Development of a Digital Banking and Financial Literacy Platform for Youth Participants

The client seeks to modernize how teenagers manage finances by replacing traditional cash requests with a secure, intuitive digital solution that encourages responsible spending and saving habits. The existing approach lacks an engaging platform for financial education and parental controls, hindering effective engagement with the youth segment and compliance with regulatory standards.

A mid-sized financial institution aiming to cultivate financial literacy among a young demographic through a dedicated digital banking platform with parental oversight capabilities.

• Create a secure digital banking app tailored for children and teenagers, promoting financial literacy and responsible financial behaviors.
• Implement onboarding with identity verification to ensure compliance with KYC regulations.
• Enable parents (sponsors) to monitor and control allowances, set budgets, and manage permissions.
• Allow young users (wards) to manage allowances, set savings goals, and perform transactions both online and in-store.
• Develop an administrative portal for client staff to manage user accounts, oversee operations, and resolve issues.
• Deliver a functional MVP within a three-month timeframe to facilitate early deployment and iterative enhancements.
• Design an engaging, accessible, and intuitive user interface suitable for a young audience.

• User authorization and secure login with identity verification to comply with KYC regulations.
• Onboarding process tailored for minors with parental oversight features.
• Allowances management system enabling parents to set, monitor, and adjust allowances.
• Savings goals interface for children to set and track financial objectives.
• Transaction capabilities for online shopping and in-store purchases.
• Invite-a-friend feature to promote social engagement within the application.
• Account settings for customization and control by the users and parents.
• Admin panel for client staff to oversee users, resolve issues, and manage transactions.

• Payment processors to facilitate transactions
• Identity verification services for KYC compliance
• Banking APIs for real-time account management and transaction processing

• High security standards to protect financial and personal data
• Scalability to support growth of user base within the target demographic
• Performance ensuring smooth user interactions and quick response times
• Accessibility compliance for ease of use across diverse user groups
• Regulatory compliance with banking and KYC standards

The development of this youth-focused digital banking platform is expected to increase user engagement among the target demographic, promote financial literacy and responsible spending habits, and ensure compliance with regulatory standards. The initial MVP aims to provide essential financial services within a sharply defined timeframe, setting the foundation for future growth, feature expansion, and improved customer satisfaction.