Fintech
USA
20+ employees
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.
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.
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.
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.
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.
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.
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.
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.
