Rabo PinPin was created against the background of two widespread financial challenges: how to shape PSD2 compliant banking products and how to educate children about financial topics.

A new era of banking

The recently introduced PSD2 legislation has forced European banks to open up their customer data infrastructures, at a customer’s request, to third parties, providing a more competitive banking environment. Together with Rabobank we’ve built a revolutionary API that connects Rabo PinPin to 92 backend banking systems, allowing children to independently check their balance after one-time parent authentication.

Financial awareness

Pocket money is the most important touchpoint in childhood financial education. In a cashless society where money is increasingly transferred digitally this learning experience disappears and money becomes abstract. Research shows that proper financial education is crucial for a healthy financial future. Rabo PinPins creates a common ground for parents and children to interact over financial topics.

Rabo PinPin: introducing children to banking

In order to make money less abstract we decided to give it a face. Literally. PinPin is the face of a revolutionary PSD2 compliant digital banking product for families. The augmented reality penguin teaches children about finance both explicitly, through gamification and augmented reality, and implicitly, through stimulating a family dialogue on money. By creating an unique connection between the app’s gameplay and a child’s actual bank account we were able to give kids safe, real-time access to their balance without them being able to actually spend money. Virtual in-game currency allows children to nurture PinPin by buying the character food, clothes and accessories. This way children get accustomed to making digital transactions. Parents can keep track of their child’s playing behaviour through a special parent module and after PinPin’s birth already 130.000 families have welcomed the penguin into their homes.

Rabo PinPin is a pioneer in the PSD2 movement and created a sustainable banking API fit for third party vendor use. Rabo PinPin was adopted by 95% of all local Rabobank banks. The primary target audience counts 100.000, yet PinPin was downloaded in 130.000 households. PinPin truly activates families: 42% links the bank account to PinPin and for 67% an increase in transactions and balance follows, indicating an increased activity regarding pocket money. Since PinPin’s launch, sales of the Rabobank children’s bank account doubled. The product made it to one of the main strategic pillars for Rabobank to show it efforts in making customers financial resilient. Rabobank has committed to further investments in the product to elaborate on all gamification and education functionalities. New business models are being explored including opening up to other banks through the PSD2 legislation.

The products combines AR technology, gamification, the banking API and deep analytics.

We shaped Rabobank’s first PSD2 compliant Banking API. The development of the first safe and comprehensive children's banking product required a connection with the API of the existing Rabobank banking systems. Doing this, Rabobank and the developing team pioneered in the PSD2 movement for Rabobank and determined the features and restrictions required for third party vendors to use the Rabobank banking API. With the API connection the children's bank account information can be shown in the app. Parents have the sole privilege to authenticate a child bank connection by giving an explicit consent in parent part of the app. Rabo PinPin is made for ARkit/ARcore compatible devices to display markerless augmented reality, as well as older devices by scanning a marker with Vuforia technology. This choice was made as children often own hand down devices of parents, so a broad device support is essential, including tablets. The technology has been agile developed based on deep data analytics. Significant results from the analytics includes a doubling of time in app and a tripled amount of bank connections.