The digital revolution in the banking and financial services industry (BSFI) has given birth to cards and applications for children. Kids no longer stash coins in their piggy banks, due to the digital switchover. Banks are introducing budgeting apps for children worldwide, including Osper, GoHenry, and Gimi. These apps help children in money management, that are funded by their parents for a monthly subscription fee. Parents can add money to their children’s accounts, set limits and monitor their transactions. On the other hand, children can either spend their pocket money using prepaid cards or save them. These apps suggest minimum ages ranging from 6 to 9 years for the prepaid cards. This is where a banking app testing company plays a crucial role in ensuring the apps work as they are expected to.
The Shift to Digital Saving Increases Responsibility
In a dire need to make everything digital, companies releasing budgeting apps for children aim at teaching young children about spending their pocket money wisely. According to the Standard and Poor’s Global Financial Survey, two-thirds of adults globally are financially illiterate. These applications aim at overcoming this issue and offer services to teach children financial concepts including budgeting, income and interest rates. As financial institutions take this initiative, it is important that they invest in software testing services to make the most of their efforts.
Promoting A Lucrative Generation
The advent of digital banking has also affected how parents dispense pocket money to their children. According to a recent report by the financial comparison website Money.co.uk. One in three parents in the U.K. transfer pocket money digitally. Another research estimates that kids aged between 13-19 years contribute £1.7 billion ($2.2 billion) into the U.K. economy every year. This trend highlights that there is a big opportunity to gather profits by releasing more budgeting apps for children. This is how app testing companies can also play an important role in promoting a lucrative generation.
Do These App Encourage Spending, Saving or Debt?
Just take a moment to assess if these apps encourage over-spending amongst children, or promotes sense of saving their pocket money each month? Well, it totally depends on how parents control their children’s app usage. If they have a strong foundation in financial capabilities they will learn about the real value of money and develop good money spending habits. Thus, these budgeting apps can teach children about spending their money wisely. Parents can monitor their spending habits and these apps do not offer an overdraft so children cannot go into debt.
Financial institutions are releasing budgeting apps to promote the sense of saving amongst children, which makes it all-the-more important for these firms to partner with a mobile app testing company to achieve their goals. These apps are designed to help children manage their pocket money and also allow parents to control how their children can use their accounts by observing their transactions. Thus software testing also plays an important role in enhancing quality services to end-users.
Ray Parker is an entrepreneur and tech enthusiast who loves to incorporate new technologies to get more efficient outcomes. When he’s not marketing his latest venture, he keeps himself busy in writing technical articles to educate peers and professionals.