Hero Innovation Group To Deliver Hero Financials For Economically Empowering Kids
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Hero Innovation Group To Deliver Hero Financials For Economically Empowering Kids

By CIOReview | Tuesday, August 30, 2022

Hero Innovation Group offers Hero Financials, a comprehensive alternative to banking for raising financially empowered children.

FREMONT, CA: Alternative banking has gained popularity for several reasons. According to several clients, the technology is more user-friendly than the online banking available with regular bank accounts. Additionally, it offers more possibilities for borrowing, ranging from tiny, short-term loans to higher amounts. Hero Innovation Group has come up with Hero Financials (Hero), a full-service alternative to banking solutions for the Canadian market. Hero is intended for young Canadian customers, with a potential market of up to six million users. Its product solutions are highly customizable and deliberately designed to meet the unmet financial needs of Canadian children, adolescents, GenZs, and their parents.

“Being a Canadian company, presence in our home market is crucial for us. We identified a critical gap in the sector's ability to meet the financial goals and needs of Canadian youth and GenZers, a segment that now comprises a fourth of our population,” says Peter MacKay, CEO of Hero Group. “Hero FinancialsTM is the perfect turnkey solution for Canadian youth that compliments their journey towards gaining financial independence, while also helping parents support and pass on those valuable skills to their kids.”

Hero empowers children and adolescents to make their own financial and spending decisions and establishes a solid basis for making wise money decisions in the future. SideKickTM is a prepaid Mastercard that helps children with essential financial literacy skills. It is a turnkey system that includes a mobile application, an integrated budgeting tool, a savings function, contactless payments, and security supported by third-party authentication.

Hero provides the stepping stones that lead children to a financially independent and responsible future while fostering parent-child trust and confidence by eliminating the need for children to borrow their parents' credit or debit cards to access funds. Transfers with Hero are instantaneous, and funds can be spent in-store and online via contactless and chip payments everywhere prepaid Mastercards are accepted. It can be utilized for purchases, saving, and developing critical financial literacy skills without the limitations and restrictions imposed by traditional consumer banks.

As a multi-user product, parents can receive real-time warnings regarding their child's spending, restrict and block purchases by product category, and lock monies in their child's account, which only they can release in the future. Soon, users will be able to utilize the Round-Up feature, in which purchases are rounded up to the next dollar, and the spare change is instantly placed into a savings account called Vault. Hero will also soon feature digital payments via a wallet function, allowing customers to make purchases without needing to provide a physical credit card via third-party mobile payment apps such as Google Pay, Apple Pay, and Samsung Pay.