In the early 1980s, NatWest Bank in the UK was looking to attract young people to save with them and came up with the idea of having a family of pigs to become collectables. The first of the collectables was baby Woody, available for investors who opened an account with a minimum of £5. The remainder of the collection was given away for free based on savings behaviour and to keep the collection alive.
Indeed they have become collectables, with the set hot sellers on eBay
After six months, if the account contained at least £25, they received Annabel and then, after one year, the account will have needed to have grown to £50 to qualify for Maxwell. At eighteen months, the account that contained £75 would receive Lady Hillary and then, after a further two years, if the account had grown to £100, people who managed to stay on course received Sir Nathaniel Westminster. This idea is indeed a manifestation of the classic “leveling up” game mechanic. As ChoreScout develops we expect to include more game mechanics into the platform include this idea of leveling up and unlocking additional elements as the player makes financial progress.
With the idea of bringing the pigs into the 21st century, the Auckland Savings Bank introduced Clever Kash. The concept is a cashless digital money box, allowing kids to see how their spending and saving on the display of the Elephant as well as the app.
Instead of holding coins, Clever Kash accepts virtual money from the ASB mobile app. The money in the child’s bank is displayed on Clever Kash’s tummy, which makes noises each time cash is transferred from the bank’s mobile app.
Like ChoreScout, Clever Kash aimed to solve a customer problem – how to teach children the value of good money habits such as earning and saving money, as well as a bank problem – how to attract the next generation of customer and build relationships. ASB’s research of parents of children aged 5 to 12 years, found 59 to 74 per cent of parents across New Zealand struggle to teach their children the real tangible value of money in a cashless society.
Clever Kash is an interesting development of the NatWest Pigs and presents a consistent assumption that children will continue to like something to analogue to connect with. As with leveling up we think there is a lot of merit in banks presenting not only virtual awards as they make progress through the game but also very real rewards, something, again we will be seeking to introduce in 2019.