We live in the world of fast growing financial industry and digital fluency of youths. Therefore, we find it astounding that most of the kids are paid their pocket money and then buy goods in cash. What concerns us even more is the lack of financial literacy among children and their parents' assumption that kids will get this knowledge in schools.

We want to empower children and teenagers with financial inclusiveness through:

  • allowing for cashless transactions in a controlled environment
  • providing an educational module to increase financial knowledge
  • making saving easier and more fun

What it does

FusionFabric.child is a solution consisting of two mobile applications and an IoT device. The business goal is to advertise this product to banks so that they integrate it with their existing retail banking applications. This way banks could broaden both the scope of the functionalities and a customer base (children are prospective adult customers).

Mobile application lets children to:

  • initiate a payment
  • set up and monitor saving goals
  • get familiar with financial terms and tips

Mobile application for parents allows them to:

  • authorize or decline a payment
  • review transaction history

Both apps display the current balance of a child's sub account.

IoT device: as some of schools prohibit carrying mobile phones with kids, we built an IoT device that lets children initiate a payment. It then notifies the kid with a green or red led about the status of the payment.

How we built it

  • Backend: Java/JWT/Spring/Maven
  • IoT: Python
  • Payments API

Challenges we ran into

  • focusing on the main flow we want to implement
  • moving from an idea into a tangible solution
  • deciding about the underlying tech stack

Accomplishments that we're proud of

What we're truly proud of is the fact we built a working solution with no developer in our team :)

What we learned

  • what are the needs and goals of both children and their parents towards a new financial solution
  • how to develop a mobile app
  • how to set up the IoT device

What's next for FusionFabric.child

First of all, we would validate the existing flow with the business representatives. Then we would consider adding new features e.g.:

  • transferring funds from parent's to child's account with one click
  • adding multi-purpose sub accounts (e.g. for daily spendings, savings, charity etc.)
  • support of an e-receipt to list all the goods to the parent before authorization
  • enhancing the saving and learning modules to suggest a suited content with the help of an AI solution
+ 2 more
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