In today’s digital age, education has evolved beyond the confines of traditional classrooms. The proliferation of smartphones and mobile devices has ushered in an era where the world’s knowledge is accessible at the simple touch of a screen. The days of jargon-heavy financial education textbooks are over and the age of digital education has arrived — and it can do so much more than we thought before.
This shift to digital tools for financial education unlocks a world of opportunity, both for learners as well as credit unions who facilitate this education. Mobile technology allows us to leverage behavioral psychology and learning science principles in a whole new way, making education more effective for learners and engagement more meaningful for credit unions.
Gamification and rewards
Mobile-based education platforms can utilize digital gamification to elevate the learning experience and incentivize users to continue in their journey to financial literacy. In fact, gamification makes it easier (and more fun!) to leverage learning science principles like microlearning and the testing effect which are known to improve the efficacy of education and knowledge retention. In a classroom-based learning environment, employing the testing effect can mean anxiety-inducing quizzes, while in a gamified mobile experience it can be a motivating opportunity to earn points and redeem rewards.
In addition to making education more effective, gamification and embedded rewards can also be a great tool for credit unions to meaningfully engage with their communities. For example, in addition to offering points and rewards for learning on a mobile app, you can offer members incentives for referring other people in your community to your credit union.
Integrated education in mobile banking experiences
Just like mobile education is more accessible and desired than in-person or long-form learning, mobile banking experiences are often more popular than in-person branch interactions. Marrying these two mobile experiences by integrating digital education tools within your app allows your credit union to more comprehensively address members’ financial wellness journeys while also reaching your credit union’s goals.
For learners, this integration means their education doesn’t live in a vacuum and they can focus on active learning outcomes. With embedded education, members can go directly from learning about something to taking action on it. You can even use the gamification principles above to motivate members to learn about specific topics or take target financial actions. Moreover, embedding digital education within your mobile experience unlocks valuable, actionable data and insights.
These examples are just the tip of the iceberg when it comes to how digital education tools advance financial wellness programming for members and credit unions alike. To learn more, register for our upcoming webinar or contact Zogo’s team of experts to hear how we can serve you.