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Development of a Financial Literacy-Focused Mobile Banking App for Children with Parental Controls
  1. case
  2. Development of a Financial Literacy-Focused Mobile Banking App for Children with Parental Controls

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Development of a Financial Literacy-Focused Mobile Banking App for Children with Parental Controls

onix-systems.com
Financial services
Education
Information technology

Challenges in Modern Financial Education for Children

Traditional methods of managing children's finances (e.g., oral requests for money) fail to instill responsible spending habits or financial literacy. Parents lack digital tools to monitor and guide their children's financial behavior, while existing solutions lack regulatory compliance and age-appropriate educational features.

About the Client

A fintech startup aiming to promote financial literacy among children through a digital platform while enabling parental oversight and compliance with financial regulations.

Key Goals for the Project

  • Develop a minimum viable product (MVP) within three months to meet market demands
  • Create an engaging platform to teach children financial literacy through practical tools
  • Implement robust parental controls for allowance management and spending monitoring
  • Ensure compliance with Know Your Customer (KYC) regulations during user onboarding
  • Design an intuitive, child-friendly interface with accessibility features

Core Functionalities and Features

  • User authentication and role-based access control (parents, children, administrators)
  • KYC-compliant onboarding process with identity verification
  • Allowance management system for parents to allocate and track funds
  • Savings goal tracking and progress visualization for children
  • Secure payment processing for online and in-store purchases
  • Invite-a-friend functionality to expand user base
  • Admin panel for account management and issue resolution
  • Customizable account settings with parental controls

Technology Stack Preferences

React Native for cross-platform mobile development
Node.js for backend services
AWS or Azure for cloud infrastructure
MongoDB or PostgreSQL for database management
Third-party identity verification tools (e.g., Jumio, Onfido)

Critical System Integrations

  • Payment gateways (e.g., Stripe, PayPal)
  • Financial institution APIs for banking services
  • KYC/AML compliance platforms
  • Push notification services (e.g., Firebase Cloud Messaging)

Non-Functional Requirements

  • High-level data encryption and security protocols
  • Scalable architecture to support user growth
  • Compliance with financial regulations (e.g., GDPR, COPPA)
  • Low-latency transaction processing
  • Accessibility compliance for diverse user needs

Anticipated Business and Social Impact

This platform will empower children to develop financial responsibility through hands-on experience, while providing parents with tools to guide spending habits. The solution will position the client as a leader in fintech education, ensure regulatory compliance, and create a scalable foundation for future enhancements such as investment education modules or gamified learning features.

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