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Infosys launches teenage-friendly mobile banking product

The company calls it a first-of-its-kind mobile-based banking product for young people.

Infosys, a global provider in consulting, technology, outsourcing and next-generation services, this past week announced the launch of the Finacle Youth Banking service, which the company calls a first-of-its-kind mobile-based banking product for young people, according to a press release. 

The digital banking product, specially designed for customers between the ages of 12 and 18, is aimed at making banking a fun experience, while giving them a sense of financial responsibility, while giving banks an opportunity to expand their millennial customer base, according to the announcement.

Interactive features include "goals management" for savings; "do transactions" for payments; funds transfers and online shopping; and gamification for infotainment.

Accountholders will have the freedom to operate the account, but transactions beyond preset limits will have to be approved by a guardian before completion.

Banks can deploy the solution with the Finacle suite of products or any other third-party or in-house developed application, according to the announcement.

"Millennial and Generation Zs are valuable future customers and banking organizations that are recognizing the need to engage this technology-charged demographic," said Michal Reh, senior vice president and global head of Finacle for Infosys. "With Finacle's Youth Banking solution, banks can take a lead in engaging with these young customers for their financial needs and aspirations. Catching them young gives banks an opportunity to forge long-term relationships, which in turn will result in increased loyalty and a higher share of wallet."