BROOKFIELD, Wis.—Fiserv and Goalsetter, a saving, investing and financial education platform, are reporting they have partnered to enable thousands of financial institutions to bring tailored financial services to the K-12 youth.
According to the two companies, banks and credit unions can now offer a co-branded fintech platform to the next generation of accountholders, delivering a custom debit card, wealth management options and financial education tools accessible through their digital banking platforms.
Fiserv said the Goalsetter platform uses games and quizzes to introduce complex financial concepts and make them relatable to everyday life. “Young people can gain experience with financial activities that build wealth, such as stock market investments, and learn how to make thoughtful decisions about saving, investing and spending,” Fiserv stated.
“Our goal is to transform access to financial education in America, and our partnership with Fiserv will enable us to help financial institutions cultivate the next generation of savers and investors in their own backyards,” said Tanya Van Court, founder and CEO of Goalsetter. “Working with Fiserv, our financial literacy tools can reach millions more kids and their families, helping close the wealth gap for the next generation.”
What Report Findings Show
According to Fiserv, as more digitally native consumers come of age during the pandemic, services that focus on financial wellness are particularly relevant. Fiserv cited its Expectations & Experiences: COVID-19 and Household Finances survey as showing younger consumers have been hit hardest financially during the pandemic, with negative financial consequences evident among half of Gen X, Millennial and Gen Z consumers.
“The Goalsetter platform leverages the Fiserv real-time ledger to provide financial institutions an opportunity to build loyalty with the families they currently serve while attracting new ones,” Fiserv said.
Accountholders will access the Goalsetter platform through a secure link within their digital banking app, and funds visible through the Goalsetter app will be held in an account at the financial institution, the organizations stated.
‘Enabling Embedded Finance’
“Our partnership with Goalsetter is a great example of how Fiserv is enabling embedded finance capabilities for our financial institution clients who want to appeal to tech-savvy customers,” said Sunil Sachdev, head of Fintech at Fiserv. “With Goalsetter, families have access to tools that can build a stronger financial future for their children through their trusted financial institution.”
In addition to helping financial institutions offer Goalsetter’s white-label solutions, Fiserv said it is also offering banks and credit unions the opportunity to sponsor Goalsetter accounts for local schools and underserved youth through the Goalsetter Foundation initiative, “One Stock. One Future.”