Social and Economic Sciences

Abstract: Banks often offer their products and services to young people, i.e. children, youths and young adults. Such products and services are characterised by special features and functions as they are offered to clients with low financial competences, low economic knowledge as well as a lack of regular income. In effect they do not bring current profits to banks and the process of servicing of young people is treated rather as a long-term investment project. The purpose of this paper is to characterise and evaluate bank products and services offered to young customers, including their features, functions and legal terms of using as well as to identify ways of their offering in the Polish banking sector. To achieve the research goal, the authors studied literature, analysed offers of banks in Poland, and conducted a survey using CAWI technique on a group of 209 young respondents. Based on the research, the authors identified optimal features of products and services for young customers as well as their customisation. The authors also identified several models of offering products to children, youths and young adults. The research indicated that young people use bank products and services commonly and they are satisfied with banking offers. They find safety of money as the most important feature of products and services.

Keywords: bank products and services; children; youths; young adults; models of offering (search for similar items in EconPapers)
JEL-codes: D83 G21 M31 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2018-10
New Economics Papers: this item is included in nep-tra
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Published in Proceedings of the Proceedings of the 8th Business & Management Conference, Venice, Oct 2018, pages 291-311

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