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Solutions

Youth Banking Solution

Finacle Youth Banking solution is a comprehensive banking solution for young people between the ages of 12 to 18. This solution helps banks arm young people with the tools they require to effectively manage their financial goals. While banks today do offer junior bank accounts for people under 18, there has never before been a solution completely focused on this segment.

Finacle Youth Banking solution is a digital solution that is designed to introduce young people to the world of banking. It’s unique characteristics make banking a fun experience:

  • Multi-channel enabled
  • Accessible on any platform
  • Interactive user interface
  • Intuitive navigation
  • Easy-to-understand functionality

The Finacle Youth Banking solution can be deployed in-house or accessed in a software-as-a-service mode. It is built on an industry-leading portfolio of products from the Finacle suite, including Finacle core banking, CRM, e-banking and mobile banking solutions.

Key features

The features of the Finacle Youth Banking solution are designed to be fun and easy to use.

To begin with, onboarding the youngster involves three simple steps:

  • Registration
  • Collecting the guardian’s KYC documents
  • Setting a transaction limit

Once registered, the account is operational and is good to go.

There is enough and plenty to explore after logging in. Here’s a peek into some of the services the solution has to offer:

  • 'MyDzire savings planner' allows the youngster to create a wish list
  • 'Goals management' is a feature that encourages the youngster to start saving big
  • 'Do transactions' helps the youngster manage daily expenses
  • The shopping cart feature assists the youngster in buying products online
  • The dashboard feature provides youngsters and guardians a comprehensive view of all the account activities
  • An integrated gamification platform hosts quizzes, both educational and fun

While the youngster has complete freedom to operate the account, all transactions have to be approved by the guardian. The guardian can also set transaction limits for the youngster to make sure that the spend is within limit.

Business benefits
  • Be the first: Finacle Youth Banking solution is exactly what you need to ride the 'youth banking opportunity' wave. You can go live with the solution in three weeks without disrupting normal services
  • Expand your customer base: The youth between the ages of 12 to 18 is largely unbanked, and waiting to be tapped. By offering an exclusive solution tailored to complement their lifestyle, you can exponentially expand your customer base
  • Increased loyalty: Catching them young gives you an opportunity to forge long-term relationships, which results in increased loyalty and share of wallet

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