The Commercial Bank of Ceylon has launched ‘Flash FAM’– a first in Sri Lanka– as an extension of the Bank’s award-winning ‘Flash’ Digital Bank Account app, to encourage parents to foster financial independence and responsible money management skills in their children.
This stimulating new feature enables children aged 10 to 17 to use ‘Flash FAM,’ the country’s first teen digital bank account, for their daily transactions and savings, once 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 kickstart 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.
Commenting on the launch of this app, Commercial Bank’s Assistant General Manager, Digital Banking Mr 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 at a spectacular event attended by the Bank’s senior and corporate management and more than 1,000 participants. The event featured an impressive selection of virtual reality experiences, allowing attendees to venture into breath taking 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 thrilling prizes and surprises for participants, leaving them on the edge of their seats.
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 kids via app banners and emails.
‘Flash FAM’ also includes an iteration of the original app’s revolutionary ‘Save the Environment’ feature that enables users to compute the environmental impact of their spending. When the feature was launched in 2020, it was the first of its kind in Sri Lanka. Subsequently, by being integrated with the upgraded API of the Åland Index, the world’s first e-Environmental Impact Report, the feature’s scope expanded to capture not just the carbon footprint of immediate service providers, but also of the entire value chain of the goods or services purchased by users.
Commercial Bank launched the Flash Digital Bank Account in 2018 as Sri Lanka’s first fully-fledged digital bank account that provides financial services required to manage the lifestyle of a customer across aspects such as daily living and utility expenses, budgeting, saving, financing, eCommerce, environmental awareness, and investments. The app earned Commercial Bank a mention at the United Nations Climate Change Conference (COP 27) last year and won the title of ‘Digital Banking Initiative of the Year’ in Sri Lanka at the 2021 Asian Banking and Finance (ABF) Awards.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 271 branches and 952 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.