Affinity Plus launches family app to grow money-smart kids and teens
BankingON’s new boucoup platform empowers use of existing accounts and financial institution.
ST. PAUL, MINNESOTA (February 29, 2024) — Parents will soon be able to teach their kids healthy financial habits and manage money safely through a first-of-its kind mobile app embedded in the credit union experience. The Affinity Plus Youth Banking App launches in March to employees and a select group of members, rolling out new functionality and users throughout 2024.
Parents will be able to send money instantly, automate allowance payments, manage chores, set flexible spending controls, get real-time notifications of all transactions, and more. Kids and teens gain hands-on money management experience that builds financial confidence.
“What makes this different from other youth banking apps is that Affinity Plus’s new app leverages the member’s current accounts and offers – versus a separate card and account which is how others work,” said Dave Larson, President and CEO of Affinity Plus. He added “It creates a more seamless and friendly experience, and it’s free.”
Parents who are Affinity Plus members will be able to enroll through an email invitation or by downloading the app. They will be able to add up to five children, each with their own debit card and app access.
Affinity Plus’s Youth Banking App was developed in partnership with Boucoup, BankingON’s family mobile platform. “Affinity Plus is leading the way demonstrating their commitment to providing innovative solutions that will benefit their entire community. This partnership reflects our shared values, dedicated to empowering families and fostering financial well-being.” Commented Alexey Krasnoriadtsev, CEO of BankingON.
“At Affinity Plus, we believe this new product will further our mission to empower members to achieve their goals through meaningful banking experiences and a trusted financial partnership. It will help us to better serve the parents in our communities and help them teach their kids good money habits that will transform their lives forever. More than a new product, for us, it’s an investment in the financial well-being of the generations to come.” added Larson.
At launch, Affinity Plus Youth Banking App will focus on giving parents a place to view and manage all the family accounts. Parents will be able to easily send money to their children and track their expenses. Children will be able to request money as well. Later this year, Affinity Plus will unlock new capabilities which include: the ability for parents to set chores and allowances, set saving goals, financial education material, and other innovative tools to teach children about loans and interest rates.
Millennials are now the largest generation group in the US, with an estimated population of more than 72 million. The latest census data reports that millennials make up more than 23 percent of the population in Minnesota. Over the next 10 years, millions of millennials will become parents of teens and will search for tools to make family banking easier.
About Affinity Plus Credit Union
Based in St. Paul, Minn., Affinity Plus Federal Credit Union is a not-for-profit, financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees, and unique, member-centric products and programs. Established in 1930, Affinity Plus has 30 branches located throughout Minnesota and is owned by over 250,000 members. Affinity Plus has more than $4 billion in assets. Additional information is available at www.affinityplus.org or by calling (800) 322-7228.
About BankingON
BankingON is an Austin-based CUSO of B2B2C digital banking solutions committed to empowering Credit Unions to help parents raise money-smart children. Boucoup, its family finance platform, helps CUs offer a valuable, free, branded mobile app for parents and teens. With Boucoup, parents can teach teens essential money skills, including earning, spending, and saving, through a fun and interactive platform. Teen-optimized UI and features include instant allowances, chore-based rewards, flexible spending controls, and real-time transaction notifications, all within one seamless mobile app. To learn more about Boucoup, visit us at https://www.boucoup.com/ or send us an email at info@boucoup.com
