Fintech Firm Greenlight Introduces Family Banking Solution for Financial Institutions

Greenlight Financial Technology, Inc., the fintech company on a mission to help parents raise financially-smart, independent kids, announced Greenlight for Banks, a family banking solution designed for banks and credit unions.

With Greenlight for Banks, financial institutions can now easily “add Greenlight’s family finance app, loved by more than 6 million parents and kids, to their financial service offering to better serve families and help the next generation build healthy financial futures.”

As noted in the update, 93% of parents say it’s important “for financial institutions to provide banking and financial literacy education for their children, yet only 16% say their current bank provides such services.”

With 42.9 million Gen Zers estimated to use mobile banking by 2025, it’s clear “there is an opportunity to better serve young people.” However, many financial institutions “may not have the expertise or resources to create a compelling digital banking experience for the next generation.”

Greenlight for Banks is described as “a first-of-its-kind solution that enables partners to offer Greenlight’s suite of family banking and education products for free to their customers.”

With Greenlight for Banks, financial institutions can seamlessly “integrate family banking into their own ecosystems, allowing them to engage the next generation of customers, grow deposits, and provide more value to families.”

Key features include:

  • Full suite of family banking tools: Greenlight’s award-winning family finance app includes financial tools for earning, saving, spending, giving, and more. Parents can automate allowance, manage chores, and send money instantly while kids and teens get hands-on money management experience with parental supervision.
  • Financial education: Within the Greenlight app, kids and teens also have access to Level Up, an interactive, curriculum-based financial literacy game. Level Up includes fun and engaging games, quizzes, and lessons that go beyond the National Standards for K-12 Personal Financial Education to empower young people with money skills and confidence.
  • Co-branded banking experience: Greenlight delivers a dedicated, co-branded landing page, registration, and app experience — with no technical lift required by the partner.

Matt Wolf, SVP of Business Development at Greenlight, said:

“At Greenlight, our mission is to empower parents to raise financially-smart kids and teens. In building Greenlight for Banks, we spoke with financial institutions across the country and found that many were looking to solve the same problem of making financial education more accessible. Partnering with banks and credit unions will allow us to help even more parents teach their children invaluable financial knowledge and skills.”

Greenlight for Banks was “developed based on years of research and learnings from serving some of the world’s largest financial institutions.”

The result is a turnkey solution “built with seamless activation, adoption, enrollment, and reporting capabilities.”

Greenlight for Bank partners also “have the option to hold Greenlight customer deposits in their own institution.”

To date, Greenlight for Bank partners “have included leading financial institutions, regional and community banks, and credit unions.”

Tom Stanmeyer, Managing Director and Head of Deposits and Banking Services at Morgan Stanley, said:

“Greenlight adds enhanced value to Morgan Stanley’s CashPlus brokerage account. By providing our clients with a way to also teach their children about the world of money, we are helping to ensure the next generation has the knowledge and skills they need for a healthy financial future.” 

Cathy Cooper, Executive Vice President and Chief Consumer Banker at WaFd Bank, said:

“We’re excited about the opportunity that Greenlight for Banks brings to WaFd Bank. We believe we’ll be better able to serve parents and their children with age-appropriate financial management skills. Together with Greenlight, we can help build a safe and secure financial future for the next generation.”

For more details, check here.

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