Standard Bank launches interactive Kidz Banking App

kidz-banking-app-elephantStandard Bank today launched a first-of-its kind smartphone and tablet game-like animated banking app for children – the Standard Bank Kidz Banking App. Available initially only to Android users, the app is designed primarily for kids between the ages of 6 and 11, and is essentially a tool designed to engage and entertain children while enabling parents to explain concepts of money management such as earning, saving, and spending.

“Financial education begins in the home and the earlier on in life individuals become money-wise, the better,” says Vuyo Mpako, Head of Digital Channels and eCommerce at Standard Bank. “South Africa is a country with a reputation for a poor savings ethic, and our vision for the app is to begin to teach children to save in a way that is easy, exciting and appeals to their love of all things technical”.

“With smartphones and tablets a common tool available to children, the time has come to open the digital doors to the possibilities that these devices offer for teaching essential life skills. It is vital that learning the value of money, the benefits of saving and how to spend effectively become natural skills. The child that understands these concepts learns lessons that will impact on every stage of their lives.”

The Standard Bank Kidz Banking App is set in an animated fantasy realm where colourful digital representations of South Africa’s Big Five animals maintain habitats each representing a different area of money management. For example, an energetic leopard encourages kids to complete “missions”, or chores, assigned by parents – things like tidying their rooms or watering the plants – in order to earn money.

Making the concept of money management work for parents and children, the Standard Bank Kidz Banking App, with direct integration into the parent’s banking app, allows parents to retain high levels of control and visibility over the transactions available to children, as it is parents who activate the service.

For the child the app becomes a handy way of being paid pocket money. As it is spent, debits are noted and the balance in the account is recorded, teaching the fundamental skill of budgeting to the child who can access this information at any time of day.

Taking the lesson further, parents can teach children to earn money by paying money into the app when allocated tasks are completed. Keeping your bedroom tidy, packing away toys and other missions become associated with reward and a valuable lesson is learned.

Navigating through the interactive animal habitats, kids gain a practical appreciation for the value of items, like toys and movie tickets for example, and are shown the benefits of earning and saving.

“We created the app from the premise that traditional banking services can’t simply be extended down to the youth market and it is never too early to form the foundation for a solid financial life,” explains Mr Mpako. “So we set out to design an app, in collaboration with dozens of children, which would appeal to their understanding and love of digital devices.

“The more serious intent behind this is to address low financial literacy levels among many young South Africans, and the indebtedness and low savings rates within our greater population. For parents with strongly- developed financial skills, the objective would be to pass on the legacy of the lessons they have learned and to create an awareness of inculcating financial literacy skills within their children,” says Mr Mpako.

In a world where digital is becoming the ‘go-to’ source for fields ranging from financial management to entertainment, the challenge is on keeping ‘edutainment’ relevant and interesting. For the younger generation this means making sure that any banking offering keeps pace with changes and innovations as they occur.

“The structure of the Kidz Banking App caters for these needs by remaining fresh and relevant as it moves the child through four key concepts in the money management cycle. They learn to bank effectively; the value of earning; the advantages of saving and how to plan their spending,” says Mr Mpako.

“The major benefit of an app is that it is multi-faceted and enables new functionalities to be added to meet the changing needs and aspirations of the people using it. These requirements apply as much to children as it does to adults.

“We believe that the success of the Kidz Banking App will hinge on what we can offer the earners of the future. The Kidz Banking App will therefore essentially remain a ‘work in progress’-a service that will be constantly monitored and added to, to keep pace with the rapidly moving digital environment that has become part of our everyday lives,” concludes Mpako.

The Kidz Banking App now available in app stores for Android users, for smartphones and tablets. An Apple version will follow in the coming month.



Latest


16 Feb 2021
Transition management services partnership announced

Standard Bank has signed a memorandum of understanding (MoU) with Chicago-headquartered financial services company Northern Trust, to partner on the…

Transition management services partnership announced

Standard Bank has signed a memorandum of understanding (MoU) with Chicago-headquartered financial services company Northern Trust, to partner on the delivery of transition management services across Southern Africa. Under the partnership, Standard Bank’s clients will gain access to Northern Trust’s full suite of transition management services. Transition Management is a…

16 Feb 2021
Tax free wealth creation with property funds

By Liliane Barnard, CEO and Portfolio Manager at Metope Investment Managers, and Aimee Glisson, Director: Operations, Performance & Risk at…

Tax free wealth creation with property funds

By Liliane Barnard, CEO and Portfolio Manager at Metope Investment Managers, and Aimee Glisson, Director: Operations, Performance & Risk at Metope Investment Managers The tax year, along with the deadline for an investor’s maximum R36 000 annual tax-free savings account contribution, comes to an end on the 28 February 2021. Investors…

16 Feb 2021
Why multi-manager investing is popular

Multi-management has been around for over two decades. This investment management approach is popular among many investors because it promises…

Why multi-manager investing is popular

Multi-management has been around for over two decades. This investment management approach is popular among many investors because it promises to deliver smoother, more consistent investment returns, despite cyclical turbulence of financial markets. Given last year’s drastic swings in financial markets and continued uncertainty on how the Covid pandemic will…

16 Feb 2021
Momentum Health Solutions unpacks COVID-19 vaccine roll-out plan

Momentum Health Solutions announced its COVID-19 vaccine roll-out strategy and how it intends to support both its members, as well…

Momentum Health Solutions unpacks COVID-19 vaccine roll-out plan

Momentum Health Solutions announced its COVID-19 vaccine roll-out strategy and how it intends to support both its members, as well as the uncovered population, in being vaccinated. As the COVID-19 virus continues to spread, a third wave is imminent, should the vaccination rollout not commence soon. Speaking at a recent…


Top stories


10 Sep 2020
How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key…

How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key that dubbed America “The land of the free”, which stuck, to the unforgettable Mel Gibson monologue where an army of painted Scots were willing to trade their lives for the…

13 Apr 2020
Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19…

Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19 environment and what form a global market recovery will take.

13 Apr 2020
SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The…

SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The draft Bill, together with its explanatory memorandum, provides clarity with regards the tax relief measures President Cyril Ramaphosa announced on 23 March.

10 Apr 2020
When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved…

When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved to be most enterprising in acclimatising to challenges as they arise.


Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za