The Commonwealth Bank is expanding its children’s banking products with a new digital app as part of a wider digital strategy announced by CEO Matt Comyn.
Kit is also an ‘earning-and-learning’ money app for school-aged children, who have their own Kit account and prepaid card. They can earn money on ‘PayDay’ linked to chores being completed and create customisable savings ‘Stacks’ with an animated water level that rises as they reach their goal. Kids can access their money through an ATM and tap their card to make purchases. In “Boss Mode” parents have access to customisable controls, such as spend limits, merchant blocks, and card and pin protection.
The digital solution takes on rival apps such as Spriggy, and also appears keen to avoid the the problems that led to the demise of the Dollarmites program after 90 years.
Kit has been developed in collaboration with external, independent experts, including advice from an Advisory Panel that brings experience across financial capability, youth mental health and wellbeing, and digital services for children and families. The app also uses an EY framework designed to measure financial capabilities in children of various ages.
Yish Koh said Kit will also report on the impact of the app in building financial capability of children using anonymised data.
“The trial is about assessing what parents and kids will like, how they will use Kit, and how effective it will be in practical day-to-day situations, including the growing world of online spending and activity. It’s very much a co-design project to ensure it hits the mark,” she said.
Applications to take part in the Beta trial are now open at heykit.com.au.
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