Apiture, a provider of digital solutions for banks and credit unions, announced the beginning of cooperation with the fintech company Greenlight Financial Technology, which is focused on serving families.
The purpose of these partnerships is to increase the availability of family banking for financial institutions within the framework of the Greenlight for Banks program. Cooperation between a digital solutions provider and a fintech company is aimed at ensuring that banks and credit unions have access to tools for providing financial services within the family service format. The partners also note that their joint efforts will contribute to solving such an important task as increasing the level of financial literacy among the younger generation.
Chris Babcock, CEO of Apiture, says that local and regional lenders strive to develop healthy habits in the space of family life concerning the concept of behavior associated with the use of a financial resource. He also noted that the mentioned forces are aimed at making habits become a permanent model of actions in the context of handling money, fixed for life.
Currently, in the United States, more than 90% of parents say that banks and other companies operating in the relevant sector should offer financial literacy programs for minors to their clients. At the same time, only 16% of parents reported that the educational institutions where their children receive learning provide the mentioned knowledge. While the issue of literacy is a task on the way to a solution, the very fact of the corresponding interest of the adult population of the United States indicates a high level of financial consciousness and understanding that handling money should not be a set of tactical actions of questionable validity, but a line of behavior based on a long-term strategy aimed at achieving large-scale goals of a global nature.
Greenlight offers a debit card and an app that has been developed to give children and adolescents the knowledge leading to the formation of sustainable money-making skills, saving personal financial resources, and responsible spending. In this case, vigilant monitoring by parents of the process of acquiring these skills is also provided.
The fintech company’s app provides adult users with the opportunity to instantly make money transfer transactions, establish the automated payment of benefits, establish control over the volume of expenses, receive notifications about financial operations in real-time, and manage household chores. As part of this offer, children will gain hands-on experience in handling capital and have access to Greenlight Level Up, a commercial literacy game that includes a curriculum, educational tasks, and rewards.
Apiture recognizes the fact that many financial institutions and credit unions do not have a resource with which to create a solution that provides representatives of the younger generation with an attractive digital banking experience. In an effort to solve this problem, the company is implementing Greenlight for Banks.
As a result of the partnerships that were announced this week, financial institutions that are clients of Apiture, to be able to offer consumers free family banking tools developed by Greenlight.
As we have reported earlier, Citi Adds New Payment Solutions.
