Family app
A financial education mobile banking app dedicated to children, with full parental supervision.
Industry
Function
ProductContext
We suggested to our partner that in order to increase customer acquisition, it makes sense to target niche markets where incumbent banks are in a relatively worse position, with a more limited or no value proposition. One such opportunity is to cater to the banking needs of domestic families. Although there are a large number of families with children in Hungary, domestic banks do not offer family discounts or online child account opening facilities.
Approach
The primary challenge of development was to establish MVP scope, which involved moving more than 70 engineering days of development to the next development phase based on user interviews and business prioritization to meet the tight 4-month deadline.
After MVP was established, the most critical point of the development was to coordinate and integrate the development of a total of 11 banking systems to make the application live, which required close, day-to-day and pinpoint collaboration with 6 additional subcontractors.
Results
Our client - significantly ahead of the Hungarian banking sector - was the first to introduce its own mobile application for children, providing a complete value proposition for the 6-18 age group. Thanks also to the fully online digital account opening, more than 100 brand new parental accounts were opened in the first weeks, together with additional children's accounts. Tracking the customer acquisition numbers on a daily basis, it became clear that this product is a unique product for the Bank that will ensure the inflow of new customers in the long term.