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Learning to handle finances from an early age
Financial education
Entry-level product into the world of online banking for children
Higher engagement
Parents and children have a motivation for regular interaction with the bank.
Increased customer loyalty
The app sets up the basis for developing a lifelong relationship with young customers
Challenge
Offer an attractive banking product for the youngest
As the use of cash continue to decrease in European countries, banks are looking for innovative ways to respond to the needs of its customers. With this in mind, Inventx set up to develop an entry-level product into the world of online banking for children. The company partnered with the St. Gallen and Graubündner cantonal bank, to develop an app in which children could have their first touchpoints with banks.
Since the app was aimed at a young public, its design is both simple and visually attractive. It was also important to provide parents with the ability to monitor and manage the app.
Engagement
Develop a white label SaaS solution in just 9 months
GFT built a white label solution featuring a mobile app for kids and a web cockpit for parents, in just 9 months. Our team closely collaborated with the product owner from Inventx as well as with representatives of the two regional banks who were first to implement the app. This setup enabled a co-creation approach, where all parties contributed to refining the user stories, designing the experience and developing the mobile and web application.
The solution, named DB4Kids (Digital Banking for Kids), has been conceived as a mobile pocket money app, offered on SaaS model by Inventx as part of its Open Finance platform. It enables children to manage their money digitally. They can track income and expenses, as well as setting savings goals. Buddy, an animated character, interacts with the children, reflects their playfully guides them through the navigation. The browser-based parent cockpit offers the possibility to view their children's accounts and transactions, manage their card as well as the user account required for the app.
Benefit
Higher customer loyalty resulting from engagement at an early age
By offering an app specifically aimed at children, banks not only contribute to their financial education, but also set up the basis for the development of a lifelong relationship with this group of customers. Also, the app further promotes customer engagement by giving both, parents and children, a motivation for regular interaction with their bank.
The development of DB4Kids as a white label application opens a new revenue stream for Inventx. Furthermore, by adding this customisable out-of-the-box solution to its portfolio, the company strengthens its business proposition for financial institutions in the Swiss market.
TECHNICAL HIGHLIGHTS
- Native development on iOS (Swift), Android (Kotlin) and Angular JS
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Connectivity to core banking system - Thanks to corresponding APIs, a direct connection to Finnova and Avaloq is possible
- Customisable Corporate Design according to each bank’s specific parameters (e.g., target age range, hyperlinks for further information and password strength.)
Digital Banking for Kids
“With apps like this one, banks strengthen customer loyalty and actively promote children’s financial literacy. This generation, to which financial institutions have direct access via DB4Kids, will already experience digital banking as standard. The participating banks are already strategically aligning themselves with the wishes and requirements of their digital-native customers.”
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Success story
Learning to handle finances from an early age
GFT Switzerland
