U.S. Bank has launched a collaboration with Greenlight, which is aimed at improving the level of financial education.
The mentioned partnership will provide eligible customers of the specified financial institution with free access to Greenlight’s app for operating with money and debit cards. This solution is designed to help families teach their children financial skills.
U.S. Bank is the first lender to offer Greenlight products through an embedded mobile app experience. In this case, the mentioned company’s new software development kit is used. As part of the mentioned solution, younger U.S. Bank family members will learn to earn, save, and spend. This process will be carried out under the supervision of parents.
Greenlight will also provide parents with the ability to instantly make money-sending transactions, automate allowance payments, manage household chores, and set spending control.
Tim Welsh, vice chairman of consumer and business banking at U.S. Bank, says that for children and teenagers, hands-on experience is the best way to build self-confidence and gain money management skills. According to him, the partnership of a financial institution with Greenlight is revolutionizing how customers can teach their kids to deal with money by providing reliable and proven tools that form positive habits.
It is worth mentioning that the Office of the Comptroller of the Currency (OCC) has requested US lenders to help improve the financial capabilities and financial well-being of customers.
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