Removing the hassle of giving, saving and spending pocket money
Pocket money is given to teach children to be wise spenders when they grow up. However, we experienced massive feedback from customers across Nordic markets that pocket money is considered a practical hassle, as parents don’t carry cash any more. More specifically, it's a hassle to give pocket money (parents rarely have cash), children do not know when they get pocket money (and how much), children do not know how much money they have to spend and saved up (pocket money is typically divided in cash, piggy bank and money on account where children cannot see balance as they have no access to digital banking) and it is a hassle for children to spend their pocket money (typically cash from parents or withdrawals in branch/ATM and carry cash to store). With PocketMoney children (age 8-12) can safe and easy see, get and spend pocket money without having cash. The solution helps children learn about money by receiving, spending and saving pocket money.
PocketMoney consist of:
1) A payment card that the child can use in store and online (if parent allow), but no credit facility.
2) Two accounts. One for the card and one for savings.
3) A mobile app for children to see balance on card and savings, transfer money between the two accounts (if parents allow).
4) Parents get a tool in the mobile bank where they can follow the child's spending, set limits for transfer from savings, and set up notifications to follow spending. Exceeding expected volumes with + 8000 orders in DK since launch.
Uniqueness of the project
No existing solution that helps children learn about money by receiving, spending and saving real pocket money in a safe environment. Danske Bank want to be the most trusted financial adviser for our customers and that entails helping customers with solutions to their financial pains, providing solutions that make it easier to overcome pains and reach ambitions. E.g., this solution to solve the hassle of giving pocket money and helping parents teach children to be wise spenders when they grow up - by enabling children to receive, spend and save in a safe environment together with the parent/parents (learning by doing).