In a pioneering move, HSBC has launched a dedicated campaign titled “HSBC Teens Proposition” aimed at promoting financial independence among teenage customers. This innovative venture is the first of its kind for the bank, focusing solely on teens and introducing them to the world of banking.
The launch comes on the back of HSBC’s recent FinFit study, which found that 68% of parents believe in the necessity of early financial education for children. While HSBC acknowledges the crucial role parents play in guiding teenagers through financial management, the bank also recognises the growing demand for financial autonomy among teens, often initiated by the teens themselves.
Developed in collaboration with creative agency Narrow Door and media agency PHD HK, the campaign caters to teenagers aged between 11 and 17. This demographic, transitioning towards adulthood, craves more independence, not only in their lifestyle but also in their financial matters. The campaign will run until mid-September this year.
Considering the digital savviness, social activeness, and the penchant for ‘coolness’ among teenagers, the campaign is designed with several unique characteristics. It promotes a mobile-first banking experience, encourages social payment methods, and includes features like ‘Budget’, which helps teens automatically track their spending and link their accounts to PayMe. The blend of an HSBC account and banking apps seeks to modernize and digitize the traditional concept of piggy banks for the new generation.
To further incentivize this financial independence, HSBC is offering parents a free Samsung Galaxy A14 5G phone when they open an account for their children and meet specific fund-in requirements.
Brian Hui, Head of Customer Propositions and Marketing, Wealth and Personal Banking, Hong Kong, HSBC, commented on the initiative, “HSBC hopes to empower young customers to take ownership of their finances. Good financial health will increase their freedom to make the right choices and contribute to their resilience for achieving different financial ambitions.”
Emphasizing the ubiquity of mobile phones in our lives, Hui added, “We have taken a digital-first approach to curating the saving and spending experience for teenage customers through our online channels, including HSBC HK Mobile Banking App and PayMe.”
This news is based on reports from Marketing Interactive.