New Banking App Teaches Individuals with Autism Tips on how to Make Transactions Securely
One of the scariest parts of growing up is learning to manage your own finances and make financial transactions. This learning process can be even more difficult for people with autism. One of the largest banks in western New York is working on the development of an app that will prepare individuals in the spectrum to conduct banking transactions securely and with confidence.
M&T Bank has teamed up with Buffalo startup Magnusmode, winner of the 43North 2018 competition, to develop a new technology that will help people with autism adapt to their money management.
“Money can be scary for anyone, whether or not you have a disability,” said Stephanie Tisdale, VP of M&T Bank. Your brother lives with Asperger’s Syndrome.
The invention is an app called MagnusCards that explains every step of various banking transactions, such as making a withdrawal or deposit at the bank, using an ATM, making a purchase, etc. The app shows individuals what to say and what to do about a bank clerk or ATM and what the end result of the transaction should look like.
“Think of an airport. Everyone is scared when they walk into an airport – so much noise and confusion, it’s overwhelming. Imagine feeling that level of fear or insecurity in everything you’ve done, ”said Nadia Hamilton, President and Founder of Magnusmode.
MagnusCards uses written text punctuated with pictures to describe how each transaction works. Audio is also available to guide users through each step.
One of the main benefits of MagnusCards is to give people with autism more confidence in their ability to manage their money. However, it also acts as a safety net to help people on the spectrum spot suspicious things to ensure their transactions are safe and secure.
David Zolnowski, President of M & T’s Disability Advocacy Network, says the goal of MagnusCards is to increase fraud detection and prevent people with special needs from being exploited by unscrupulous people. Zolnowski, who has a 23-year-old son with Down syndrome, says he saw the app work well in his son’s life as he learns to become more independent.
M&T Bank and Magnusmode are already planning to expand their app with additional tools such as the use of mobile banking apps such as Venmo or Cell. Magnusmode hopes to have a multitude of customer-centric companies at some point using this tool to help people with special needs use their systems successfully.
“It’s a path from exclusion to inclusion and also from isolation to active participation,” says Hamilton.
Right now we think this is a great resource for people with the autism spectrum or people with other special needs who want to become more independent and manage their own money as safely as possible.
Check out the video below to learn more about MagnusCards and how it helps people.
