V. CONSUMER STANDARD BANKING PROTECTION SOLUTIONS SOLUTIONS TO ENSURE CHILD CONSUMER PROTECTION
EXAMPLE OF COMPLEMENTARY TRAINING-FOCUSED PRODUCTS AND SERVICES CASHLESS PIGGYBANK CLEVER KASH FOR TEACHING CHILDREN AND YOUTH ABOUT MONEY AND DIGITAL TECHNOLOGY Potential audience: 4-14 years New Zealand’s ASB Bank has come up with a new way to teach children financial literacy: an elephant-shaped electronic toy designed to replace traditional moneyboxes in the near future.
The proposed solution is designed to involve children in the discussion of money matters with the help of a gamified process of obtaining funds, as well as to promote the development of sound money management habits, such as making savings and cashless payments. In addition, Clever Kash teaches children to use digital technologies to manage personal finances. Although still in the prototype phase, Clever Kash is expected to become available to the bank’s customers shortly. To put money in the digital piggy bank, parents first need to transfer funds to the child’s account opened with the bank, and then, using the mobile app ASB Mobile, update the data in the Clever Kash itself. There is even room for more direct child involvement in the topping-up process, which involves swiping virtual coins towards Clever Kash in the bank’s mobile app. Clever Kash uses Bluetooth technology for data transfer, and a screen located on the elephant’s belly to instantly display the changed balance of savings. In addition, the integrated transaction history view option allows users to display details of all previous changes to the account balance, thereby helping kids monitor their saving process.
56