Mobile Youth Banking: Union Bank’s Yuby is a Good Start for the Grade-School Set

yuby_homeEven if you don’t have young children, I’m sure you’ve noticed how even pre-teens these days are hunched over their smartphones. So, if you want to get your core customers’ kids engaged with the bank, your strategy pretty much must begin with, and can probably end with, mobile.

Banks haven’t really been able to devote resources to mobile youth banking as yet. The financial crisis hit at the same time the iPhone came out (unrelated, I believe), so it wasn’t really until the dust settled a few years later that v1.0 (adult) mobile banking was introduced. Now, most banks have a solid v2.0 in place and can start developing niche services for certain segments of their customer base.

Union Bank is one of the early entrants in mobile youth banking. It launched a dedicated app a year ago (press release) called Yuby (see landing page below). It was built for them by Mutual Mobile, an app developer which has also worked for Finovate alum Clover.

How it works
The app is very basic (see inset) and includes no ties to actual account data at Union Bank or anywhere else. Basically, it does just three things:

  1. Money tracking: Kids can add or subtract money from their virtual account, but only if a parent authorizes the transaction with a parental PIN—to be typed into the app on the child’s phone; there is no dedicated “parent app.” A simple transaction feed (below) shows the flow of funds in and out of the account.
  2. yuby_transflowBasic chore list: It’s easy to add a chore, but there is no tracking or integration with the child’s allowance.
  3. Wish list: The app includes an area to establish multiple savings goals. And it automatically explains how long it will take to save for the goal if the child’s entire allowance is devoted to it.

Thoughts:
This is a great way to start. It’s a simple app, which means no integrations, no security audits, or compliance issues. No personal info is saved (other than a photo), so privacy is not an issue. Basically, it’s a mobile version of a sheet of paper and a pencil. But it’s much more engaging to port those simple functions to a mobile app, where a child/parent can always find it.

This is a good app for the grade-school set. However, it needs a functionality upgrade for the teen crowd. While older kids can still use it, once they are old enough for a debit or prepaid card, the app needs integration to actual bank accounts, both the child’s and parents’.

Resources:
At our Finovate events, we’ve seen a number of youth-banking use-cases presented, usually around debit and/or prepaid. The most recent from CBW Bank, who just last week showed us a glimpse of the future with an iOT integration that would allow parents to control fuel purchases for a specific vehicle (video coming later this week here).

There have been a number of memorable youth banking demos over the years, though none were specifically mobile-optimized. Of the six listed below, only FamZoo and PlayMoolah are known to be active at this time. The other four, in our view, were simply too early, or too complex, to make a business out of youth-banking services. Here are links to the demo videos:

Finally, there is Skill-Life’s Money Island, which was Finovate’s first youth-banking demo in fall 2009. The company was snapped up in 2010 and is now the basis of BancVue’s financial education service.

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Union Bank Yuby Landing Page (link)

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Alumni News– November 12, 2014

  • Finovate-F-Logo.jpgGuardian Analytics introduces FraudMAP ACH-RDFI to identify suspicious transactions.
  • Zumigo named finalist in Mobile Excellence Awards for Best Mobile Retail/Commerce Solution.
  • Pando Daily: BillGuard was the first to notify many affected consumers of the USPS security breach.
  • Yodlee Interactive introduces selected companies to participate in its incubator program.
  • AsiaOne Business features PlayMoolah co-founder, Lee Min Xuan.
  • ReadyForZero launches ReadyForZero Insights, a new dashboard to help users understand their debt.
  • MetaIntelli and Arxan Technologies partner to provide developers a way to mitigate security and privacy risks in mobile apps.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– August 1, 2014

  • Finovate-F-Logo.jpgStartup Daily: Startups leverage Xero’s API as part of their growth hacking strategy. Check out Xero’s API up close at FinDEVr in San Francisco September 30 – October 1.
  • Expensify grows from 24 employees in January to 45 employees in July.
  • Cachet Financial Solutions receives allowance for patent that covers aspects of its RDC platform to deposit bank checks using their Apple desktop, laptop or mobile device.
  • PlayMoolah’s WhyMoolah launches Act 2 to enable gamers who completed Act 1 to play out their lives from age 35 to 55.
  • ZipZap raises $1.1 million in new funding.
  • Your Mark on the World interviews AdaPia d’Errico, Chief Marketing Officer for Patch of Land. See Patch of Land demo at FinovateFall 2014 in New York.
  • defi Solutions CEO Stephanie Alsbrooks talks loan origination in Non-Prime Times.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– June 9, 2014

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  • VerifyValid announced partnership with Lake Michigan Credit Union.
  • ACI Worldwide’s Point to Point Encryption solution adopted by Ecentric Payment Systems in South Africa.
  • Chicago Tribune’s Blue Sky Innovation column takes a look at fraud detection innovator, Rippleshot.
  • NYmag features fintech from FinovateSpring 2014.
  • E27 looks at PlayMoolah’s Indiegogo campaign.
  • Cortera to bring its business credit risk management to Equipment Street’s marketplace.
  • Weight Watchers selects Kony to power mobile point of sale capabilities.
  • CoinDesk interviews Fidor Bank COO Michael Maier on the Munich-based bank’s decision to use Ripple Labs to move money.
  • Financial Guard, FutureAdvisor, Betterment, Jemstep, SigFig, and Wealthfront make Kiplinger’s Best Online Advisory list.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– February 5, 2014

  • Finovate-F-Logo.jpgKabbage expands platform to serve all SMBs: online, brick-and-mortar, and services businesses.
  • Spend Matters interviews Taulia’s Markus Ament on its discounting philosophy, e-invoicing, and ERP.
  • Gartner recognizes Backbase CXP as being at the forefront of UX design and mobile development support.
  • Washington Federal picks Fiserv’s DNA account processing platform.
  • Digital Mailer adds eight new financial institutions to its My Virtual Strongbox service.
  • Experian launches real-time data sharing service for UK credit providers.
  • Genesis Financial chooses ACI Worldwide to power multichannel call center and eLockbox payment options.
  • LegacyTexas Bank of Plano to work with Digital Insight to deploy online and mobile banking solutions. See Digital Insight demo at FinovateEurope next week.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– December 2, 2013

  • Finovate-F-Logo.jpgPlace2Give partners with GivingTuesday Canada to promote giving this holiday season.
  • PlayMoolah launches WhyMoolah in collaboration with DBS Bank.
  • FinanceIt welcomes Katie Robinson, VP of Strategic Innovation at FIS, and Mark Johnson, former vice chairman of CheckFree to its board.
  • In Xconomy post Yodlee CEO Anil Arora explains how financial apps will make people smarter & more open about money.
  • Temenos announces T24 implementations in three Ghanian FIs.
  • LICUOS featured in International Banker column on supply chain financial management.
  • Oanda announces first upgrade to its recently acquired social trading service, Currensee.
  • Mint, Manilla, Expensify, and SavedPlus listed among MyCurrencyTransfer’s “Top 10 Money-Saving Apps.”
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– July 25, 2013

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  • Silicon Prairie lists Banno and Dwolla as 2 Iowa startups to follow on Twitter.
  • Wakefield reports: Bolstr is navigating the legal complexities of crowdfunding.
  • PlayMoolah working with OCBC Bank for the second year running to teach children about saving.
  • FIS announces new prepaid card technology agreement with KeyBank.
  • WebrazziTV interviews miiCard marketing manager Cassie Anderson at Bitcoin London.
  • Finovate alumni Zopa, TransferWise, miiCard, and LICUOS highlighted in Innotribe co-founder Matteo Rizzi column on banking.
  • Invitations for Google Wallet for Gmail start arriving for registered early adopters.
  • All Things D profiles Motif Investing. See them in action at FinovateFall in September.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– January 29, 2013

  • Thumbnail image for Finovate-F-Logo.jpgAcculynk joins EMV Migration Forum.
  • TSYS announces extension agreement with Payment Alliance International.
  • True Office scores $3 million funding round. See them demo at FinovateEurope in London!
  • GetApp compares accounting options in FreeAgent and Kashoo.
  • Taulia doubles customer base in 2012.
  • miiCard granted U.S. patent for method of establishing true online identity based on ability to access online financial accounts.
  • TIO Networks appoints Bill Burnham, founder of Inductive Capital, to Board of Directors.
  • WorkSaveLive blog features ReadyForZero.
  • PaySimple launches 3 new integrated partners.
  • PlayMoolah launches Yusheng Rush, a Chinese New Year themed mobile game.
  • IP Commerce announces latest release of Commerce Boarding, a real-time qualification and decision engine.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– January 10, 2013

  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgIBM developerWorks features Rich Killmar from Keynote DeviceAnywhere.
  • Thomson Reuters unveils FATCA compliance toolkit.
  • Temenos is one of the most significant global banking platform vendors according to Forrester Research.
  • Check out Toshl Finance’s cool infographic on how people around the world earn and spend their money.
  • Money Smart Life blog reviews Personal Capital.
  • TIBCO Software announces partnership with University of Chicago Medicine.
  • Credit Union Journal reports: Congressional FCU Chooses Geezeo.
  • PlayMoolah launches Moolah It, a new iOS App.
  • Central Bank of Myanmar grants license to Standard Chartered Bank.
  • EZBOB to partner with ChannelGrabber.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

PlayMoolah Launches Moolah It, a New iOS App

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Children’s financial education platform, PlayMoolah announced on its blog today the launch of a new iOS app, Moolah It.

The free app is aimed at helping children budget and prioritize their wish list.

Here are some screenshots:

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PMApp1.jpg

PMApp2.jpg

Screenshots from appshopper: <http://appshopper.com/lifestyle/moolah-it> Jan. 9, 2013

To learn more about PlayMoolah, watch its FinovateFall 2012 demo.