This project aims at widening service provision in Credit Unions (CUs) with gamification.
Seven years from the onset of the financial crisis in the UK, income per capita sputtered back to pre-crisis levels. Growth in living standards over the last 10 years has been slower than at any time since the Great Depression. Consumer financial stress has gradually increased. Central to the cooperative structure of all CUs is a belief that they involve ‘people helping people.’ They exist to support their members’ achievement of financial well-being, but in Great Britain, they have yet to break into the mainstream of financial service provision.
This project involves a game-changing idea which will lead to offer new services to CU clients. It will help CUs to meet the needs of consumers much more fully. More specifically, the project attempts to create a set of gamified interventions that will allow credit unions to improve financial practices of their members, improve their financial literacy and build a community. This will be achieved by focusing on the three main aspects:
- Dynamic adaptive learning capabilities within a gamified financial education environment, based on personalised financial data and targets, to create a new value proposition in mobile banking for consumers.
- Personalisation of functionality, which together with more engaging financial education, will allow consumers (CU members) to improve control over their finances and improve their financial wellbeing.
- Benchmarking capabilities enabled through a gamified feedback system to enable behavioural change and help consumers to develop effective personal habits.
For CUs, this extension will make them more effective at providing the services they are expected to provide, namely, financial education, loans and savings, thus making them more financially sustainable. It will also help them to undergo digital transformation, so as to earn credibility among their consumers, whereby web and mobile platform becomes the main transactional channel. Furthermore, these interventions have an important social purpose, as they will help CU members to increase their financial literacy and wellbeing.