How they describe themselves: FamZoo’s award winning online and mobile software helps parents teach kids good personal finance habits through real-world, hands-on practice. Parents set up a private, fully customizable “Virtual Family Bank” to manage their children’s earnings, spending, saving, and charitable giving using IOU accounts or optional prepaid card accounts. FamZoo Partner Edition is a co-branded version of the FamZoo offering with a built-in targeted marketing platform that allows financial institutions to deliver superior youth financial education while promoting their brand, expanding their family product offerings, cross-selling related products, and establishing a long-term relationship with their next generation customers.
How they describe their product/innovation: The Prepaid Card Family Pack is a uniquely affordable, convenient, and educational MasterCard reloadable card offering designed specifically for families. Linked together and accessed online through FamZoo’s Virtual Family Bank software, the cards are used collaboratively to share funds between family members and develop financial responsibility. Parent cards serve as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, compound interest, and matching contributions. Children sign in separately to monitor spending, while parents retain control through a shared dashboard. Additional tools include collaborative budgets, interactive savings planners, “child bill pay,” and automated IOU tracking.