Neonomics and Nöffe Bring Open Banking to Children with a Digital Piggy Bank

Neonomics, the Europe’s leading open banking API platform provider, allows Nöffe’s users to easily connect a bank account via their app to a piggy bank that mirrors a bank account. The digital piggy bank is about the size of a traditional piggy bank, and a female voice speaks every time money is transferred to the account, or if a child wants to know how much money is in the account. Using the Nöffe app powered by Neonomics open banking API, parents can move around money for their children while giving them various sensory cues and stimulations, naturally making them more aware of the value of money.

Jens Braathen, the CEO of Nöffe commented: “With the integration to the open banking API, our customer experience has been enhanced as they can decide which bank Nöffe is connected to as well as being able to freely transfer money between banks.”

“We are proud that Nöffe chose us to bring open banking to the hands of children and parents. Until now, the benefits of open banking have been heavily focused around very specific demographics and product offerings, and this is one of the very few use cases where open banking is utilized to empower financial literacy for children.” Added Christoffer Andvig, the CEO of Neonomics.

The children have saved over 1.3 million Norwegian kroner using Nöffe, and the company is gearing up to expand their offerings to the rest of Nordic countries with the help of Neonomics’ open banking API starting this year.