Financial technologies used by children

Banks and especially fintech companies are increasingly focusing on millennials , understanding that they will ensure the prosperity of their business in the near future. In the meantime, some players look even further and come up with solutions for children, the so-called generation Z. In this article, we will tell you what solutions the city authorities, banks, and fintech companies interact with those born in the 21st century.

In the fall of 2014, Sberbank offered its small customers to use candy . The device filled with sweets, Sberbank placed in its branch on Tverskaya. The terminal was available for visitors until April of this year. The overall concept of the project, including software and hardware, was developed by the agency Deluxe Interactive Moscow . As planned, using the device, children who came to the bank with their parents could learn the functions of an ATM at an early age.



The process of using konfomata assumed game mechanics. A bank employee issued a card to a child (an analogue of a plastic card), with the help of which one could use a candy. Having inserted the card into the card reader, the small user was asked to indicate the age and complete a set of tasks of the appropriate level of complexity. The topic of questions and problems is finance. The terminal gave out candy to children for the right decisions. Answering questions, small users interacted with the game character Drakosha.
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Regarding the principle of the candy machine, we managed to take a comment from the digital director of the agency Deluxe Interactive Moscow, Ivan Stepanov:

“The application was made in Flash. In the card reader there was an optocoupler, which took the application out of the screensaver mode (playing video) and started the menu. When the child won the game, the dispenser of the transparent plastic balls with candies was activated. Without balls, the dispensing mechanism would be greatly complicated. The dispenser was a rotating circle with round holes. Then the ball rolled through the chute in the tray. The link between the software and the mechanism has become the Arduino platform. ”

The idea of ​​learning to use a classic ATM can be questioned because of the development of fintech solutions (payment wallets, NFC technologies on mobile and wearable devices, identification systems by scanning the retina, and so on), making plastic cards unnecessary. All the same, Sberbank developed the Ladoshka biometric service. The solution allows children to pay for meals in the dining room by scanning the pattern of the veins on their palms. Technology can also serve as a biometric pass to a school building.



The system does not involve the use of cash - all payments are made in electronic format. This approach allows parents to control the spending of their offspring, tracking the payment history in your account. The solution allows you to control the process of allocating school money to the budget for food.

In late August of this year, the Moscow authorities offered electronic bracelets to schools. With the help of accessories, students can pay in the dining room, as well as use bracelets as an electronic pass. Wearable gadgets are available for schools that have a “Passage and Power” system. Students can get a bracelet in any of 11 colors. The payment accessory is made of hypoallergenic silicone and is fixed on the arm with an aluminum clasp.



The payment and bandwidth functionality of the bracelet duplicates the functionality of the student’s electronic card , which, after the rebranding, became known as “Moskvyonok”. The system allows parents to learn about the attendance of their children and their spending on food using the Moscow portal of public services , via e-mail or through push-notifications in the Moscow State Services mobile app. It does not matter whether children use an electronic card or bracelets. The system “Passage and Nutrition” functions not only in schools, but also in kindergartens.

VTB24 went further and instead of separate technological solutions built 3 full-fledged bank branches for children in the Central Children's Store on Lubyanka in the territory of the children's city of professions KidBurg, in the shopping and entertainment center Zelenopark near Moscow and in the Riviera shopping center. In the Detsky Bank branch, small visitors can receive instructions and have the opportunity to serve the bank’s customers in a playful way: manage an electronic queue, recount money in calculating machines and check the authenticity of bills.



Consider western cases. The mobile payment application for iOS and Android, presented by the start-up Osper in the UK market in 2014, is aimed at improving financial literacy among the younger generation. All payments through the service pass under the supervision of parents. Osper solution is designed for users aged 8 to 18 years. A set of functions, as in the "adult" mobile services, is tied to a prepaid card: payments in stores, online purchases and withdrawals from ATMs. The functionality of the application allows parents to set limits and promptly find out underage users about each operation using notifications.

A solution similar to Osper in 2013 was implemented by the Polish Bank Bank Polski . The financial institution has opened “children's accounts” for young clients up to 13 years old. With the help of bank accounts, from the moment the service appeared, children could save pocket money received from their parents. Bank Polski accrued 4.5% per annum in the amount of up to 2500 PLN. The user of the “children's account” can issue a personal account to his liking due to the corresponding background images and sound design. Account functionality also implies the goal of accumulating funds. All actions of the child using the Bank Polski account are controlled by the parents. With the help of an account, an offspring can receive household tasks and rewards from parents as a result of their implementation. The process of learning financial literacy was supported by robo editors.

PFM- service Yodlee . The functionality of the solution is designed for financial management, as well as for the collection and provision of deposit, credit, mortgage, investment and other data in a single interface. The Tandem solution, developed by Yodlee, allows you to configure different levels of access to user accounts, including parents who can track the spending of their children.

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