Riyad Bank Token Program for Kids and Teenagers Qorus Reinvention Awards - MEA 2023 - Winner

Riyad Bank firmly believes in offering a diverse product proposition, tailor made for different segments and demographics in order to best serve existing and prospective customers. Innovation through customer centricity remains a cornerstone of its product construct and delivery strategy and this is well reflected in most of the products offered. The TOKEN Banking Program for children is one such product that is specifically designed to provide customers with a unique family banking experience whilst ensuring social, sustainable and responsible banking by promoting financial inclusion across the Kingdom in a manner which is engaging and rewarding for children. TOKEN is a program provided by Riyad Bank in association with the Social Development Bank where it offers a unique banking experience for children and adolescents between the ages of 6 to 18 under the supervision of their guardians. The program aims to enable children and adolescents to start their banking journey and learn spending and saving skills by creating a savings wallet that offers engaging monthly and quarterly incentives on their savings. This is a one of a kind arrangement between Riyad Bank and the Social Development Bank to promote financial literacy through a targeted agenda and one of the first such initiatives as part of the Vision 2030 in the Kingdom. Children get a unique, separate banking app for themselves which they can not only use to monitor and create goals for their savings but also learn money management skills and knowledge related to banking. The children are incentivized on their growth in savings each month (as compared to the previous month). Not only that, there are also incentives through a gamification model where cash incentives are provided if children participate in quizzes and questionnaires based on knowledge modules provided on banking and finance. Other than the app, the children get a unique prepaid card which can be provisioned on Apple Pay and a smart payment bracelet through which contactless payments can be made. With regards to the state of competition, this is the only banking proposition of its kind in the Kingdom of Saudi Arabia and probably even the region.