Revolut debuted Revolut Junior for children ages 7-17 - Business Insider

. Revolut Junior integrates directly with the primary Revolut app, enabling parents who are Revolut users to create a Revolut Junior account for their child. After that, their child can download the Revolut Junior app and get a Revolut Junior card.The new app offers a limited interface, including the ability to see transactions in real time and configurable card settings.

. While bringing children onboard with Revolut may not be a big driver of revenue or customer engagement for the neobank, it could yield a significantly higher level of customer loyalty. If parents use Revolut themselves and use Revolut Junior to manage their children's allowance and spending, it's likely to become more of an ingrained part of their finance management. This could make them more reluctant to give up Revolut, even if they are confronted with a better offer from a competing bank.

Revolut Junior could also generate new business for Revolut when teens get old enough for their own accounts. If older Revolut Junior users — those aged 15 to 17, for example — get familiar with using their Junior account, they may be more likely to opt to get a Revolut account as their first independent bank account when they outgrow their Junior account.

This would be a boon to Revolut, as UK consumers seem to be sticking with their bank accounts and switching banks with decreasing regularity. The amount of current account switches handled by the UK Current Account Switch Service decreased between Q1 2019 and Q2 2019 and then again between Q2 2019 and Q3 2019, per data from Cass Business Insider Intelligence analyzes the banking industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more.

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