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SaaS App for Managing Child Spending

We developed a SaaS solution that allows parents to monitor and manage their child's spending.

Industry

Fintech

Country

USA

Company Size

20+ employees

general overview

AWSM Bank is an app that enables parents to oversee and manage their child’s spending. With real-time analytics, spending limits, and budget insights, the app lets parents support and shape their child’s financial habits.

Business Challenges

Develop an intuitive platform that helps parents guide and manage their children’s financial habits with real-time spending insights and budget controls.

Application with two different functionality sides

We were faced with the task of creating an application for two personas (children and their parents). The bottom line is that we needed to make one application with two different functionalities. Considering the needs of children and parents, we created various features for both personas.

Adequate parental control

For two personas to use the platform to the maximum and easily use each of its features, our team needed to think carefully about the structure of the platform and the relations between all components. We made a big focus on creating a solid user experience for parents to control children's operations efficiently.

Data visualization

To make it more exciting and entertaining for children to use this application, we needed to create an attractive interface design and data visualization with interactive elements. We added custom illustrations and bright colors to make the application more attractive for young users.

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Services We Provided

Product Discovery

UI/UX Design

User Testing

Values we delivered

Financial literacy for the younger generation

A big part of this app is teaching children financial literacy. For children to be interested in learning, we added interactive courses to the application they can take. For completing each course, children receive bonuses that encourage them to study more and more. Parents, in turn, can monitor their children's learning process and encourage them to succeed.

Online piggy bank for special purchases

To teach children how to save money, we added functionality to the application that allows them to keep a certain amount and set a goal. The goal is the things the child wants to buy. Parents, in turn, can replenish this piggy bank and help their children achieve their goals.

Strong data protection & compliance

Financial data and access to children’s banking cards are subject to strict security and regulatory compliance requirements. The security best practices we applied for this application:

• Multi-factor authentication protection to get to private user details
• Automatic backups to avoid data losses and corruption
• SSL certificate validation to prevent leakage of personal data into the hands of scammers
• Secure data storage with a trusted data center (AWS)

The Unparalleled Product Design Lifecycle We Followed

01. Exhaustive discovery and planning

Business and user goals were formalized
Market research was performed
Competitive research was performed
Product personas were described
Customer journey map was created
Main functionality was defined
Tech requirements were set
Scope of work for designers and developers was determined
Project timeline, schedule, and milestones were set
Resources were planned and a team was gathered
Discovery workshops with stakeholders were conducted
Product concept was finalized

02. Smooth UX/UI design

Design system was created from scratch
Product design concepts were reworked to improve product interaction and set clear logic
Regular internal and client design workshops were conducted to prioritize tasks and agree on design concepts
Information architecture was created to highlight relevant design principles for visuals, functionality, interaction, and navigation
UI kit was created from scratch
Wireframes were created based on new design system elements
Clickable design (hi-fi prototypes) was created

03. Insightful user testing

Product design was tested in all browsers and extensions
Product was tested for compliance with the design documentation
Product features and functionality were tested
Users’ acceptance testing was conducted
Product compatibility with other software and hardware was tested
Product performance was tested

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Personalized approach and technical details

Product requirements

Discovery workshops

Project and task management

Jira

Design and prototypes

Figma

Team

5 specialists

Project manager, Business analyst, 2 UI/UX designers, QA engineer

Wireframes

Design System

For AWSM Bank, we developed a design system from scratch. Our team made light and dark themes for this app. We also created all elements for the platform (icons, headings, dropdowns, inputs, etc.) For our client, the UI design needed to be attractive to children, have bright elements, and just be pleasing to the eye. Initially, we offered our customer two colors suitable for such an application. They couldn't choose one of the two colors, so they decided to make a functionality that would allow users to switch the colors of the platform at any time. As a result, the platform can be in orange and blue colors.

Features

01. Two-way application

AWSM bank is a two-way application that can be used by both parents and children but has different functionalities. Children can use the application to create cards, pay, do various transactions, study, apply for loans, etc. Parents can use the app to control their children’s money transactions. They can top up their kids’ cards, set transaction limits, and create regularly scheduled payments for their kids.

02. Parental Control

Together with our partner, we decided to add a parental control feature. Parental control of the application is developed so that parents can see everything in their children’s applications. They can see the transactions their children make and set internet limits. They can also set the date and time at which children can spend money and where they can use their cards.

Parents receive notifications for any action in the children’s app. Parents can block their children from using the card online or offline. Parents have the right to both replenish cards for children and withdraw money from them.

03. Savings

Children have the opportunity to save money in their application. They may save a certain amount of money to buy something special. To start saving money, they need to set a goal in the application. This goal is what the child saves money for.

04. Online education

A considerable focus in AWSM bank is on children’s online education in financial literacy. Children can take various financial literacy courses and receive bonuses for successful completion. Parents, for their part, can control their children’s learning process.

05. Calculator

The application has a built-in calculator that helps calculate various monetary transactions for both parents and children. For example, when children spend a certain amount of money, parents receive a notification with an automatic calculation of how much money the children have left in their account or, for example, how much the child’s card needs to be replenished.

06. Loans

Children have the opportunity to take loans in the application by opening credit cards. This is part of their training also. Closing loans, children pay a percentage of the loan amount to the bank.

Results:

Developed an advanced application that helps parents easily guide and manage their child’s financial habits.

As a result, we created a smart application with advanced functionality for children and parents. One of the most remarkable outcomes of the AWSM Bank project is the user-friendly accessibility it offers to children and parents. With an intuitive interface and age-appropriate design, children can easily navigate the application, making it a welcoming environment for learning. Parents also find it simple to set up and manage their children’s accounts, providing a seamless experience for all users.

The AWSM Bank application can potentially improve financial education on a global scale. By introducing children to finance fundamentals in a fun and interactive manner, we are sowing the seeds of a financially responsible future. As children grow up with AWSM Bank, they will not only become savvy money managers but also develop a deeper understanding of the value of financial responsibility.

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