Evgeniya Samardak
MDM Bank, Head of Retail Business Department
Most perspective products for the youth are credits cards with variable bonus programs and technologies on no-contact payment, functional online and mobile banking and call-center. Such set of products allows to lead active way of life and solve all banking tasks immediately spending less time on it.
Young men actively use modern gadgets and get used to high speed, bonuses and presents. So most popular things among the youth are fancy designed cards, convenient online and mobile banking, smart apps, automatic withdrawals for payments and PayPass technology.
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Dmitriy Lepetnikov
VTB24, Head of Administration of mMarketing Strategy and Research
There are interesting examples from international experience: DinoSaver accounts for kids or Justin Bieber recording lessons on financial literacy for 12+ teens. Of course there are some education loans but they are mostly targeted on the parents rather than on the students.
People have to earn already something showing not only a potential of growth but already a career trajectory to make it more interesting to develop serious banking products for the youth. We can talk then about mortgage for a young family, loans for developing SME, car loans.
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Denis Shlichkov
Commercial bank MIA, Head of PR and Advertising Department
Now most demanded bank products among the youth are consumer loans. POS credits are mostly used by young men from 18 to 24 who cannot pay for tabloid, laptop or smartphone at a time. That is the market where young men will lead further.
Consumer loans and cash loans are less available for the youth. Most of banks provide loans to clients older 21 (at least graduated and employed young men with a certain income source). Student products are not widely spread yet. They are interested to banks as social projects when scholarship is transferred on banking card or something like this. Commercially such card project are not that perspective. The reason is that students don’t have their personal income source yet or it is still too small, to make a card attractive for a young man it must give some advantages to holder like discounts in cinemas, museums all over the world and etc. Otherwise “plastic” will not be active.
I think that this direction will still gain development. Banks do not feel “client hunger” yet but in some time client deficit will become sharper and demand for young clients will grow. Plus there is already some statistics collected by market players that can be used for developing supply for the youth.
Other direction – remote banking services. As known most actively surfing on the internet people are young. Z generation is used to making payment and purchasing goods via internet. I think that online and mobile banking are the services to be used by the youth in prospect.
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