Bank Pekao introduces impressive new application for kids
The Polish bank is creating a financial and educational ecosystem for families.
Parents can never start too early in teaching their children the fundamentals of money. Now, in Poland they will have the perfect tool to do just that and so much more. Bank Pekao has recently launched a new PeoPay KIDS app that will introduce children to the ins and outs of money management.
This initiative is the result of extensive research and work done at Bank Pekao’s innovation lab. After conducting interviews with parents and children, the bank realized there was an opportunity to create an offering specifically for children. They then set up an interdisciplinary team tasked with building the new application and product. After months of design and testing, the application is now available on both Google Play and the Apple App Store.
The app provides a wide range of functions for kids, with account balance and history, transfers, top-ups, and a savings management tool. Kids that use the app will also be provided with their own, dedicated PeoPay KIDS card that is linked to their account. Beyond providing the essential money tools, Bank Pekao has developed virtual coaches that will provide guided messages, hints, and education about how to intelligently manage finances.
All of this will take place under parent supervision. Parents will have a special area of their PeoPay banking app in which they can monitor their kids’ activity. From the app, parents can quickly transfer funds into their child’s account, oversee spending activity, and manage all of the child’s card functions. On top of that, the opening of the account is done entirely remotely, with no need to visit a bank branch.
The KIDS app fits in with Bank Pekao’s digital transformation efforts over the past few years. Bartosz Zborowski, Head of Innovation and Payments at the bank, was a keynote speaker at Efma’s Innovation Summit last fall. He outlined the many different ways they are innovating to create new and more seamless ways of banking for their customers. PeoPay, their successful mobile app, is only one element of a wider, more holistic environment that they have created at the bank. We will keep our eye on Bank Pekao for further additions to their already-impressive list of achievements.