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Online banking for kidsThe creators of iThryv.com believe they have the money management solution for kids who may be squandering their babysitting or paper route earnings. CNET's Kara Tsuboi talks to the site's lead architect about how it works and why fiscal responsibility...
[ Music ] ^M00:00:08 >> I'm Kara Tsuboi CNET.com. I'm here with Shane Kempton, who is the Chief Architect for Shryk, a company that has launched a new products called iThryve. >> That's right. >> And iThryve from what I understand is essentially online banking for kids. It's that right? >> That's right. That's right. >> Explain how it works. >> Well, what happens is it sits on top of the bank system. So it's dealing with real accounts, things like that and then a parent will come and sign up their kid for an iThryve account with the bank and they're will be, they'll get content, they'll get information that comes back that helps them manage and grow their money, so we're trying to -- one of our purpose is to try to solve and cure that epidemic of poor financial literacy in this country. >> And you're starting young with the kid that's 7 years old with his babysitting money. >> We are, absolutely, we are. And then another thing we're doing, we're taking a platform we're running on a simulated bank environment on the back end. And then we're gonna give it away for free, to schools and educators, all over the country, so they have tools to teach financial literacy as well. >> Now when I go into my online banking website. They're dry, they're boring, there's a lot of numbers, a lot of different pages and accounts to sift through. >> Right. >> I imaging your interface is gonna be little flashy, a little more fun for kids to use? >> Absolutely and what we're doing is we're doing age-appropriate as well, so content coming back, how it looks, how it feels, what they see is all age-appropriate. So, an eight-year old is gonna see something completely different from a 17-year old, a 24-year old, etcetera. >> What kinds of lessons can a kid learn from using the system? >> Well, what we're doing is we're trying to make sure -- we think the best way to teach is when people are doing something interacting with something real. So when they're doing transactions, when they're moving money around, anything that they're doing, we're teaching at that point and we're doing it by saying, hey, you just did a $20 deposit, why don't you put 10% of that in savings, why don't you put a little bit of that in checking and then -- so we're teaching at the point where they're touching their money, where they're using it, we'll be sending alerts and notifications and all kinds of neat things out to the kids and teaching right there when they're using their stuff. >> Sounds like a much better system than the old coffee can I get my cash in. >> We think so. We think it's taking all those concepts and we're just taking it digital and we're trying to make it just a hundred times better. >> When does it launch and what's the URL? >> Sure. So our URL for our company is shryk.com, S-H-R-Y-K dot com and then we're actually working with banks now to integrate it with their courses, so what's you'll see is you'll go to your bank and see if they have iThryve and that's where you wanna go. >> Are we talking 6 days, 6 months? >> It will probably be another month before we get some of the banks on there and then we're launching into the schools towards the end of this year -- yeah absolutely. >> Very good. Thanks so much Shane. >> I appreciate it. Thanks a lot. >> I'm Kara Tsuboi, CNET.com. ^M00:02:52 [ Music ]