FinTech News

Family Banking Service Greenlight Introduces Greenlight for Banks 

In recent years, a number of FinTechs have set their sights on financial education, creating banking experiences suited for children, teens, and young adults. Among these brands is Greenlight, which offers tools and perks for children and parents. Now, the startup has announced the launch of Greenlight for Banks.

With the new program, banks and credit unions can add Greenlight’s family finance app to their services, incorporating the platform into their own ecosystems. According to the company, clients will be able to create a co-branded landing page, registration process, and app experience for customers. This will give users access to some of Greenlight’s core tools, including its Level Up financial education curriculum.

The official launch of Greenlight for Banks comes as a new survey commissioned by the brand found that 93% of parents find it important for banking institutions to offer financial literacy education for children. Despite this, only 16% stated their current bank offered such services. Meanwhile, it’s estimated that 42.9 million Gen Zers will be using mobile banking within the next two years, making it imperative that institutions find ways to serve these younger customers.

Commenting on the Greenlight for Banks program, the FinTech’s SVP of Business Development Matt Wolf stated, “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.”

Wolf continued, “Partnering with banks and credit unions will allow us to help even more parents teach their children invaluable financial knowledge and skills.”

Elsewhere, the EVP and Chief Consumer Banker at WaFd Bank — an early adopter of Greenlight’s platform — Cathy Cooper said of the service, “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.”

Greenlight’s latest move shows once again that FinTechs can find greater success by working with banks instead of against them. While startups were once seen as a threat to traditional institutions, today, there are countless examples of these tech-driven firms working to complement services that banks already provide. Considering that Greenlight has already managed to prove its concept by bringing more than six million users (including parents and children) to its service, it makes perfect sense that banks and credit unions would want to offer the platform to customers. Therefore, we can expect that Greenlight for Banks will prove successful and hopefully bring some much-needed financial education to future generations.