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Building digital experiences to enhance financial intelligence in children

A leading bank identified an opportunity which’d add a new segment of customers, i.e. children. This new offering would enable parents to enhance their children’s education and best practices in managing money. For parents, it can be challenging to keep track of their children’s allowance, spending trends and habits, which creates a gap in the understanding of their children’s financial intelligence. While for kids, the financial challenge is to keep track of their allowance.

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OPPORTUNITY IDENTIFICATIONS THROUGH CHALLENGES

Challenges for parents:

  • Forgetting to give kids their allowance
  • Finding cash withdrawal hassling
  • Lack of information about their kid’s financial decisions
  • Willingness to enhance their kid’s financial intelligence by teaching them how to save, spend and track money

Challenges for children:

  • Complication in tracking their expenses
  • Forgetting financial transactions, be it purchasing, borrowing or lending
  • Difficulties in calculating their current balance
  • Having to manually do the math before making a financial transaction
  • Difficulties in borrowing or lending money to friends.
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DESIRABLE OUTCOMES

Desirable outcomes for parents:

  • Convenient system to automate parent-to-kid allowance transfer.
  • Notification mechanism for whenever kids spent from their allowances.
  • Control over their kid’s account to induce discipline and best practices.

Desirable outcomes for children:

  • A visual system to provide information on their present balance and upcoming allowance.
  • Saving goals and milestones feature to track progress.
  • Easy system if one wanted to transfer money to their friends.
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PROJECT ROADMAP

Desirable outcomes for parents:

  • Discovery - We looked across the market to understand strengths and opportunities across regional and international kid’s banking products.
  • User Interviews - We held user interviews with both parents and children, understanding their needs and wants.
  • Stakeholder Workshops - We carried out product vision and problem framing workshops with key internal stakeholders and aligned on a common direction.
  • Product Strategy - From our research synthesis, we crafted a product strategy that was shared and approved by senior management.
  • Ideation - We held several rounds of ideation amongst the designers, and a brainstorming workshop with some Gen Zs to create an ideal offering for them.
  • Feature Prioritization - To get the product to market quickly, we prioritized the features necessary for our MVP (minimum viable product), while planning for others to be launched at a later phase.
  • Mapped out the product - The key user journeys and features were mapped, and we build out service blueprints for more complex steps like onboarding.
  • Developed detailed journeys - We created information architecture, detailed journey flows to inform wireframe designs.
  • Created the final designs - We conducted regular design reviews and usability testing, which led to the development of high fidelity UI designs and the final prototype, allowing stakeholders, team members and users get a feel for the product.
  • Developer Hand-off - We then handed the prototype over to the internal delivery team and conducted several rounds of design QA before the launch.
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CORE PRODUCT FEATURES

Basis our extensive research and elaborate findings, we ably diagnosed the concealed gaps that led us to identify the lucrative opportunities for this case. We magnified and dissected the gaps, and directed our focus to create an easy-to-use application for kids to take ownership of their finances, while allowing the parents to have an overview as well as control of their kid’s first financial journey.

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END SOLUTION

Our proposed solution was to develop a new junior account and application for kids aged between 13-18 years. The goal was to provide them with the right tools to inculcate good financial habits from a young age. With a huge focus on educating them as well as keeping their parents notified of their financial decisions, the final deliverable was a brand new App for kids, accompanying features for parents on their core app.

GRC Capabilities
Remediation to achieve
Heightened system maintainability
Increased ROI by 25
Reduced overall complexity by 45
Reduced overall complexity by 45
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/ / SIMILAR WORK

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