First Bank Turns to Gamification to Aid Financial Literacy
First Bank Turns to Gamification to Aid Financial Literacy
First Bank Turns to Gamification to Aid Financial Literacy
By Banking Exchange
June 15, 2020
Summary
Missouri-based First Bank is using 'gamification' techniques to teach children about saving through mobile app technology.
The regional bank has partnered with fintech group HT Mobile Apps to create Kids Cash, a free smartphone app designed to educate children about the benefits of saving.
Angie Moleski, assistant vice president and product management officer at First Bank, said the developments were aligned with the bank's "Strategic objectives" to create new banking relationships and help improve financial literacy.
Alongside Kids Cash, HTMA has also helped First Bank create Plinqit, a savings app that makes cash contributions towards its users' savings goals as they learn about personal finances through videos, articles and quizzes.
The bank said it wanted to add products that "Create differentiation and brand awareness, increase deposits and cross sell opportunities as well as grow households".
"We know the importance of financial literacy on the path to financial wellness and are excited to see their customers' financial achievement."
New York-based Ponce Bank last week partnered with fintech company Grain Technology to expand its credit services while also seeking to improve financial literacy among its customers.
Other banks have turned to new technologies to support clients through the COVID-19 pandemic, which has restricted how banks can serve customers through traditional branches.
National Iron Bank, based in Austin, Texas, has partnered with software provider TurnKey Lender to digitize its lending processes.
"National Iron Bank CEO Steven Cornell said:"Our product offering is the result of living and working with our customers, realizing their needs and offering bank services to meet those needs.
Reference
Banking Exchange. (2020, June 15). First Bank Turns to Gamification to Aid Financial Literacy. Retrieved June 16, 2020, from http://m.bankingexchange.com/news-feed/item/8291-first-bank-turns-to-gamification-to-aid-financial-literacy?Itemid=639