The Antipodean countries appear to be taking digital innovation by the scruff of the neck. In recent weeks, a debate has been sparked Down Under about whether banking institutions are only in it for the short term gain, whilst Westpac, New Zealand’s second largest bank, recently announced it will be increasing its annual investment spend by 20 per cent to around $1.3 billion, using the money to concentrate on technology and digital initiatives.
Now, it appears the region’s digital drive has expanded to everyone’s first bank – the piggy bank.
Out with the coin slot
ASB, part of Commonwealth Bank of Australia, has given the staple of any young financier’s toolkit a digital makeover by getting rid of the coin slot and replacing it with a display screen.
The piggy bank, coming in the form of a six-inch-tall yellow elephant, is called Clever Kash and it interacts with the ASB mobile banking app.
The money is first transferred into the child’s bank account and then to update the piggy bank, the parent or child should simply ‘swipe’ virtual money towards the Clever Kash display.
The elephant’s display will keep track of the money as well as how close the child is to achieving their goals. The display will also convey the reasons for the funds being given.
“Parents are telling us they’re finding it challenging to teach their children about the value of money as they don’t tend to use cash and coins for everyday purchases,” Barbara Chapman chief executive, ASB, told Stuff. “Clever Kash is our solution to this challenge in an ever-evolving digital era.”
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