LENEXA, Kan.-"Socky Saves," a smartphone app designed by CommunityAmerica CU to teach kids the importance of saving, has garnered more than 500 downloads since launching less than three months ago.
The app works in concert with CACU's "Cash n' Coins" account-a savings product for children age 12 and younger-and when users download the app, they first log into online banking and are issued an eight-digit code to connect to "Socky Saves." Once the app is registered, the parent can select which "Cash n' Coins" accounts to connect. After that, the child can click the Socky icon on the phone, follow the prompt to shake the phone, and the balance in the account appears on screen. The app shows only the balance, and all other account data is kept separate for security purposes.
One of the main purposes of the application was the increase penetration with "Cash n' Coins" accounts, but Sammarco CommunityAmerica does not yet have those figures available. The app was also meant to reinforce the dual concepts that credit unions can provide innovative technology to their members and that CommunityAmerica can be a financial resource for members of all ages. Sammarco said that the app has received buzz from local publications, trade media and won an award for technology innovation from the Kansas City Business Journal.
"So far we've released one software update that enable compatibility for Apple iPhone users ... and we plan to regroup early next year to discuss other functionality additions."