【Purva Aggarwal/Good Good Piggy】Raising the level of financial literacy among children

Leader's Info

Purva is the founder of Good Good Piggy, India's first EdFinTech start up.

She is currently enrolled as an ImpactGen Talent with Kairos Society Europe, a global community of young top leaders using entrepreneurship and innovation to solve the world's greatest challenges. She is passionate about technology and is working with Women in Tech-Global Movement to spread it in India as she is the Ambassador of India's first chapter in New Delhi.

Recommended by the Ministry of Home Affairs, Government of India, Purva has good leadership, communication, and team management skills.When on a break from numbers, Purva is seen leading teams in the Events & Entertainment Industry in multiple International level projects like Asia’s largest literature festival, arts festivals, and world music festival. One of her current projects includes researching in the field of Strategy M&A and it's related effects for Labour Intensive & Capital Intensive businesses and companies.

Good Good Piggy, https://goodgoodpiggy.com/

Leader's Viewpoint

Backgrounds to launch your company/service

I got my nephew a piggy bank from London and he hopped around the room asking everyone to put coins in it. To his disappointment, in the world of e-wallets, cards and fintech, no one had coins in their pocket and that's when I discovered the white space to reinvent the oldest and most popular financial literacy tool- the piggy bank and make sure it teaches children the entire money management equation digitally. Based on OECD, we believe that financial literacy and inclusion is only successful when it is applied. Hence, our belief that we must teach money the way children will use it in their life- digitally!

We envisage a world where we can assist in reversing the downtrend of financial literacy. In the day and age where money is becoming fast invisible due to the increasing use of fintech and EdTech; Good Good Piggy as a cross pollination can be a solution that assists neo families and their next gen kids. The measurement of financial literacy levels is widely recognized as a priority for countries seeking to deliver financial education in an efficient manner and evaluate its impact at a national level. We will be ready to enter into other markets in Asia and Africa that shall be the continent leading population growth by continent.

We also believe that we will be able to help in setting early national benchmarks. The results of this first-hand financial literacy initiative at a formative age, especially pre-teens, helps the country to impact a very important aspect of life on a baseline level, setting benchmarks for further financial education initiatives and financial freedom for its citizens of the future. While financial instruments, products and investments have increased and become complex for customers with decreasing financial literacy, Good Good Piggy shall actively engage both the parent and children early on. Promoting good financial behavior allows the institutions to empower marketing in a manner that is not only positive customer branding but a long-term comprehensive approach for the economy. Both financial and digital inclusion are building concerns now. Good Good Piggy aims to provide some much-needed ease and levity in these discussions.

Points where the service is differentiated

The child banking and wallet space has a few competitors mushrooming like Fampay, Akudo, Junio and Birdfin in India but there are no winners yet. All competitors are looking into the prepaid card market for teenagers to make digital spending easy. We believe parents in India are very sensitive towards how money is perceived by children. As India's first edfintech interplay, we support scientific studies that have encouraged starting early (pre-teens) and fuse in the EdTech solution, a clear difference for parents.

Emphasis on starting early and doing that responsibly as we are a product for children/parents that needs balancing with respect to the commercial aspect. We are studying how behaviorally the mind is changing as a response to the dynamic environment like covid-19, fintech increase etc. We understand the effort it takes to build trust tech!

Good Good Piggy offers a dual interface benefit to its users. Encouraging an early start, children experience their first money experience in a cartoonized manner as they operate the piggy bank, a pure fintech play on the interface. While on the other side, parents have access to an EdTech play in the interface as they not only control the financial literacy and management curve for the child but also use Good Good Piggy as a tool to inculcate habit building. We are the only EdFinTech solution in this age group, focusing on learning, not selling or commercialization. Parents can pre-approve spending areas for their children in the shopping feature of the app. Not only that, we offer children to be a part of the long-term investment talk in the house as they notionally participate in co-investments with parents, building a strong money personality of digital savings. Afterall we are a parents' tool, giving them complete autonomy on how and what to reward. With a customer centric positioning & D2C approach, Good Good Piggy nails the brand relatability factor. The cartoonized presentation works well for children and parents too can park their trust with us as we are vocal about being transparent, research and impact oriented.

Future of Service

Financial inclusion is a building block for sustainable banking and enabler of other developmental goals for 2030 as stated by the UN. Financial inclusion is featured as a target in 8 out of 17 Sustainable Development Goals. Financial inclusion, particularly digital finance, can support overall economic growth and hence, the achievement of broader developmental goals. In the next 5 years, India will be among the top 3 countries (others being China & Indonesia) to have the greatest number of children globally, so Good Good Piggy’s effort is extremely important on a national level. According to the recent census, there are 130 million children in the age bracket of 5-9 in India. Database Statistica estimates 30% Indian households are struggling and 70% become our target, expecting to grow to 82% by 2025. Based on this figure, Good Good Piggy has a 95 million user potential as of today, which might be 105 million potential users in the next 5 years. In our view, Good Good Piggy has a good trajectory as it increases its user base, penetrates tier 2 & 3 cities in India and simultaneously looks into revenue expansion strategies including new market territories in South Asia such as UAE and Indonesia with the perspective of setting early national standards.

Good Good Piggy, https://goodgoodpiggy.com/

Interviewer: Takushi Miyao, StartupReview
Interviewee: Purva Aggarwal, CEO & Founder, Good Good Piggy