Postbank
Postbank reports a growing interest in its innovative Project YOUth program designed for the institution's youngest clients. In the past year, their number has increased by 33.5 percent, which is a clear sign of increasing interest and engagement among young people in banking products and financial solutions. Nearly 64 percent of the bank's entire youth portfolio uses digital services such as internet banking and/or the modern mobile wallet ONE Wallet by Postbank, with over 77 percent of the most active customers using digital services for daily banking. These are the latest findings from a survey conducted by Predicta, commissioned by Postbank, which clearly highlight that the younger generation is increasingly relying on remote services and digital banking solutions for their daily lives, making personal budget management even more secure, easy, and convenient.
The data analysis also shows that the largest increase in active users is in the 18-26 age group, with over 70 percent. By June 2023, compared to the same month in 2022, young people have shown increased interest in using online banking, confirming once again that they choose the convenient and easy way to manage their finances from anywhere and at any time.
A trend observed in all subcategories and subsegments is the active use of debit cards, with a 65 percent increase in customers who actively use their cards at POS terminals, conducting an average of 7 transactions per month compared to 1.6 transactions at ATM devices. For Generation Z, cash is becoming less attractive in their daily lives, while digital transactions (payments at POS terminals and ATM usage) have increasingly become advantageous.
"With the creation of Project YOUth, our goal was to expand young people's access to personalized and secure financial solutions that would help them develop the necessary culture for managing their own budget, building new savings habits, and responsible consumption. Today, we are even happier to note the positive trend we have observed over the past year, which once again confirms that we have achieved our goal. Our youth program continues to make banking a fun and engaging experience for our youngest clients, helping them easily build their financial future, offering them continuous skill development opportunities, and providing additional key advantages," commented Postbank.
The analysis also reveals that young people who have discovered the bank's program and use their account for salary transfers have increased by 20 percent. An interesting fact is that the deposit accounts of young people up to the age of 26 are growing compared to data from June 2022. Additionally, the balances on these accounts are also increasing, indicating a growing trend toward saving money. Among the main advantages of using debit cards is that they promote responsible consumption, responsible behavior, and prudent management of personal finances from an early age.
The number of users who open the Project YOUth Program to receive scholarships has also increased by 51 percent. Special conditions and numerous benefits provided by the program for storing their personal funds contribute to this trend. Young people seeking card products for their scholarship income have seen a sharp increase in the past year, which is very evident during the periods when they are announced and scholarship programs are offered by educational institutions.
The data from Postbank's study on behavioral patterns among young people highlight a predominant profile of Mall Lovers, characterized by daily use of debit cards for payments at supermarkets, fashion and clothing retail stores, dining and entertainment establishments, cafes, sports clubs, gas stations, courier services, and all kinds of services, such as monthly subscriptions for music and television streaming platforms. Websites like Aliexpress and Apple are among the most frequently used online stores for shopping in this segment.
Users from the Occasionalists Lifestyle segment are immediately after them, with their behavior reflecting significantly smaller transaction amounts but more frequent daily use.
In terms of annual dynamics, the largest growth in 2023 was observed in the Mall Lovers segment (65 percent), followed by Daily Need users (29 percent). A decline was observed in the Mega Store Buyers category, with a 43 percent drop, which includes customers who shop in large stores with various sections, from construction to everyday goods.
Postbank created the special Project YOUth Youth Program with the idea of inspiring the youngest individuals and providing them with age-appropriate and secure banking products that would introduce them to a world of new financial opportunities. The program is divided into three age groups: 7 to 14 years old, 14 to 18 years old, and 18 to 26 years old. Project YOUth offers exciting financial offers for debit cards for children and young people, helping them acquire new and useful habits, learn more about the role of money, and build their financial culture from a young age. At the same time, it provides convenience for their daily payments, including appropriate individual limits tailored to their age.
For more information about Postbank's Project YOUth Program, as well as the full range of products and services offered by the institution, please visit www.postbank.bg.