As parents, as our children grow older, we open bank accounts for them. And we notice some challenges:

  • We don't carry cash anymore. How does a parent handle "quick" problems like a child asking: "I need $20 for the movies"?
  • When we do give our children cash, we don't know where they spend it, or how much cash our spouses have already provided
  • As our children enter their teens, do we want them carrying cash as they go out the door to buy clothes?
  • In a low interest environment, how can we help our children build the habit of saving money

What it does

Through a mobile Xamarin app that runs on Android, with some backend services:

  • It allows a child to request money from their parents, triggering a notification for approval for the parent
  • It allows a parent to transfer money to their child's account
  • Parents and children can view account balances
  • The functionality is built for financial institutions which support Finastra's US Retail APIs

Some features are currently mocked up, and not fully functional

  • It allows a child to setup savings
  • It allows both parent and child to track requests, transfers, and spending
  • It allows a parent incentivize the child to save by paying interest on savings

How we built it

  • We first mocked up screens on paper, then followed up with wire-frames in Sketch, and a prototype in Invision
  • We then developed what we could with the time available, splitting up the work by screen, backend, image assets
  • The mobile app is built on Xamarin, and uses for build/test/release + mobile notifications
  • Our backend service is built on C# and deployed as an Azure app service
  • We use the FFDC US Retail APIs for fund transfers & account information

Challenges we ran into

  • No knowledge of Retail banking, or the US Retail APIs
  • What does a transfer look like from parent to child

Accomplishments that we're proud of

  • Developing a PoC for an idea that, from our research so far, looks promising from a business perspective, and solves some of our own pain points in our own day-to-day banking.

What we learned

  • Our team has no exposure to Retail banking, apart from being consumers. We learned the FFDC US Retail APIs
  • The business. Some of us have children, and have these money/cash/allowance exchange issues, but we were not aware that others had developed solutions in other countries - to our knowledge, nothing like this is available in Canada.
  • One of us used C# for the first time

What's next for Yallo - A Youth Allowance Service

  • We need to assess interest and market. There are existing players who have demonstrated some success in the UK. Before building this out, we need to better understand the needs of the customers served by financial institutions who support Finastra's US Retail APIs
  • Confirm some assumptions about how we'd structure the accounts
  • Develop a sign-up process
  • Complete MVP
  • In terms of build, we would want to do more research into competing services, and define a model
  • We need to work with some prospective customers to determine how some features might work best, such as how to implement the child's savings feature (for example, do parents want to "enforce" savings?)

Built With

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