Following this launch, parents and legal tutors will be given the capability to foster financial independence and responsible money management services and skills in their children. The new feature is an extension of ComBank’s Flash Digital Bank Account application.
Children aged between 10 to 17 years old will be enabled to the Flash FAM for their daily transactions, payments, and savings, only after a parent who is also a Flash Account user has registered and opened a separate login via their main Flash account. The child will receive their login details on the registered mobile number and email after a simple verification procedure is done.
After the Flash FAM account was opened, teenagers will have multiple offerings and capabilities to benefit from, with a range of banking transactions such as requesting money for an emergency from parents or a guardian, making payments (including LankaQR and others), checking their account balance, and transferring funds. The Flash FAM Teen Digital account will also provide users with a debit card that can be leveraged for online purchases, as well as cash withdrawals at ATMs.
The aim of the Commercial Bank of Caylon is to facilitate their customers with an application that provides financial freedom to younger users while giving them the possibility to improve their financial education by learning new skills, such as saving, earning, and spending responsibly. Flash FAM clients will have the opportunity to migrate to their own CamBank Flash accounts after their 18th birthday, as the automatic conversion will be implemented by the Bank.
The digital platform of the application was designed to be secure, efficient, and easy to use under the guidance of the children’s parents.
Flash FAM includes multiple other features, such as the Saving Goals tool (through which customers will be able to set and monitor their savings objectives and goals), a real-time transaction notification feature for parents and guardians, an improved budgeting and spending tracker solution, a bill-split and group payment tool, as well as a financial education for kids service that can be used via application banners and emails.
Furthermore, the application also integrates a feature from the original Flash service, Save the Environment, which allows clients to compute the environmental impact of their spending and transactions. Currently, the tool’s scope expanded in order to capture not just the carbon footprint of immediate solution providers, but also the entire value chain of the products purchased by the customers. ComBank’s strategy in Sri Lanka
The news of Flash FAM comes after the LankaPay-JCB credit cards were launched in Sri Lanka in April 2023, through the collaboration of the Commercial Bank of Ceylon with JCB and Lanka Pay. The bank was set to roll out three credit cards and two debit cards. The aim of the institutions was set to ensure that no foreign exchange outflow took place for any local card transaction.
The LankaPay Card represents an internationally accepted card that was designed to be cost-effective and it was equipped with innovative technology and high-security features. All the domestic transactions made with those cards were routed locally, and when the products were used overseas, the payments were routed via the JCB network.
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