Xaalys functions as the initial financial partner for young people between twelve and seventeen years old. It supports young people through financial steps which lead them toward becoming independent adults in their future. Xaalys exists as a financial platform made for 12-17-year-olds by parents. Through its monthly subscription fee of 2.99 euros, Xaalys provides teenagers with their first bank account. This account is accompanied by multiple educational features, with one ambition: Xaalys aims to help young people achieve financial independence to create responsible adults.
Xaalys the neo bank for teenagers
Young people in France and the eurozone can use this single payment and withdrawal card to access free financial transactions. The teenager-focused app provides access to a bank account with R.I.B. while displaying real-time balance tracking through a communication system that allows family and friend interactions. Through its interface, the teenager gains tools to build funds for projects, create wish lists schedule automatic deposits and perform transfers. The application enables teenagers to learn about banking principles by accessing educational games on their interface.
Through its mirror application, parents gain access to advanced monitoring features while funding their child’s account setup. Through the interface, the parent gains control over account spending limits and feature-blocking choices and has access to current account value tracking.
What is a Neobank and how is it different from a digital bank
People often use “neobank” and “digital bank” interchangeably although these terms describe different banking concepts. We need to examine the precise definition of “neobank” because it stands apart from typical digital banking applications.
Neobank apps
Neobank provides financial digital solutions which function exclusively as online-based platforms. Digital banking services through neobanks function exclusively online without physical branches and any financial technology organization can offer these services. Neobanks deliver complete bank services identical to what traditional financial institutions offer. Neobanking services feature limited accessibility through mobile apps and websites and their offerings match the specific needs of target user groups.
Digital banks
Digital banking solutions exist exclusively through traditional financial institutions. Traditional institutions expand their operations through digital channels to deliver their full-service range to customers. Banks provide two methods for users to access services through physical locations alongside digital platforms which replace trips to traditional bank branches.
What it does
French youth banking platform Xaalys exists as the nation’s first neo-bank solution designed for teenagers between 12 and 17 years old. Xaalys is a 100% digital solution. They built two separate applications that let teenagers manage their finances independently but still let parents maintain oversight of their children’s spending habits. Xaalys provides teenagers with a physical bank card alongside their digital bank card and a French RIB. Advanced parental control options allow each parent-child team to operate our application when suitable by following their unique rules and family traditions.
How it was built it
Xaalys serves as a tool which developers created specifically for teenage users. Right from the construction of the application and the definition of its various services, they have worked with teenagers to understand their codes and their needs as well as possible: Teens need real-time interaction features alongside instant accessibility and friendly user interfaces that match their preferences.
What’s next for Xaalys
Xaalys needs to progress toward market expansion while sustaining its growth through customer base expansion and potential future geographic growth.
Why build a Neobank
The financial services sector experiences disruption through neobanks because of their unique customer-based operational methods and inventive banking practices. Such banking solutions provide quick accessible services by winning new users mostly from the younger generation who prefer mobile applications over traditional banks and dislike bureaucratic systems. The stats reflect this trend. The total number of neobank users reached 146.42 million in 2021. In 2028 the number of users is expected to reach 386.3 million.
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