Global telecommunications company Verizon has announced the launch of a new feature called ‘Family Money,’ which — in an effort to stay competitive amongst emerging neobanks — targets Gen Z and Gen Alpha demographics by offering them a simple mobile banking option.

Family Money will provide teenagers with two new banking options. The first is a “monitorable” checking account, which enables their parents to track their finances. And the second is a “savings vault” designed to help teens start and manage their savings.

“It’s the perfect way to help kids learn the ins and outs of managing money and yet another way we’re providing real benefits to our customers,” said Todd Oberstein, Executive Director Product Management and Development at Verizon.

Image Credit: Verizon