The first ASB Clever Kash cashless moneyboxes are being released to a large waiting list of families across New Zealand from today.
Clever Kash represents a significant investment by ASB to help improve the financial literacy of its littlest customers.
The elephant-shaped moneybox, the next generation of ASB’s iconic yellow Kashin moneyboxes, provides a digital twist to earning pocket money, and is designed to get kids excited about saving.
Instead of holding physical notes and coins, Clever Kash will display the child’s account balance digitally, by interacting with the ASB Mobile banking app. Rather than scrambling for cash at pocket money time, parents can ‘swipe’ virtual notes and coins from their phone to Clever Kash. The screen on Clever Kash’s tummy keeps count and shows the child’s progress towards their savings goals.
Clever Kash was developed by ASB and Saatchi & Saatchi New Zealand. The moneybox was developed in collaboration with ASB's Technology & Innovation Labs, the Saatchi & Saatchi innovation team, Assembly, 4Design and Kamahi Electronics and is being manufactured through The Warehouse Group Wholesale.
ASB Chief Architect James Bergin says the device and associated software is the product of two years’ worth of ideation, iteration, design, development and testing, and it is exciting to now be able to share it with more Kiwi families.
“We believe Clever Kash to be a global innovation. It is exciting to extend ASB’s proud history of ground-breaking firsts and solving customer problems using technology,” Mr Bergin says.
“We have tested Clever Kash with more than 250 families across the country to get feedback on what worked and where improvements could be made. We’re thrilled with the positive reaction and insights we’ve received via this customer-centric approach, confirming it’s an innovation that hits the mark and will motivate kids to value and save money.”
The connection from Clever Kash to the ASB Mobile banking app is via Bluetooth Low Energy (BLE) standard and is highly encrypted. The device does not access a child’s bank account. Instead, Clever Kash is a simple display of a transaction carried out through ASB’s Mobile app.
ASB Chief Executive Barbara Chapman says Clever Kash is arriving to great anticipation with more than 48,000 Kiwi families on the waiting list for a device.
“Clever Kash is a financial literacy tool designed to help develop good money management habits among a young generation of customers growing up in an increasingly cashless society. With more than 83 per cent of adults using digital forms of payment,[1] we believe parents will be seeking new ways to teach their children about the value of money in the digital era.”
