Evgeniya Samardak
MDM Bank, Head of Retail Business Department
In general there is no difference but risks are higher and limits are lower.
Financially young client is more risky as he does not have stable employment. We explain new opportunities and products to the youth in detail as they are the major user if modern banking.
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Dmitriy Lepetnikov
VTB24, Head of Administration of mMarketing Strategy and Research
Financial literacy among young generation is on rather high level. They actively surf on the internet, use social networks, willing to discover new things. But their income is not significant that is why there are few specific products for them.
The key factor is income anyway the interesting level of which is gained in next age group.
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Denis Shlichkov
Commercial bank MIA, Head of PR and Advertising Department
The conceptual difference is that it is work for the future prospect. Banking product for young men cannot generate high margins. By the way risks stay rather high and large turnovers in payment products are not expected. But anyway in the conditions of tough competition for potential borrower we have to try to build up some relationship with future clients already now, because when the client becomes 21-25 many banks will open their doors in front of him (in case he hasn’t not spoiled his credit history already) and it will be much more difficult and costly to attract him.
The risks of course are quite specific while working with this segment: young men feel less responsible for new liabilities, their financial literacy level is pretty low and there is no stable source of income. These risks have to be considered when new banking products are generated.
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