This fintech is making it easy for the likes of Morgan Stanley to start building relationships with young people.
To avoid losing GenZ (and GenAlpha) to neobanks and other digital upstarts, traditional banks need to find ways to build their brands with young consumers. Interactive financial literacy resources can help hook them early.
Kid-focused fintech Greenlight just announced a new program that allows banks and credit unions to offer its suite of education products to their customers – and institutions like Morgan Stanley and Washington Federal have already signed on.
“Neobanks are coming after Gen Z really aggressively,” and Greenlight’s resources give banks the ability to start building relationships with that generation “before they start getting bombarded,” Greenlight exec Matt Wolf told Banking Dive.
The co-branded experience gives banks a low-lift way to integrate engaging, kid-focused content into their existing ecosystems.
“With 42.9 million Gen Zers estimated to use mobile banking by 2025, there’s a big opportunity to build relationships with young people starting now,” Wolf added to Insights Distilled.
Morgan Stanley will offer Greenlight’s suite of tool to its CashPlus brokerage clients for free, allowing them to “teach their children about the world of money,” according to exec Tom Stanmeyer.
This launch extends Greenlight’s earlier dabbling into B2B: It launched a partnership with JPMorgan Chase in 2020 to power the bank’s debit card for kids.
Other banks are experimenting with the power of interactive education, too. For example, Truist acquired gamified finance app The Long Game last year, and TD Bank has a virtual stock market game and a resource hub for kids called the Wow! Zone.