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BANKI is a mobile application focusing on helping children build an understanding of how money works.

BANKI

location_on Stockholm, Sweden
Our startup is called BANKI and how we're desperately trying to fix poor money management in the next generation. We don't believe enough is being done to help children learn the value of money in schools, at home or by the banks either. We're building out an educational platform so that children can be financially prepared to stand on their own feet once they leave home.
Chris Moore, COO
Our mission is to provide all children with fun, engaging content that empowers them to become literate when thinking about their finances.

Chris Moore, COO

Overview

HundrED shortlisted this innovation

HundrED has shortlisted this innovation to one of its innovation collections. The information on this page has been checked by HundrED.
Key figures

Innovation Overview

7 - 18
Age Group
-
Children/Users
2
Countries
2018
Established
For-profit
Organisation
253
Views
Updated on February 1st, 2021
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about the innovation

Educating the next generation on financial literacy

What we do?

BANKI is an app built with a gamified core, the child will progress through multiple levels with questions focused on different financial categories, such as Currencies, Guess the price, What’s the most expensive?, Count the Cash, Wants vs Need to name just a few. These categories all push the child to gain more understanding of the financial world around them, whilst keeping the learning experience light hearted and delightful.

BANKI is the layer between the parent and the child’s bank account, providing more insight and educational content to enhance the learning experience. The app will allow parents to digitally transfer the allowance to their child’s account using Swish and have the ability to see how much they are spending each month. Parents can incentivize their children to save a little each week using a pre-agreed BANKI interest rate. This feature is under development but we will let you know as soon as its ready.

Why we do it?

Modern society is becoming increasingly digital. In Sweden specifically, cash will soon disappear and children will have no alternative but to make payments using methods such as debit/credit cards or through their phones via apps like Swish. This is great for eradicating fraud or making payments seamless but removing the physicality of cash and coins makes it a challenge for children to understand the true value of money. It also leaves parents wondering how they should be providing their children with their weekly allowance.

Giving children the freedom and responsibility to handle, manage and spend their own money will give them the skills necessary to succeed later in life. Getting familiar with concepts like saving, spending, debt, interest and investing as early as possible will significantly improve a child’s financial stability in the future. This is where BANKI supports the child’s education whilst still making it fun to learn.



Milestones

Achievements & Awards

June 2019
Innovation page created on HundrED.org
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