Banking

Game On: Chime offers gamified financial education through partnership with Zogo

  • Multiple FIs are diving into gamified financial education to counteract the longstanding problem financial illiteracy in America, and Chime has joined the roster.
  • To do this Chime has partnered with Zogo, a financial education platform that offers gamified lessons and quizzes that customers can complete and earn rewards.
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Game On: Chime offers gamified financial education through partnership with Zogo

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Over 40% of consumers don’t have basic understanding and knowledge about finance, according to a study done by Capital One in 2023. And this is a long running issue in America: Research done in 2014 and 2017 found similar low levels of understanding when it came to personal finance.

To counteract this, brands like Greenlight, Truist, and even Zelle’s operator Early Warning Services has started to leverage gamified digital experiences to encourage their customers to learn about personal finance. 

Joining this roster most recently is the neobank Chime, which partnered with Zogo, a financial education platform that offers gamified lessons and quizzes that customers can complete and earn rewards. Through the partnership Chime customers have free access to the Zogo platform and can earn gift cards at stores like Nike, Starbucks, and Amazon. 

The firms worked together for several months to curate these lessons and cover topics like credit, budgeting, and savings, according to Sara El-Amine, Chime’s Vice President of Community. The topics covered by Zogo through the partnership also have a direct connection to Chime’s MoneyMoves blog which offers detailed information on banking, and safety and security. 

“We expect this partnership to have a significant impact on our customers and their communities by giving them the tools and confidence to make informed decisions about their finances. Beyond the financial knowledge, Chime customers can also earn rewards for completing lessons redeemable at their favorite stores, or they can also opt to donate them to a charity of their choice,” said El-Amine. 

The interface of the Zogo app is similar to other learning-based apps where a central home page holds information about customers’ progress and the rewards and points they earn along the way, as well as options to dive into separate learning modules. Each module is preceded with some information on the topic followed by questions that consumers can answer to gain points. 

Although the platform’s use of gamified elements are relatively limited to a quiz-like structure and animations that play when you earn rewards, there is a reason why so many financial institutions are turning to some level of gamification to increase engagement with educational materials.

Multiple research works have found that a game-like structure promotes engagement with educational materials as well as having a positive effect on user retention and behavior change. 

For quite some time, FIs have been trying to get their consumers to read their blogs and educational materials, but in a scroll-happy world where the advantage is non-tangible, most consumers are likely to skip past these resources or not find them at all in the sea of voices that platforms like TikTok create. 

This is why partnerships like Chime and Zogo’s use gamification as the stick and rewards like gift cards as the carrot. 

“From our perspective, gamification plays a crucial role in financial education by making the learning process fun. These lessons meet people where they are – scrolling their phones!  Our attention is so in demand these days – Zogo takes the complex world of financial concepts and makes them more digestible – and accessible in a way that feels natural for our members. This process encourages consistent learning with financial concepts, leading to better financial literacy,” said El-Amine.

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