Infosys has announced the launch of the Finacle Youth Banking solution, a first-of-its-kind mobile-based banking solution for young people.
The digital banking solution, specially designed for young customers between the ages of 12 to 18, is aimed at making banking a fun experience, while giving them a sense of financial responsibility.
* This solution will give banks an opportunity to expand their millennial customer base, that is largely unbanked
* The features of the Finacle Youth Banking Solution are easy-to-use. Three simple steps – registration, collection of Know Your Customer (KYC) documents, and setting transaction limits are required to complete customer onboarding
* Interactive features include ‘goals management’ for savings, ‘do transactions’ for payments, funds transfers and online shopping, and gamification for infotainment
* While the account holders will have the freedom to operate the account, transactions beyond preset limits will have to be approved by the guardian before completion
* Banks can deploy the solution seamlessly with Finacle suite of products or any other third-party or in-house developed applications
Michal Reh, Senior Vice President and Global Head, Finacle, Infosys: "Millennial and Generation Zs are valuable future customers and banking organizations are recognizing the need to engage this technology-charged demographic. With Finacle’s Youth Banking solution, banks can take a lead in engaging with these young customers for their financial needs and aspirations. Catching them young gives banks an opportunity to forge long-term relationships, which in turn will result in increased loyalty and a higher share of wallet."
Sanjay Khanna, Chief Information Officer, RAKBANK: "In the UAE today, a significant proportion of the population comprises the youth, who are among the most aware and empowered among the generations. We believe it is important to engage with the youth to help them inculcate the importance of banking, early on, and in the process, earn their long-term loyalty as customers. Finacle Youth Banking solution is well suited to support this task, especially with its mobile-first and social media enablement. We look forward to offering our young customers a modern banking window, exclusively of their own."