ASB’s iconic Kashin moneybox has been given a digital makeover with the launch of a cashless interactive moneybox, designed to get Kiwi kids excited about earning and saving pocket money and to understand the value of money as we move towards a cashless society.
The new-look elephant moneybox, named Clever Kash, will help make saving magic again by enabling parents to swipe virtual notes and coins from the ASB Mobile banking app, to display on their child’s Clever Kash. The money in the child’s bank account will be displayed on Clever Kash’s tummy, with elephant noises that trumpet each time it’s used.
ASB, the bank behind New Zealand’s largest financial literacy programme in schools, ASB GetWise, launched Clever Kash at its North Wharf Innovation Lab in Auckland today, where children from Orakei School were among the first to interact with the new technology.
ASB Chief Executive Barbara Chapman describes Clever Kash as a fun and engaging technology, the latest evolution of the Kashin moneybox first launched in 1964, which is set to put a smile back on the face of kids’ banking.
“Parents are telling us they’re finding it challenging to teach their children about the value of money as they don’t tend to use cash and coins for everyday purchases. Today, children are more likely to see their parents handing over a card to pay, and so may not appreciate how much things cost or see change calculated, as we do when paying in notes and coins,” Ms Chapman says.
“A recent survey that ASB commissioned backs this up, showing nearly all parents surveyed (96%) believe teaching their children about money is an important life skill. However, nearly three quarters (64%) of parents are struggling to teach their children basic money skills as society becomes increasingly digital.
“Clever Kash is our solution to this challenge in an ever-evolving digital era. We have made cash tangible again for Kiwi kids by allowing them to see first-hand how spending and saving is reflected on their Clever Kash display. Clever Kash is a fun and modern moneybox to keep children motivated towards their savings goals and help them establish positive savings behaviour from an early age,” Ms Chapman says.
Clever Kash was invented by ASB and Saatchi & Saatchi New Zealand. The 15cm tall moneybox was developed in collaboration with ASB's Technology & Innovation Labs, the Saatchi & Saatchi innovation team, Assembly, Kamahi Electronics and 4Design.
ASB Chief Architect James Bergin says the entire Clever Kash project, from design through to the technology itself, has been New Zealand-based and has leveraged ASB’s heritage of technology and innovation.
“Clever Kash connects with the ASB Mobile banking app via a secure and encrypted Bluetooth connection. Parents can be safe in the knowledge that Clever Kash displays the account balance only and kids have no transactional ability,” Mr Bergin says.
An early release Clever Kash will soon be available in New Zealand as part of the product testing phase of development, in which feedback will be essential to modify and expand the device’s capabilities to best meet customer needs.