BankMill™ - iFamily is an internet based product which allows a whole family to be involved in the banking pleasure.

BankMill™ - iFamily service provides various savings and investment options to the parent besides teaching children to manage their finances independently and also educating and entertaining them through links to games, puzzles, jokes and stories section of the product.

The aim is to inculcate the habit of Savings and the use of net banking through links to fun filled zones designed and developed keeping in mind the areas of interests of the children.

Great graphics enhances the pleasure and the fun experience both for the parents and children.

PURPOSE

The service allows the parent and children to surf the net and access the details of their accounts through a click of the mouse and without visiting the bank branch at all.

UNIQUE FEATURES AND BENEFITS

It has a beautiful and artistic user interface which will enthrall people of all ages and get them addicted to using it. This makes it fun and benefits all users.

FUNCTIONALITY

The following functionality is provided:

• Unique Login and password for each member of family holding account with the bank along with family ID to view selected accounts or all accounts of the family members depending upon the eligibility of the user. The eligibility can be set by the parents.
  
• The facility to add existing or new Savings Bank, Fixed Deposit and Recurring Deposit accounts of family members under the family tree.
  
• The Savings Bank accounts opened for minors under the family banking service can maintain a minimum per quarter balance.
  
• The family banking service will offer the facility to transfer funds from parent account to kid account online through net banking.
  
• The service will offer the facility to accept standing instructions for transfer of funds from parent or kids account to RD account.
  
• Separate user Ids and passwords for parents and children
  
• Free access to fun zones and links to related websites for enjoyable surfing and memorable experience for children

The following can be set up:

• Daily withdrawal limit
  
• Daily spending limit
  
• Special promotions as offered by co branding alliance partners of the bank from time to time.

TECHNOLOGY

The structure is a 3 tier structure and consists of a browser based application written in JSP. Data interchange happens via encrypted data structures. Front end is written in Macromedia Flash.

The software uses ISO 8583 messaging system for transaction processing.

The software has been written in Java and can work with any standard RDBMS such as MS SQL, and Oracle.