YORK, Maine, Oct. 10, 2017 /PRNewswire/ -- Ourly, the fastest growing provider of youth banking solutions, recently unveiled its next-generation, family-focused banking platform. A brandable plug-in product, Ourly future proofs financial institutions by allowing them to reduce depositor aging, while transforming a standard checking or savings account into an interactive account. Banks and credit unions that adopt Ourly's financial collaboration platform gain new customers, reduce attrition and engage their community in a 21st century way- without any development needs.
The York, Maine start-up has processed hundreds of thousands of allowance-based transactions for over 5,000 families nationwide on their beta product, which paid out through virtual gift cards. The collaboration between parents and Ourly offers a digital solution for parents to say "NO" when their child asks for unearned money. It works by enabling parents to set an allowance and assign their kids tasks to earn that allowance. Next, kids receive reminder prompts to do and take a picture of completed tasks. Finally, parents approve the picture from the convenience of their mobile device and payout the allowance, which immediately is made available in the child's savings account and ready to link to their PayPal, Venmo or Apple Pay accounts.
"We required an extensive understanding of the way kids spend their own money versus spending their parent's money," said Ourly's CEO, John Malone. "Kids today are essentially unbanked and they look a lot like a frontier or emerging bank markets 10 years ago; these kids present all of the same opportunity. Our early partner banks understand this," added Malone.
More than 3,000 branches nationwide are in the pipeline to receive Ourly's turnkey, branch-focused Launch Kits as part of its pre-launch recruiting effort. The materials and the Ourly team help partner banks offer families needing assistance moving money responsibly with a solution that surpasses high expectations of families, who today expect more from banking technology. Ourly also helps educate the community on the importance of local banks, as they provide loans for school construction projects and support community development projects.
Ourly is a collaborative organization committed to improving the future of banking, with its patented, secure, compliant and interactive banking platform. Ourly supports product launches at the branch level with a multitude of online and in-branch marketing materials to promote the benefits of Ourly's platform, which offers solutions to meet families' increased demand for streamlined, convenient banking technology to manage family resources. Ourly seeks to support community banks and credit unions to further promote the importance of banking locally, keeping resources close to home to benefit schools, economic development and beautification projects.
For more information visit http://www.ourlybankprogram.com/ or contact its customer service team at 207.520.2709.