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Daily Digest | Who needs bank branches?

Written by The Uptake Published on     1 min read

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Do you think of money differently when it’s all handled through a phone?

Hey. Brady here.

I don’t remember how old I was when I opened my first bank account, but I couldn’t have been older than ten. It was something that nearly every other kid in my class had, and my mother decided it was a good idea to deposit my allowance as savings. The main idea, I later realized, was to make sure I was comfortable with the idea of owning assets even without cash in hand.

Things are different now. Children interact with money—or the idea of money—in much more abstract ways. Payment apps are wielded naturally. Bank accounts can be opened without visiting a bank branch. The process feels less memorable, less of a milestone in the journey of developing financial literacy.

Without the physicality of significant moments, I wonder if the way children think about money is shaped differently compared to yesteryear. Khamila wrote about Gojek and GoPay’s integration with Bank Jago. All of one’s basic banking needs can be arranged through Gojek’s app.

It’s convenient and certainly reaches people who would otherwise be excluded from conventional banking, but you’ll have to draw your own conclusions about whether this makes a difference in sculpting an understanding of personal finances. Check out Khamila’s article here.

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