@cuhomepage (Tammy Holtzmeier) tweeted the following recently:
“Tooth Fairy forgot to visit. ‘I bet she remote deposited the money,’ says our eight-year-old. Extra quarters tonight for the #smartkid.”
If you know Tammy, then you’re not surprised in the least that her kid would be bright enough to know what remote deposit capture is at eight years old.
But (sorry Tammy) that’s not the point of this post. The purpose is to point out a potential opportunity for banks and credit unions.
When I was an eight year-old, the tooth fairy came when I lost a tooth, and left a quarter under my pillow. Do you mean to tell me that, in the intervening hundred years, this tradition hasn’t changed?
I don’t know exactly at what age kids today start texting and emailing, but I am willing to bet that the first thing my two older daughters do upon waking up each morning is to check their smartphones to see who texted them overnight, and to check their friends’ Facebook status.
My younger daughter (getting close to the end of her tooth-losing years) doesn’t have a smartphone, so when she gets up she immediately turns on her iPod touch to play games, and — much to the chagrin of her mother and I — to text with her friends who have figured out how to use the device for that purpose.
My point: At a very young age, today’s kids are tied to their technology.
But you knew that already.
Despite knowing that, however, it appears that few financial institutions have figured out how to do anything about it.
Enter the Tooth Fairy Opportunity.
Why don’t banks and credit unions give their customers (members) the ability to transfer money into their tooth-losing kid’s account with a “tooth fairy” option — an option that would trigger a text or email message from “the Tooth Fairy” to the child letting them know the Tooth Fairy “gave” them money, and a message that the parents could personalize about how the kid should use the money wisely (i.e., not on candy) or to save the money, etc.?
Is eight years old too soon to teach a kid about smart money management? Tammy’s kid might be a little ahead of the game, but even 10- and 11-year-olds are still losing their teeth, and they’re definitely not too young.
The Tooth Fairy opportunity is a low-cost way to engage customers — and their children.