Visa needed to understand the motivations of parents and their children when opening the child's first transactional bank account.
We designed a new type of account that parents could use as a financial education tool for their children.
Interviewing parents and their children separately, we uncovered some powerful motivators that triggered and drove their behaviour. The children saw it as a rite of passage when gaining financial independence, but parents had concern over fiscal responsibility.
A concept that tested really well on both sides was to start teaching about the power of saving by opening an account for the child at a much earlier age, with parents maintaining full control at the start but with diminishing oversight as the child grew older.
This stayed with the child all the way through to adulthood, transitioning through features and giving parents oversight until no longer needed.
