Chris Moore, COO
HundrED shortlisted this 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.