A few years ago Access Softek did a survey of credit union members and their adult children. It’s a complicated and interesting story but one surprising result was the following:
Family members don’t want to bank together. They actively choose to bank somewhere their parents or childrendo not bank.
This creates many problems, but it also represents an important opportunity for those who can motivate families to bank together.
There are many ways to nudge families to bank together, but the foundation is to allow finances to be shared withvery granular permissions and controls. Joint accounts on the core do not give enough detailed control over who can see what and who can do what.Here are two simple use cases you should be able to handle:     - Your child at college has the ability to spend 50/week without approval and requestapproval for up to another 100/week with a cap after that.- You can manage and pay bills for your senior parent who can view but not use any funds without your approval.If your digital banking solution cannot manage these cases and many more, you can’t support family banking.
If you are interested, let us show you how we do family banking.