BCA Digital draws teens to digital banking

More than 2,500 accounts have been opened in less than six months.

BCA Digital has launched bluAccount for Teens to teach them savvy money management, while introducing banking as a gateway to financial independence.

“We introduced bluAccount for Teens to make it easy for teenagers to open their own savings account, practically using only a smartphone connected to the internet,” Lanny Budiati, president-director at BCA Digital, said in a speech at an event called bluAcademy TGIF!: Teens Guide Into Finance in Jakarta last month.

Parents can monitor transactions of the account, which will be open to youngsters aged 12 to 17.

Budiati noted that using bluAccount, teens can make payments via QR (quick response) codes or online when ordering food, booking a ride-hailing service, or buying game skins, mobile phone credit and other transactions.

More than 2,500 users have joined since the Indonesian digital lender launched the product in July 2024, with total deposits hitting $61,300 (Rp2.9b) as of 31 December 2024. The average account balance is about $67 (Rp1.1m).

Edwin Tirta, senior vice president and head of Digital Business at BCA Digital, attributed the take-up to increasing financial awareness among Indonesian teens.

"Some key trends driving the adoption of bluAccount for Teens include a digital-first lifestyle, where teenagers prefer transacting through digital applications, a cashless society that reduces the use of physical cash in favor of digital wallets and virtual cards,” he told Asian Banking & Finance on the sidelines of the product launch. “There’s also a growing desire for financial independence.”

Tirta said parents still need to guide their kids in managing their finances, and their consent is required before a bluAccount can be opened online. Parents can monitor financial transactions made by their children through email notifications.

“With this mechanism, parents can feel more at ease as they remain aware of their child's financial activities without excessively restricting their independence in learning to manage their finances," he added.

BluAccount for Teens also serves as a financial education tool by helping children understand savings, manage expenses, and avoid financial pitfalls such as debt, Tirta said, adding that BCA Digital sees the potential of the teenage banking segment as a growth driver in the next five years.