Commonwealth bank of Australia has begun pilot tests of Kit, a new money app and digital information tool for kids.
With their own Kit account and prepaid card, kids can manage their own earning, saving, and spending. Kids can earn money on ‘chores PayDay’, create savings ‘Stacks’, access their money through an ATM and tap their card to make purchases. In Boss Mode, parents have access to overarching controls such as spend limits and card and PIN protection, which can be tailored to each child in the family.
The virtual account and prepaid card is issued by Shaype, using the AFSL held by parent company Hay Limited, following a supplier slection process that began in July 2021.
Kit is currently in pilot with up to 5,000 customers and has been built with the help of kids, parents and caregivers along with an independent advisory panel of experts in youth mental health and wellbeing, digital services for children and families, artificial intelligence and financial capability.
Kit is one of a range of new initiatives highlighted by CommBank chief Matt Comyn at an investor briefing. Other updates include the launch of a digital home loan product for refinancing properties, the integration of stockbroking services from CommSec into the CBA banking app, and a bundle of rewards products tailored to individual customers.
“Driving digital innovation for our customers is core to our strategy. This is all about reimagining what it means to be a bank, and the ways in which a bank can anticipate and meet customer needs," says Comyn. “We seek to be the trusted centre of our customers’ financial lives, using technology to build the best integrated and personalised digital experiences to suit all the ways our customers interact with us."