Apiture, a digital banking solutions provider, has announced a collaboration with Greenlight Financial Technology, Inc. to introduce family banking. Greenlight is a fintech company that aims to help parents raise financially smart kids. Through the partnership, Apiture’s Consumer Banking solution will be integrated with Greenlight’s family finance app, offering banks and credit unions a comprehensive suite of family banking tools to enhance financial literacy for the next generation.
According to Greenlight, 93% of parents believe it is crucial for financial institutions to provide financial literacy education for their children. However, only 16% of parents stated that their current institution offers such services. Greenlight’s app provides a debit card and teaches kids and teens how to earn, save, give, and spend wisely, all under parental supervision.
Using the Greenlight app, parents can instantly send money, automate allowance payments, manage chores, set flexible spending controls, receive real-time transaction notifications, and more. Additionally, kids gain hands-on money management experience and have access to Greenlight Level Up, an in-app financial literacy game with a leading curriculum, educational challenges, and rewards.
Many banks and credit unions lack the resources to create a compelling digital banking experience for young people. Apiture is the first digital banking provider to offer the Greenlight for Banks solution, enabling over 300 financial institutions to access Greenlight’s suite of family banking tools at no cost to their customers.
Matt Wolf, SVP of Business Development at Greenlight, expressed excitement about the partnership with Apiture, stating that it will allow them to reach more families and improve financial literacy for the next generation together. He highlighted the eagerness of community and regional financial institutions in helping families develop healthy financial habits.
Chris Babcock, CEO of Apiture, emphasized that their clients will benefit from an expanded set of tools to help kids and teens develop financial literacy from a young age.
Insights from a survey conducted by Greenlight revealed that the majority of parents expressed the importance of financial institutions offering financial literacy education. The survey, conducted by Researchscape, collected responses from 1,034 U.S. parents of 8- to 18-year-olds between February 9-12, 2023.
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