Hello,
I have the opportunity to participate in an open finance innovation challenge in finance. The theme is: HOW DO YOU GET PEOPLE INTERESTED ENOUGH TO BUY INTO THEIR FINANCIAL HEALTH?
I am hoping to get some feedback on how I intend to tackle it.
I did some research and there are two things to address:
(1) Learning: acquiring an understanding of personal and broader financial matters
(2) Doing: actually applying that financial knowledge
The solution I want to explore is to turn learning into a game.
I think people are put off by personal finances because it is taught in a boring way. On top of that, it is a vast and complex system. And so, for many, it is not easy to know where one should start or where to get the information relevant to our needs.
So my idea is to build a platform that meets people where they are and uses game mechanics to help them learn. What the platform will do is to:
- break down financial concepts into small & engaging capsules to learn them
- at the end of each capsules, provide a challenge to apply what was learned in real life (effectively taking care of point (2) )
- providing paths - from beginner to more advanced - using those capsules. So someone who wants to learn something specifics can do it. Someone completely clueless can pick the beginner path and progress.
- allow people to learn, wherever they are (cross-systems)
You can think of duolingo, but for finances.
On the doing side, the platform can ask - and this is optionial - people to provide some details about their situations + connect their financial accounts; and with that:
- recommend tips/ based on the spending pattern
- provide suggestions on resources to check to get more money (for example, people will children will be presented resources on government initiatives such as education saving. Single parents will have similar resources that will benefit them, etc...)
What are your thoughts on that?
PS: If they are people that would be interested in something like this / or that struggles with managing their finances, I would LOVE to hear from you!!
Cheers,
I have the opportunity to participate in an open finance innovation challenge in finance. The theme is: HOW DO YOU GET PEOPLE INTERESTED ENOUGH TO BUY INTO THEIR FINANCIAL HEALTH?
I am hoping to get some feedback on how I intend to tackle it.
I did some research and there are two things to address:
(1) Learning: acquiring an understanding of personal and broader financial matters
(2) Doing: actually applying that financial knowledge
The solution I want to explore is to turn learning into a game.
I think people are put off by personal finances because it is taught in a boring way. On top of that, it is a vast and complex system. And so, for many, it is not easy to know where one should start or where to get the information relevant to our needs.
So my idea is to build a platform that meets people where they are and uses game mechanics to help them learn. What the platform will do is to:
- break down financial concepts into small & engaging capsules to learn them
- at the end of each capsules, provide a challenge to apply what was learned in real life (effectively taking care of point (2) )
- providing paths - from beginner to more advanced - using those capsules. So someone who wants to learn something specifics can do it. Someone completely clueless can pick the beginner path and progress.
- allow people to learn, wherever they are (cross-systems)
You can think of duolingo, but for finances.
On the doing side, the platform can ask - and this is optionial - people to provide some details about their situations + connect their financial accounts; and with that:
- recommend tips/ based on the spending pattern
- provide suggestions on resources to check to get more money (for example, people will children will be presented resources on government initiatives such as education saving. Single parents will have similar resources that will benefit them, etc...)
What are your thoughts on that?
PS: If they are people that would be interested in something like this / or that struggles with managing their finances, I would LOVE to hear from you!!
Cheers,
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