CashCamp Provides Uncommon Service in Credit Union Industry
iQ Credit Union (iQ), a member-owned, modern-day financial institution based in the Pacific Northwest, announced the launch of CashCamp, a new educational banking app that helps educate kids ages 7-14 about good financial habits and how to manage their money.
Latest Fintech News: Workday Global Survey Finance and IT Leaders Reveal Top Barriers to Digital Finance Transformation
“CashCamp provides an introduction to all aspects of finance: saving, budgeting and lending,” Tim Walley, education programs supervisor, said. “The app provides easy-to-use tools to help kids make the most of their account, including easy transfers with their parents, setting up savings goals, making a budget and taking out loans from their parents. Plus, the app gamifies saving money by letting kids earn trophies for hitting their savings goals, and lets kids compete on leaderboards with their siblings to see who can save the most.”
Free to members of iQ Credit Union, CashCamp provides an alternative to paid youth banking apps. It does not require an additional app but rather integrates directly into iQ’s Digital Branch, the credit union’s online banking system, making it easy and convenient for parents and kids. Users can use a checking account and a debit card with the app, which can be accessed through a laptop, phone or tablet.
Latest Fintech News: FICO and Israel’s Open-Finance.ai Partner to Transform Decision-Making Speed and Precision in Credit and Insurance
CashCamp ties into iQ’s strong legacy of supporting kids, teachers and financial literacy. At schools and community events, iQ offers financial education through interactive games, presentations and workbooks. Kids receive “educational boxes” when they open their credit union account or after completing 10 deposits. The boxes have prizes and educational games that teach kids how to manage their money.
“This new app enhances these options and provides a way for parents and kids to talk about financial literacy and make it actionable and realistic for what they’ll experience when they’re grown up,” Walley said.
Latest Fintech News: Nickel Digital Arbitrage Fund Cuts Crypto Volatility by More Than 20X
[To share your insights with us, please write to sghosh@martechseries.com]
