Family banking is a holistic approach that caters to the banking needs of all family members through a unified platform. It provides a range of financial products and services under one umbrella, making banking convenient and efficient.

According to a 2022 survey, 68% of families prefer a unified banking solution for better financial management and benefits consolidation. This trend, driven by Challenger banks globally, offers significant benefits for traditional banks. By engaging customers early, banks can foster greater loyalty and profitability by creating a single ecosystem for parents and families. Moreover, acquiring new customer segments during early stages can be more cost-effective. Turning kids into full customers as they grow ensures long-term revenue streams. Additionally, banks can extend their product portfolio with new offerings, such as specialized cards for children and teenagers.

But what’s a Family banking platform? Let’s discover it:

Key Features of Family Banking

• Unified Accounts: Linking individual accounts of family members for collective management.
• Specialized Accounts: Tailored savings accounts for different family members, such as women, seniors, and children.
• Relationship Value Maintenance: Consolidated balance maintenance across all linked accounts to meet minimum balance requirements.
• Pricing Benefits: Discounts on various banking services like lockers and demat accounts.

How can Strands help your bank create a family banking proposition?

Strands provides advanced digital banking solutions that enhance the family banking experience:

• Financial Management: Comprehensive tools for tracking expenses, budgeting, and financial planning for the entire family.
• AI-Powered Insights: Personalized financial advice and insights to help families make informed financial decisions.
• Goal-Based Savings: Features that allow families to set and track savings goals collaboratively.
• Customizable Alerts and Notifications: Real-time updates on account activities, helping families stay informed and secure.
• Integrated Dashboard: A unified view of all family accounts, making it easier to manage finances collectively.
• Gamification based on Financial Responsibility: Assign chores and reward kids with money or points for completing them, teaching the value of earning or, offer incentives for reaching savings goals or making wise spending choices to encourage learning about saving, budgeting, and other financial concepts.

Conclusion

Banks can offer family banking propositions that meet the diverse needs of modern families thanks to Strands’ comprehensive solution. These innovative features not only simplify financial management but also foster financial literacy and independence among all family members. Strands’ advanced digital tools ensure that every family member is engaged, informed, and empowered to manage their finances effectively.

Ready to transform your banking experience? Contact Strands today to learn how our solutions can help you build a robust family banking proposition tailored to the needs of your customers. Let’s create a future where every family thrives financially!