Creating financial wellness for children 

Developing an application for a leading bank that allows children to track their allowance and parents to track their child’s spending trends.

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Capabilities

Digital & Engineering

Platforms

Mobile Banking Application

Highlights

  • Automated allowance transfer from parent to child 
  • Transaction alerts for parents 
  • An easy-to-use visual financial dashboard 
  • Simple money transfer mechanism for quick transactions 

Overview

The product would enable parents to enhance their child’s managing money practices. For parents, it can be challenging to keep track of their child’s allowance and spending habits, and to gauge their financial intelligence. While for children, the challenge is to keep track of their allowance.

Based on our extensive research and findings, we identified the gaps and possible solutions to address this problem. We created an easy-to-use application for children to take ownership of their finances, while allowing parents to have an overview as well as control of their child’s first financial journey.

Our Process

We identified the gaps and created an easy-to-use application for children and parents to have an overview of the shared financial journey.

Workshops

Extensive market research to understand the strengths, weaknesses, and opportunities across regional and international children’s banking products. We held user interviews with both parents and children, understanding their needs and wants. 

Research Synthesis

From our research synthesis, we crafted a product strategy that was shared and approved by senior management.

Product Development

To get the product to market quickly, we prioritized features for our MVP, while launching others subsequently. Key user journeys were mapped, and service blueprints were built for more complex steps like onboarding.

Based on extensive research, we identified gaps and created an easy-to-use application for children to take ownership of their finances, while allowing parents to have an overview as well as control of their child’s first financial journey.

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