Mass Mutual FCU building strong financial literacy base with Zogo App
DURHAM, NC (May 21, 2020) — To engage with and help cultivate a strong financial foundation for its youth members, Mass Mutual Federal Credit Union signed up to use Zogo’s popular financial literacy app last Halloween (Oct. 31, 2019) as the company’s first credit union client/pilot.
According to Mass Mutual’s Marketing Specialist Samantha Barnes, the credit union needed a better way to help its members build a strong base of financial literacy. Previously, Mass Mutual had been sending out paper newsletters to help educate its members who had youth accounts. But Barnes knew there had to be a better and more fun way for kids to learn how to manage money — enter Zogo.
When first using Zogo, the credit union only offered it to youth members. But after receiving feedback from both parents and youth members that the information they learned from Zogo was more helpful than some high school finance courses, Mass Mutual extended the app’s usage to include all members of any age.
Barnes adds that Mass Mutual has around 80 users on the app that have answered more than 8,650 questions. Since COVID-19 restrictions were ordered, the credit union subsequently experienced a spike in new Zogo users – as well as time spent on the app.
Regarding user feedback, here are two quotes from Mass Mutual members about their experience using Zogo:
“My teens have both been using the Zogo app through MMFCU. My sophomore said he learned more from that app than through the finance class he took for a semester last year. Plus, they are earning money that can be used for gift cards.”
“Nothing motivates a 14-year-old more to learn about finance more than a Starbucks gift card!!! She really is enjoying the app and it has generated some really good discussion. Thanks for your assistance.”
“Zogo has allowed our credit union to live out our mission in another way that is more fun and engaging, and also completely on our members’ terms,” says Barnes. “Our members are receiving valuable financial information that will benefit them in the long run, while also getting incentives – like gift cards – to continue learning.”
“We couldn’t be happier for Mass Mutual’s success with Zogo – especially since they were our first client,” states Zogo Co-founder/CEO Bolun Li. “It’s really encouraging to see not only younger members enjoying and learning from the app but members of all ages excited about it. We look forward to more great news from Mass Mutual as their usage continues to increase, providing a strong base of financial literacy for all its members.”
Mass Mutual FCU Marketing Specialist Samantha Barnes
Zogo is a financial technology company based in Durham, N.C. that helps financial institutions connect with Gen Z and young millennials by teaching financial fundamentals through its app that pays users to learn. Zogo’s app has won numerous industry accolades, including “Best of Show” at Finovate Fall 2019 and NACUSO 2019 Next Big Idea Competition. Key investors and advisors include Techstars, former CEO of Sageworks, and faculty from Duke University. To learn more, visit www.zogofinance.com or @ZogoFinance on Twitter.