Introduction
Danske Bank is the largest bank in the Nordic countries, and as the number one bank in Denmark, it would like to be on the top of the banking world. Moreover, Danske Bank wants to attain a dominant position in the children market of internet banking, and at the same time to be alerted and concerned about children as they grow from having low perception of money responsibility to adults with greater concerns and a better concept of money.
The task in hand is to develop a concept in which would keep Danske Bank in the game and ahead of the competitors, especially at the main time where big online service providers such as Google and Facebook are stepping into the banking business. This paper would like to address the following subjects, how to expand Danske Bank’s current line of services for children, how to add value to the app in order to make it more practical for children use, and lastly, what is a child ́s perception of money transactions.
Interview insights
Here are the main key insights from the interview:
· Children like to receive physical money, but they find it upsetting to keep track of it, meaning they understand the value of digital money, but it is still a difficult task for them to deal with at that age.
· Parents have the tendency to overprotect their children when it comes to money.
· Parents prefer to make a direct digital transfer when children need money rather than handing it to them.
· Children want to be independent and to make their own decisions.
· Most children are not allowed to carry physical money, due to their parents concerns.
· Children are very familiar with digital services (games and social networks), and use them to interact with each other.
Idea generation
The concept of this study can be seen as an extension to the Lommepenge app, the interview results indicated that the children tend to gain extra freedom despite their parents and get their independency, this app might provide an opportunity for them to do that at a certain extent. As long as the app is synchronized with the parents ́ app, the parents would receive notifications regarding the activity on the child ́s e-card.
When a goal is reached in the app, the parents and their children would have three options:
· The first one would be that they all can go to collect the children ́s money and to buy the prolong waited-goal together.
· The second option would be that in the app, the parents can unlock the money on the goals that the child has reached, then, the child would be able to have his independency and the responsibility behind getting his goals on his own.
· A third option would be that if the child is in a desperate situation and needs money but the parents cannot send money, the parent would have the choice to unlock any goal even if the goal is unreached.
This concept introduces a new character, different from the previous one, the character that would provide suggestions and good advice to the children about saving their money. Furthermore, for future development of the app where it would be the main character in a mini-game within the app.
Conclusion
With emphasis in the previous insights, this app is a developed extension of the Lommepenge app, with added adjustments to alleviate the children discomforts regarding their money. The app is synchronized with parents ́ phones in which could facilitate elevating money responsibility issue for children, therefore, aiding them to develop a better comprehension of the value of money.
