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Banks target hidden market of customers managing family finances

Customers who manage the finances of elderly parents, children or other relatives are emerging as a new growth market for banks, an analysis showed. Fintech Futures reported that these households make up a significant share, but bank services do not fully reflect their needs. True Link said such customers are more likely than typical clients to hold mortgages and investment accounts. It offers controls such as alerts, limits and merchant blocking, and said these can reduce unwanted spending.