The Union Bank Yuby™ app for Apple and Android devices makes the fundamentals of finance easily accessible to kids as young as six, through fun activities that help teach them about managing money. The app puts Union Bank at the forefront of promoting financial literacy for everyone – a necessity that’s emerged as personal finance has become increasingly complex. While many financial literacy apps target young adults and parents, or make a game of learning how money works, Yuby instead engages directly with children to allow them to actually experience earning, spending and being responsible for their own money.
The three core features of Yuby are designed to help children quickly understand the value of money:
-A chore list to keep track of what they’re responsible for and how much allowance they can earn
-An activity view of what they’ve earned and spent, including details about each activity
-A wish list that compares the cost of things they are saving for and shows how much progress they made
Kids can also use the app to make virtual deposits and withdrawals, with parents or guardians acting as the “bank.” The app also provides a responsive web UI wrapped in a native app experience, with creative transitions and animations. These features make the fundamentals of finance easily accessible to kids as young as eight through fun activities.
The creation of the Yuby app was Union Bank wanting to further their focus on the financial success of their customers by extending their banking tools to educating children. The app engages directly with kids and guardians on iOS and Android devices to promote managing money. The objective of the app is to educate young children on the idea of earning, spending, and saving.
With few financial institutions offering financial literacy apps, and even fewer offering them for children, Yuby affords Union Bank an opportunity to establish a clear role as a leader in helping people to become informed and responsible about personal finance, starting at a very young age. Yuby also fosters customer goodwill and loyalty with parents who see it as a great way to start conversations about money with their children, and as a fun way for their children to learn financial responsibility.
The Union Bank Yuby™ app has achieved over 1,600 downloads and has maintained a strong rate of repeating visitors. Overall, 65% of traffic are repeat visits, which was consistent with the previous month. Since the app launched on April 14 the number of downloads and activity has continued to increase, with 88% of users downloading in the past 2.5 months.