The Commercial Bank of Ceylon launched ‘Flash FAM’ – a first in Sri Lanka – as an extension of the Bank’s ‘Flash’ digital bank account app, to encourage parents to foster financial independence and responsible money management skills in their children.
This new feature enables children aged 10 to 17 to use ‘Flash FAM,’ for their daily transactions and savings, after a parent who is also a Flash Account user, has registered and created a separate login via his or her main Flash account.
After ‘Flash FAM’ has been activated via a simple verification process, the child will receive login details to his or her registered mobile number and email, and thereafter can commence using the app, the Bank said.
With the ‘Flash FAM’ account, teenagers can perform a range of banking transactions such as checking their account balance, requesting money for an emergency from a parent or guardian, transferring funds, and making payments including LankaQR payments. The ‘Flash FAM’ Teen Digital account also comes with a debit card that can be used for online purchases and cash withdrawals at ATMs.
Designed to launch the digital financial journey of children with their own app and card, ‘Flash FAM’ provides financial freedom to younger customers and gives them the opportunity to learn skills such as earning, saving, and spending responsibly, the Bank said. ‘Flash FAM’ users can migrate to their own ‘ComBank Flash’ accounts after their 18th birthday, with an automatic conversion implemented by the Bank.
Commercial Bank’s AGM, Digital Banking, Pradeep Banduwansa said, “It is becoming increasingly important to create familiarity with digital access to financial services and to instil financial responsibility from a young age. The launch of ‘Flash FAM’ is a response to this need, giving children a taste of the future through a user-friendly digital platform, under the guidance of their parents. This also enables children to begin their financial journey with the country’s biggest private sector bank.”
The Flash Fam Teen Digital Account was launched in Colombo by the Bank’s senior and corporate management and over a 1,000 people were present. The event featured an impressive selection of virtual reality experiences, allowing attendees to venture into breathtaking realms and embark on thrilling adventures. Attendees also had the opportunity to test their skills, reflexes and strategic thinking in heart-pounding virtual reality racing simulations and mind-bending puzzles. A “Wheel of Fortune” unlocked prizes and surprises for participants.
Flash FAM offers several innovative features, including a ‘Savings Goals’ feature through which users can set and monitor their savings objectives, an advanced budgeting and spend tracker feature, a real-time transaction notification feature for parents, bill-split/group payment feature, and financial education for children via app banners and emails.
‘Flash FAM’ also includes an iteration of the original app’s ‘Save the Environment’ feature that enables users to compute the environmental impact of their spending.