Recently, Leumi Bank – the leading Israeli bank – held a 36 hour hackathon to build the bank of tomorrow. tinyBank, an innovative solution for educating children of all ages about fiscal responsibility, won 3rd place, and gained its edge by using built.io, raw engineering’s mobile application development platform, to power their application.
tinyBank is an application for iOS, Android, and the web that teaches children and young adults to manage money. They learn to set financial goals and achieve them, which prepares them for adult financial reality. By teaching children to bank at an early age, tinyBank creates better customers for Leumi in the future. tinyBank molds the minds of the future to be better equipped with financial knowledge and goal awareness, so that the bank of the future will be greatly improved.
tinyBank is a virtual banking product that resides in a checking account. Parents host a child’s virtual account and help them manage their money – creating a perfect balance of control and visibility for the parent, and freedom and responsibility for the child. tinyBank is adaptive and uses different engagement methods to playfully push the kids to manage their money like grown ups. The application is catered to 3 specific age groups:
- 6-10: Make the right choices when spending your money, compare before you buy, keep personal information safe and understand the basic saving.
- 11-13: Save money, learn the basics of interest and the concepts behind credit, loans, and credit cards.
- 14-18: Plan for higher education, taxes, and investment.
All 3 groups utilize gamification and reward processes to make the tasks fun.
The built.io team is proud to be able to help the tinyBank team create the bank of the future. To learn more about tinyBank, visit their hackathon submission page.