Banking Innovation of the Month: PeoPay KIDS app
Bank Pekao in Poland provides the perfect tool for kids to start learning the fundamentals of money management from a young age.
Parents can never start too early in teaching their children the fundamentals of money. With that in mind, Bank Pekao launched the PeoPay KIDS app that helps children take their first, most important steps into the world of mobile finance. The PeoPay KIDS package is one of the most advanced solutions of its kind not only in Poland, but also in the world. Thanks to this completely new approach to the financial education of the next generation, Bank Pekao has been chosen as Efma’s Banking Innovation of the Month winner for April.
After conducting interviews with parents and children, the bank realized there was an opportunity to create an offering specifically for children. So, they then set up an interdisciplinary team tasked with building a modern solution to introduce kids to the world of finance.
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. PeoPay KIDS is connected with mobile PeoPay banking and online banking Pekao24, providing parents with access to the Parent's Panel in which they can monitor their kids’ activity. 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.
Initial results have been impressive, with over 40,000 users downloading the app. Its rating is over 4.7 on both Google Play and the App Store. The piggy bank feature is a major hit, with kids having collected more than PLN 33 millions in their collective piggy banks.
The tool aligns well with the mission of Bank Pekao to deliver easily accessible and mobile tools to its customers. The customers of this product might skew a little younger, but thanks to the KIDS app, along with a little parental guidance, Poland’s next generation is well-suited to be in complete control of their finances.
Bank Pekao’s innovation will be automatically selected as a nominee for the Efma-Accenture Innovation in Banking Awards 2021. You can submit your innovations on the Efma Banking Innovation portal. Participation is free of charge and open to all banking institutions. Innovation of the Month is reserved for Efma members. Deadline for May Innovation of the month: 5 May.