- NatWest has acquired Based in london CockSilver, a PFM application for children aged 4 to 17.
- The new offer could bring real added value to customers, allowing them to retain their loyalty over the long term.
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NatWest acquired London-based RoosterMoney, a PFM app for children ages 4-17.
The bank will integrate the functions of the app into its suite of products over the coming months and will attract more than 130,000 UK fintech customers.
RoosterMoney is gradually introducing responsible financial habits to its young users and allowing adults to monitor and control how their children use the service.
- Its stars characteristic– which is aimed at children ages 3 and up – focuses on concepts related to rewards and earnings, and encourages good behaviors and habits by awarding stars to its users.
- Users aged 5 and over then switch to real money using its Virtual Money Tracker, which aid instill good spending and savings practices.
- Parents can facilitate allocations through its Tasks feature, which configures and tracks the progress of tasks assigned to their children.
- The app also provides parents with real-time spending updates and allows them to freeze a card and restrict payments to specific businesses.
UK High Street banks, including NatWest, have long offered time-limited benefits, hoping to persuade consumers to switch primary banks. Incentives are almost always monetary and likely don’t have long-term endurance or inspire continued allegiance:
- Santander United Kingdom is offer a cash incentive of £ 130 ($ 166.71) to customers who request one of the bank’s checking accounts.
- HSBC is offering eligible customers cash payment of £ 110 ($ 141.06), plus £ 30 ($ 38.47) for food, via Uber Eats or The Dining Out gift card.
- Lloyds Bank introduced his own change of account bonus last month – a gift of £ 100 ($ 128.24) in exchange for one of his two checking accounts.
The acquisition of NatWest and the offer it enables is more than a flash in the pan and could offer customers real value that helps ensure their long-term loyalty. The youngest age groups in the UK are overwhelmingly prefer to the bank with traditional institutions like NatWest. RoosterMoney will allow her to better serve this growing cohort as they navigate financial decisions.
It’s also something her customers want: 88% of parents felt that support to help their children practice new skills in a safe space would be helpful, according to a study by NatWest.
Engaging with users on useful and important topics at a young age could build lasting relationships and potentially position NatWest as a child’s first and last bank.
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