New banking app Monzo targets teens with its marketing
Posted on: Wednesday 08 August 2018
Monzo, a new banking app, is focusing on a corner of the market not typically targeted by financial services providers.
Monzo, a mobile-only bank, is targeting 16 and 17-year-olds with its app marketing, in an unusual move for a financial services provider.
The bank will provide the same service to 16 and 17-year-olds as those aged 18 and over - the only difference will be that they won't be eligible for overdrafts. There'll also be some barriers to how much 16 and 17-year-old users can spend, but this limit will be removed once they turn 18.
Teens will be able to link their Apple Pay and Google Pay accounts to their Monzo app and get contactless payment cards to sync with it too, meaning they'll be able to enjoy the latest tech banking developments.
In a blog explaining its ethos, Monzo said it would let users know when they had gone overdrawn, but that it wouldn't charge them extra for it.
"Helping young people learn to manage their money means giving them leeway to make mistakes without clamping down hard," Monzo stated.
By targeting teenagers and making banking seem trendy, simple and accessible, Monzo is cleverly tapping into a corner of the financial market few other brands manage to actively captivate with their messaging.