A spending card & banking
app for kids

Building a Children-Focused Banking App for Financial Literacy

This case study highlights how we've delivered online banking for kids that provided essential financial services and served as an educational tool for children and a convenient platform for parental controls.

Fintech
Industry
10 specialists
Team size
UAE
Location
2022 - present
Project duration

[ Business context ]

The client sought to introduce an application designed to transform how teenagers manage their finances, moving away from traditional oral requests for money to a digital solution promoting responsible spending and savings habits.

The client had a clear vision for the application, planning to collaborate with various financial institutions and payment processors.

This collaboration aimed to ensure seamless functionality and compliance with regulatory requirements.

[ Product scope ]

The Onix team needed to:

Collaborate closely with the clients to understand their vision and requirements while providing expertise and guidance on technical and design aspects.

Build a kid's banking app to teach children financial literacy.

Develop an MVP within a tight timeframe of three months.

Ensure compliance with Know Your Customer (KYC) regulations by implementing identity verification procedures during the onboarding process.

Design an intuitive and engaging user interface, focusing on ease of use and accessibility.

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[ Who this product is for ]

The online bank for kids serves three primary types of users, each with distinct needs and goals:

Sponsors (parents)

They monitor their children's spending, set allowances, and manage allowances.

Wards (children)

They manage their allowances, set savings goals, and make online and in-store purchases.

Administrators (client)

Our client can access an admin panel to manage user accounts, resolve issues, and oversee the application's operation.

Onix’s approach to development

Establishing a transparent development approach

At Onix, our aim is to commence collaborations with a streamlined, efficient, and transparent approach. We employ Agile methodologies to ensure optimal flexibility, pace, and quality throughout our development.

This framework empowers us to swiftly implement ongoing enhancements and adapt seamlessly to challenges if they arise.

Lean Inception stage

During 5 sessions, our team worked with the client to:

﹂
understand the project's core idea and the problem it solves.
﹂
identify the target audience's demographics, behaviors, and pain points.
﹂
identify essential features that address the target audience's needs.

We set clear expectations by defining the main concept, audience, and features upfront, enabling efficient project delivery.

Building an MVP

We ensured the MVP addressed the core functionalities so the app was usable.

The MVP included such features:

﹂
Authorization
﹂
Onboarding
﹂
Invite your friend feature
﹂
Account settings

We collaborated with the client to prioritize features and make informed decisions to optimize the development.

This strategic approach helped us meet the client's deadline while laying the groundwork for future enhancements.

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[ Solutions we provide ]

The Onix team was tasked with developing an online banking app for children with parental oversight features.

The top-level requirement for this project was to develop an online bank for kids that serves as a comprehensive financial education platform for children while also providing a convenient tool for parents to manage allowances and monitor expenses.

The Onix team offered the following solutions:

Dynamic Redesign

We redesigned the online bank for kids to enhance the app's usability.

The new dynamic interface aesthetic captures users’ attention. A bold color palette creates a visually stimulating experience.

﹂
Orange buttons add a playful and energetic touch, encouraging interaction.
﹂
Dark blue and yellow accents in the menu and interface enhance visual appeal and differentiate functionalities.

Vibrant colors make navigation user-friendly and the app visually appealing.

Admin Tool

We provided our client with a powerful tool to manage and oversee the operations of the banking solution. This feature allows administrators to handle various tasks efficiently, including addressing user issues, managing accounts, and administering bonuses and rewards.

Identity Verification

KYC (Know Your Customer) procedures ensure the security of user accounts and transactions and compliance with regulatory requirements.

Users input personal details like name, birth date, address, and contacts during registration. Our KYC process involves additional steps, such as document verification. Users upload government IDs like passports or driver's licenses, which are cross-checked with databases to prevent fraud.

Payment Integration

Our approach ensures smooth integration of payment functionalities into the kids' banking app.

﹂
We analyzed the payment processor's capabilities and our app's infrastructure.
﹂
We prioritized integration for account linking and balance inquiries.
﹂
We added transaction processing for bills and online purchases.

Iterative approach helps control the integration process, foresee challenges, and deliver a reliable payment solution for online banking for kids.

Parental Dashboard

We built a comprehensive and intuitive interface for parents to monitor their expenses and their children's in the banking application. This feature offers transparency and control over family finances, empowering parents to oversee their children's spending habits and guide them toward responsible financial management.

Savings

Saving Spots makes saving fun and develops healthy financial habits. Kids allocate funds for specific goals and learn the value of money management. With the app they can:

﹂
Create multiple accounts for different savings goals.
﹂
Personalize each account with unique names.
﹂
Allocate funds from the main account to savings goals.
﹂
Track progress visually to stay motivated.
﹂
Withdraw funds upon reaching savings goals.
﹂
Learn financial skills through hands-on saving.

Core technology stack we used

Flutter,

Java,

PostgreSQL,

AWS,

Sonarqube,

Swagger,

Liquibase,

Docker,

GitLab CI

[ Results ]

The Onix team delivered a beta version of the application within the specified timeframe, allowing for early user feedback and validation of critical features.

The application successfully revolutionized how children handle money, shifting from traditional oral requests for funds to a digital solution promoting responsible spending and saving habits. By providing comprehensive financial education tools and parental oversight features, the app empowered users to make informed financial decisions.

Moreover, the seamless integration with payment processors facilitated secure and efficient transactions, enhancing user experience and trust in the platform.

Now, our team provides ongoing support and maintenance services to address any issues, implement updates, and ensure the application's smooth operation over time.

With ongoing support and further iterations, the application is poised for continued success and growth in the market.