I think that banks can print a hypocoristic name on cards for children. For example, for 'Michael' they might print 'Mike', 'Mikey', 'Mickey', or 'Mick'; a hypocoristic form of 'Elizabeth' could be 'Lizzie', etc. I think it's a customer-oriented and lovely move that both children and parents will like. At ghe moment child's name on cards is written according to birth certificate.
