Ohana
Ohana consists of a personalized credit card and two mobile apps.
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Ohana consists of a personalized credit card and two mobile apps.
The mobile app will resemble a regular bank portal to help teenagers familiarize themselves with using a mobile app to manage their accounts. Moreover, beautiful visualizations improve the intuitiveness of this interface over the standard bank portal.
While there is an abundance of financial information available to consumers, it is difficult to find information relevant to their daily lives. Learning activities are designed to be personally relevant to teenagers, based on their real balance and transactions.
As teenagers go through the Ohana journey, they will earn experience points for making good financial decisions such as paying before the due date, checking credit scores regularly, and learning about interest accumulation through learning activities.
Parents will get timely notifications about their children’s financial activity, keeping both parties engaged and accountable. Within the parent app, they will be able to choose and personalize parental controls for their teens and monitor their progress.
Ohana suggests appropriate financial topics according to the progress teenagers have been made. Ohana also gives guidelines when parents try to have these conversations with teenagers.
At the outset of the program, teens receive a card prepaid by their parents through a monthly deposit. Teens manage it with monthly payments like a credit card, but it doesn’t affect their credit history. This way, teenagers can practice good credit habits without risk to their credit score.
Teenagers graduating from the program will likely qualify for valuable cards they wouldn’t otherwise have had access to, and can be given lasting rewards and recognition from their Mastercard-issuing bank for beginning their credit journey with Ohana.