Here’s a difficult conversation your parents never had to have with you: “What’s that, mum?” “A ten dollar note.” “You mean paper is money?”

How do you teach kids the value of money if they never see it? That was the problem that ASB Bank gave Saatchi & Saatchi New Zealand to solve. In 1964, the bank created a money box called Kashin that helped parents teach kids about good money management.

Kashin isn’t so useful any more. “Parents are telling us they’re finding it challenging to teach their children about the value of money as they don’t tend to use cash and coins for everyday purchases. Today, children are more likely to see their parents handing over a card to pay, and so may not appreciate how much things cost or see change calculated, as we do when paying in notes and coins,” explained ASB chief executive, Barbara Chapman.

So Saatchi & Saatchi invented a 15cm tall cashless moneybox and made him kid-friendly by giving him the shape of an elephant.

Clever Kash doesn’t hold notes and coins, like a traditional moneybox. He displays your child’s ASB account balance by interacting with the ASB Mobile banking app. Of course, both parent and child have to be ASB customers to make it work. The parent needs to have the ASB Mobile banking app and have authority on the child’s bank account. Then friends and family, for example a grandparent, can transfer money to the child’s account like they usually would. Money from the grandparent will then appear on Clever Kash once the parent and child swipe the virtual coins and notes from that transaction to Clever Kash using the ASB Mobile banking app. Clever Kash connects to the ASB Mobile banking app using Bluetooth Low Energy.

Children can see their bank balance on Clever Kash and they can swipe their savings or pocket money to Clever Kash themselves. Sounds are triggered when Clever Kash wakes up and when coins or notes are swiped from the ASB Mobile banking app. Badges are awarded when a child makes their first swipe to Clever Kash, they reach a milestone on their savings journey or complete a savings goal.

For security, communication is one-way only – from ASB Mobile banking app to the Clever Kash moneybox. Data sent from the app to the Clever Kash device is controlled entirely by the parent/guardian. Clever Kash Tech Background

Clever Kash took 12 months to develop to prototype. Saatchi & Saatchi was responsible for the Clever Kash concept, experience design, communications specification and project management. 4Design did the product design & manufacturing. Kamahi were the electronics engineers and Assembly the product design & film production company.

Corey Chalmers, joint executive creative director of Saatchi & Saatchi said: “Clever Kash has been a fascinating journey for us, from the moment the idea was born to the final realisation. To make a real, tangible innovation with a fantastic benefit for kids is a real thrill for us. This collaboration with ASB was an excellent example of a great partnership in action.

An early release Clever Kash will soon be available to ASB customers who register to test the prototype. Modifications will be made, if necessary, once all the feedback is assessed, before Clever Kash is made widely available.

Credits lists here: ASB Bank Clever Kash