Financial technologies used by children

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

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

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    The process of using candy included game mechanics. A bank employee issued a child a card (an analogue of a plastic card), with which you could use candy. By inserting the card into the card reader, the small user was asked to indicate the age and complete a set of tasks of the corresponding difficulty level. The theme of questions and tasks is finance. For the right decisions, the terminal gave out sweets to children. Answering questions, small users interacted with the game character of Dracoch.

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    Regarding the operating principle of the candy, we managed to take a comment from the digital director of the agency Deluxe Interactive Moscow Ivan Stepanov:

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

    The idea of ​​learning how 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) that make plastic cards unnecessary. All the same, Sberbank developed the “ Ladoshki ” biometric service . The solution allows children to pay for meals in the dining room by scanning the veins in their palms. Technology can also serve as a biometric pass to the school building.

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    The system does not involve the use of cash - all payments occur in electronic format. This approach allows parents to control the spending of their offspring by tracking the payment history in their account. The solution allows you to control the process of distribution of budgetary funds by the school management for food.

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

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    The payment and bandwidth functionality of the bracelet duplicates the functionality of the schoolchild’s electronic card , which after rebranding became known as Moskvenok. The system allows parents to find out about the attendance of their children and their food expenses using the Moscow government services portal , by email or via push notifications in the Moscow State Services mobile application. It doesn’t matter if the children use an electronic card or bracelets. The “Passage and Nutrition” system functions not only in schools, but also in kindergartens.

    VTB24 went further and built individual technological solutions instead3 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 SEC Zelenopark near Moscow, and in the SEC Riviera. At the branch of Detsky Bank, young visitors can be instructed and get the opportunity to serve the bank's customers in a playful way: manage an electronic queue, count money in counting machines, and check notes for authenticity.

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    Consider the western cases. Mobile payment application for iOS and Android, presented by startup Osperin the UK market in 2014, aims to increase financial literacy among the younger generation. All payments through the service are controlled by parents. Osper is for users between the ages of 8 and 18. The set of functions, as in "adult" mobile services, is tied to a prepaid card: payments in stores, online purchases and cash withdrawals from ATMs. The application’s functionality allows parents to set limits and, with the help of notifications, quickly learn about each operation of minor users.

    A solution similar to Osper in 2013 was implemented by the Polish bank Bank Polski. A financial institution has opened "children's accounts" for young clients under 13 years old. With the help of bank accounts, from the moment the service appeared, children could save up pocket money received from their parents. For amounts up to PLN 2500, Bank Polski accrued 4.5% per annum. The user of the "children's account" can arrange a personal account to his liking due to the corresponding background images and sound design. The functionality of the account also involves setting goals for the accumulation of funds. All actions of a child using a Bank Polski account are controlled by parents. With the help of an account, the offspring can receive household tasks and rewards from parents based on the results of their implementation. The process of training financial literacy was supported by robo-advisers.

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

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