Child & Youth Friendly Banking Award |
Sberbank Product Name: (Palms) Payment Card, Youth Debit Card | Country: Russian Federation
INTRODUCTION Sberbank has given thousands of children an easy, secure and reliable way to manage their money by introducing a more efficient and secure method for handling canteen transactions in the school environment. In addition, Sberbank makes a great contribution to the development of youth financial literacy. With such tangible success, the bank is keen to explore other areas where the ID solution might be used and continue encouraging young people to use debit cards in everyday life. AN OUTSTANDING APPROACH The strategy of Sberbank’s program is to engage with young customers by offering them the most convenient solution for everyday spending. They pursue the service of biometric payments in school cafeterias. The idea is to cover all kinds of schools even in rural areas. Schools make the decision about launching this service in which the children are users. This is also why the bank’s communication is focused on quality education. They teach children how to use this service and conduct lessons about banking products as a part of the school’s financial literacy program. They follow
federal law about protection of personal data: all palm vein patterns are securely encrypted and transformed into the code. The bank respects the law of customer protection. Parents can always choose whether to use the service or not. If they do not want to pay by the palm they can pay either by card or cash. Sberbank wants children and youth to be customers for a long period of time and offers a debit card from 14 years when it becomes legal to open an account. Customers can apply to get a card in the bank, via the website or at special events where they build a special corner to sell cards.
because the child doesn’t have to touch the scanner. This technology is also more secure because the probability of a mistake in identification is a 100 times smaller. Another advantage is that parents are informed of what their child has eaten at school by sms and they don’t have to worry about children carrying pocket money since the service is attached to the debit card.
ACHIEVEMENTS • 22,000 children have been reached by the Palms card at the moment. • Sperbank currently offers 4,300,000 Youth Debit Accounts. • Advertising campaign reaches 13 million young people. JUDGES’ THOUGHTS The Sberbank’s program gives children the first idea of a cashless world with this project. Moreover, the bank scans the client’s palms, making identification using vein patterns. This makes the service more hygienic 29