Answer 1
Part A
Attitude analysis using the ABC Model
The ABC model of attitudes—Affective, Behavioral and Cognitive—can examine parents’ and children’s financial management and digital banking attitudes. Affective component refers to feelings and emotions associated with an object or situation, Behavioral component to actions or intentions that arise from these feelings, and Cognitive component to beliefs and thoughts that shape understanding and perception (Khalil, Horgan & Zeuthen, 2022).
Affective Component
OCBC MyOwn Accounts and other financial education tools appeal to parents who want early money management education for their children. Ms. Alicia Ching is pleased that her daughter is tracking her cash and learning spending control, showing that parents want their children to be financially responsible. Children like Ng Yi Heng want their own debit cards and accounts, but this emotional engagement fosters ownership and independence, which is crucial for financial management.
Behavioral Component
While parents prefer joint accounts, 25% more teens are opening solo accounts year-over-year, signaling a shift toward independence (Ocbc.com, 2024). Teens can choose to use the OCBC MyOwn Account independently under parental supervision.
Cognitive Component
Parents understand finances and want to educate their kids early money management. Parental supervision and financial literacy modules meet this cognitive oversight criterion, while the OCBC MyOwn Account teaches children budgeting and expenditure tracking, strengthening their digital banking skills.
Influence on Adoption and Usage
Positive emotions, actions, and cognitive comprehension affect OCBC MyOwn Account acceptance and utilization. Parents are more willing to open an account for their children if they see its educational benefit, while children’s delight about having financial tools boosts app engagement, where this dual motivation encourages Generation Alpha to use the OCBC MyOwn Account and cultivate financial independence and literacy (Ocbc.com, 2024).
Part B
Attitude Change Strategies for OCBC Bank
Based on attitude modification theories, such as the “Elaboration Likelihood Model (ELM),” numerous ways can modify parents’ and children’s attitudes regarding the OCBC MyOwn Account.
Leverage Central Route Processing
Central route processing lets OCBC deploy precise marketing efforts to offer the MyOwn Account’s educational features, such as financial literacy programs and real-time monitoring, to motivated and thoughtful people, where surge in teen accounts and reviews from parents like Ms. Ching convince parents of the account’s usefulness (Das, 2023).
Utilize Peripheral Route Processing
OCBC can reach parents and children who struggle to understand comprehensive information using celebrity endorsements or partnerships with youth companies. OCBC MyOwn Account marketing can appeal to Gen Alpha and their parents with relevant personalities. Advertising with local celebrities promoting financial literacy could enhance credibility and attractiveness.
Emphasize Security Features
Children’s digital banking safety worries parents through highlighting OCBC MyOwn Account security features like Money Lock and the “kill switch” reduces these concerns, where creating literature that describes these traits can help parents let their kids utilize digital banking (Ocbc.com, 2024).
Answer 2
Part A
Piaget and Vygotsky’s Constructivist learning theory posits that learners learn by actively engaging with their surroundings and reflecting on their experiences, where OCBC’s financial literacy programs for Generation Alpha can be assessed using this idea (Hudson, 2015). OCBC’s financial literacy curriculum teaches Gen Alpha about financial concepts via comic strips with compelling plots and characters, which is constructivist since it allows youngsters to relate their personal experiences. Stories about youngsters help explain financial literacy.
Interactive budgeting and expense tracking in the OCBC Digital app encourage this learning paradigm. Gen Alpha may apply academic concepts to real-life scenarios like tracking spending or managing money, reinforcing positive behaviour and giving them financial power. Kids use theoretical concepts through hands-on learning like app cost tracking. According to Vygotsky’s social development theory, cognitive development requires social engagement, where the program promotes safety with the OCBC Money Lock and “kill switch by making learning safe (Barnett, 2019). Children must learn financial safety while using digital banking in today’s cashless culture, where the combination of practical application and safety can yield wonderful learning opportunities. OCBC’s focus on budgeting, tracking spending and money management helps students develop critical thinking and problem-solving abilities through experiential learning, which is another crucial aspect of Constructivist Learning Theory, where Gen Alpha makes informed judgments and understands money worth by seeing how their spending affects their account balance.
Part B
Proposed Strategies to enhance Financial Literacy education
1. Leverage Social Learning Theory
Social Learning Theory was developed by Albert Bandura emphasizes observational learning, imitation, and modelling, where OCBC can improve its financial literacy program by allowing children to observe positive financial behaviors modelled by peers or adults (Rumjaun & Narod, 2020).
- Peer Influence: Creating a group via the OCBC Digital app for kids to discuss savings goals, achievements, and financial advice to encourage peer influence.\, which reinforces learning and positive behavior through social reinforcement.
- Parental Involvement: Holding workshops or make videos to teach parents how to talk to their kids about budgeting, saving and spending. Kids learn via the app and their parents’ interactions.
2. Integrate Gamification Elements
Gamification uses game design in non-game contexts to inspire and improve user experience by boosting financial literacy engagement and retention.
- Rewards and Challenges: OCBC may reward and challenge kids to save or limit spending. Theory of Planned Behavior believes that Attitudes, subjective standards, and perceived behavioral control determine behavioral intention (Conner, 2020). Partner businesses may provide discounts to clients who complete these challenges, where rewards encourage savings and spending.
- Interactive Quizzes and Badges: Testing financial ideas with interactive quizzes and badges. Medals from quizzes can be shown in kids’ accounts, boosting self-esteem and encouraging study.
3. Utilize Storytelling Techniques
- Personalized Stories: Supporting youngsters to create financial journeys by entering savings goals and spending behaviors. OCBC may use this data to develop personalized financial stories or scenarios to help kids understand their choices and learn more.
4. Feedback Mechanisms
- Real-Time Notifications: Parents and kids can receive transaction notifications and spending feedback, where according to the behavioral learning feedback loop, they may receive an alert about how spending more than a limit affects their savings goals (Magnuson et al., 2024).
Answer 3
Part A
Cultural and Reference Group Influences on OCBC MyOwn Account
Singaporean cultural values and reference group dynamics impact OCBC MyOwn Account. After 2009, Generation Alpha was raised with technology and is digital-native. Money management expectations and practices are affected by online banking and digital payments on multiple platforms. In Singapore, where education and financial literacy are valued, parents aim to inculcate good financial habits early, where peers and schools influence parents’ and children’s money management (Amagir et al., 2019). Children want to use digital financial tools like their peers, and parents want to provide them the means to navigate this digital terrain and maintain a level of independence that matches cultural maturity norms.
OCBC’s MyOwn Account emphasizes parental monitoring to reflect cultural family duty and advice. The dual-dashboard capability helps parents monitor their children’s funds while providing them their own accounts, alleviating security and accountability issues and boosting use, where this method fits cultural norms that prioritize security and self-reliance, where parents balance supervision and independence. Singaporeans respect financial education in the family. OCBC’s MyOwn Account features appeal to parents’ dreams for their children’s success by offering early financial education, where the account uses comic strips to teach kids about budgeting and money management through following engaging and accessible learning trends. Teen account openings have climbed 25% since 2022 by showing how social changes affect adolescent banking, where parents are looking for products that give kids financial independence with the help and surveillance, they want (Ocbc.com, 2024). OCBC MyOwn Account teaches financial literacy to parents and Gen Alpha children in a culturally meaningful way.
Part B
Promotional strategy for OCBC MyOwn Account
To encourage Generation Alpha to apply for the OCBC MyOwn Account, the promotional strategy should use consumer behavior theories like the “Theory of Planned Behavior (TPB),” which states that attitudes, subjective norms, and perceived behavioral control influence behavioral intention.
- Attitude Toward the Behavior: The OCBC MyOwn Account marketing campaign should highlight Gen Alpha’s digital lifestyle perks to encourage account opening. Effective commercials can highlight cashless transactions, innovative debit card designs, and real-time spending tracking via an app, where social media challenges and gamified experiences may stimulate them (Lai & Liew, 2021).
- Subjective Norms: OCBC should align with reference groups by working with Gen Alpha-friendly influencers, YouTubers, and content creators. OCBC can increase personal bank account acceptance by showing its features through these figures’ relatable tales through highlighting peer testimonies may support the perception that the OCBC MyOwn Account is popular and desirable among their age group (Snow & Lazauskas, 2018).
- Perceived Behavioral Control: OCBC should emphasize the educational support that comes with the MyOwn Account to ease bank account management concerns. Marketing materials can describe how interactive technologies and parental support teach kids financial literacy.
OCBC might offer discounts or exclusive deals to young account users who refer friends, creating a referral network, where this method promotes application and community banking, making it more appealing.
References
Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56-80.
Barnett, S. (2019). Application of Vygotsky’s Social Development Theory.”. Journal of Education and Practice, 10(35), 1-4.
Conner, M. (2020). Theory of planned behavior. Handbook of sport psychology, 1-18.
Das, K. (2023). Digital literacy and awareness about financial frauds among women in Brambe village of Ranchi district. New Media Landscape and Dimensions: An Indian Perspective, 124.
Hudson, K. J. (2015). Can student teachers’ pedagogy be enhanced by heeding children’s thoughts about their learning?.
Khalil, J., Horgan, J., & Zeuthen, M. (2022). The Attitudes-Behaviors Corrective (ABC) model of violent extremism. Terrorism and Political Violence, 34(3), 425-450.
Lai, P. C., & Liew, E. J. (2021). Towards a cashless society: The effects of perceived convenience and security on gamified mobile payment platform adoption. Australasian Journal of Information Systems, 25, 1-25.
Magnuson, K. I., Li, K., Beuley, G., & Ryan-Pettes, S. R. (2024). The Use of Noncommercial Parent-Focused mHealth Interventions for Behavioral Problems in Youth: Systematic Review. JMIR mHealth and uHealth, 12, e51273.
Ocbc.com. (2024). OCBC brings Digital Banking to Generation Alpha with launch of OCBC MyOwn Account. Retrieved from Ocbc.com: https://www.ocbc.com/group/media/release/2024/ocbc-brings-digital-banking-to-generation-alpha-with-launch-of-ocbc-myown-account#:~:text=OCBC%20brings%20Digital%20Banking%20to%20Generation%20Alpha%20with%20launch%20of%20OCBC%20MyOwn%20Account,-03%20Sep%202
Rumjaun, A., & Narod, F. (2020). Social learning theory—albert bandura. Science education in theory and practice: An introductory guide to learning theory, 85-99.
Snow, S., & Lazauskas, J. (2018). The storytelling edge: how to transform your business, stop screaming into the void, and make people love you. John Wiley & Sons.
