Financial Services (105)
Baby banking steps
The Abu Dhabi Islamic Bank launched a product named ‘Banoun’ which is an account for children aged 8 and above. To appeal and grab their imagination, they created a character called Darhoom that tells the kids stories about how to save and manage their allowance.
Why it matters
Not only does this program help kids understand the concept of finance at an early age, it encourages parents to become more responsible by investing into their kids’ future. While this concept may be familiar in many western markets, it’s an innovative one for an Islamic bank in the Middle East. Will this encourage all other banks to open up to a new, even younger, Arab generation?
Portugal’s Banco Espirito Santo (BES) are currently promoting ‘BES Arte & Finance’, a space where contemporary art mingles with financial services. Located in Lisbon’s financial district, the initiative is aimed to bring modern art to the masses and give something back to the community.
Creditors are using a new tool to find out who’s worthy of credit offers and who’s not – your social networks. Banks and credit issuers are taking advantage of the personal conversations made public by sites like Facebook, Twitter, and LinkedIn. But don’t rush to change all of your privacy settings right away. Most of the information is used inform creditors of offers you would be a good candidate for, or things you might be interested in because your friends are. But it can be used as a risk-management tool. Creditors find that people with good credit attract the like, while people with poor credit are often linked to others with a similar rating.