Utilizing Technology to Deliver Financial Education: Apps, webinars, and online resources

Nicole Kern, Zogo
December 19, 2024

Financial literacy is on the decline. Research shows that adults are answering fewer financial literacy questions correctly than they did a few years ago.

Credit unions have a unique opportunity to address this issue. Through mobile apps, webinars, and tailored online resources, credit unions can make financial education scalable and accessible to not only their members, but entire communities.

Let’s dive in to learn more about financial literacy and how to implement these tools to enhance your credit union’s financial education efforts.

Why Financial Literacy Is Important

Financial literacy is understanding and using various financial skills, like budgeting, saving, and investing. It has significant benefits for both individuals and society on the whole.

Financially literate adults are more likely to save for emergencies and retirement, manage debt better, and make informed investment decisions. This reduces financial anxiety and improves overall well-being.

Most importantly, financially literate individuals make better financial decisions, positively impacting local economies and creating more stable communities.

Benefits of Financial Education for Credit Unions

Boosting the financial literacy of your clients and local community offers numerous advantages for credit unions as well.

• Member loyalty and trust: Providing financial education builds stronger, more loyal relationships with your members.
• Attracting younger members: Engage younger demographics through modern educational tools, making your credit union more appealing.
• Improved financial health: Help your members manage their finances better, leading to fewer defaults and healthier financial habits.
• Community impact: Contribute to your local community’s overall stability and growth by promoting financial literacy.
• Enhanced member services: Educated members are more likely to use a wider range of your services, benefiting both them and your credit union.

If your credit union is ready to experience these benefits, explore the following financial educational tools.

#1 – Webinars for Financial Education

Webinars are online seminars that allow you to teach and engage with members in real time.

Advantages and Potential Pitfalls of Webinars

Webinars offer several key benefits for delivering financial education. They provide an interactive learning experience, allowing participants to engage in live Q&A sessions that help clarify complex financial topics. Webinars also provide access to financial experts and guest speakers who can share their knowledge and insights.

Additionally, webinars are cost-effective, enabling credit unions to reach a wide audience without needing physical venues or travel. This makes it easier to educate a larger number of members efficiently and effectively.

However, technical difficulties can erase weeks of prep work. It can also be challenging to keep your audience active and engaged throughout the webinar.

Where to Start

If you want to start hosting webinars, consider these steps.

1. Plan: Choose relevant financial topics and schedule webinars at convenient times for your members.
2. Marketing: Promote your webinars through email, social media, and your credit union’s website to ensure a good turnout.
3. Content delivery: Use multimedia elements like slides, videos, and practical examples to make your webinars engaging and informative.

Tips for Successful Webinars

• Test your equipment to ensure everything works smoothly before the webinar.
• Use polls, Q&A sessions, and interactive elements to engage your audience.
• Keep it concise and stick to the main points to keep the audience’s attention.
• Send out a summary or recording to attendees afterward.
• Ask participants for feedback to improve future webinars.

#2 – Tailored Online Resources for Financial Education

Tailored online resources include blogs, eBooks, and guides.

Advantages and Potential Pitfalls of Tailored Online Resources

Tailored online resources offer numerous advantages for financial education. They provide accessibility, allowing members to connect with resources anytime, anywhere.

Content can be presented in diverse formats, such as articles, eBooks, and videos, to suit different learning styles, and creating and distributing digital content is often more cost-effective than producing physical materials.

However, too much information can overwhelm members, making it difficult for them to find what they need. Additionally, maintaining online resources requires regular updates to ensure the content remains relevant and accurate.

Where to Start

1. Identify needs: Conduct surveys and feedback sessions to understand what financial topics interest your members.
2. Create content: Develop high-quality, SEO-optimized content that addresses these needs. Use a mix of blogs, eBooks, and guides to cover different aspects of financial education.
3. Promote: Use your credit union’s website, email newsletters, and social media channels to share these resources with your members.

Tips for Successful Online Resources

• Tailor content to the needs and interests of your members.
• Use clear, concise language and avoid jargon.
• Incorporate images, infographics, and videos to enhance readability.
• Optimize your content for search engines to increase visibility.
• Regularly gather feedback and make necessary adjustments.

#3 – Mobile apps for financial education

With the widespread use of smartphones, mobile apps can also reach members anytime, anywhere.

Advantages and Potential Pitfalls of Mobile Apps

Mobile apps offer several advantages for delivering financial education. They provide accessibility, allowing members to learn on-the-go using their smartphones and tablets. Interactive and gamified features can make learning fun and engaging, increasing member participation.

Apps can also tailor content to individual user needs and preferences, providing a personalized learning experience. Regular app usage can strengthen relationships with members by providing continuous value, while the overall community benefits from improved financial health as members become more financially literate.

However, developing a high-quality app can be expensive, requiring significant investment in both time and resources. Additionally, encouraging members to download and regularly use the app can be challenging, as it requires ongoing promotion and engagement strategies.

Where to Start

Follow these steps to start sharing financial education via an app in your credit union.

1. Choose the right app: Look for apps that align with your credit union’s goals and offer valuable financial education content.
2. Promote the app: Use your website, email campaigns, and in-branch promotions to encourage members to download the app.
3. Gather feedback: Continuously collect user feedback to improve the app’s functionality and content.

Tips for Successful Mobile Apps

• Ensure the app has a user-friendly design that is easy to navigate.
• Incorporate quizzes, games, and other interactive elements to make learning fun.
• Keep the app updated with new content and features.

Educate With Zogo

Financial education is important for both individuals and communities, and technology can help deliver it effectively. Credit unions can use mobile apps, webinars, and online resources to improve member education and engagement, building stronger relationships and supporting financial health. Consider using Zogo, a financial literacy app with over 1,100 professionally verified educational modules and gamified learning. With co-branding options, Zogo can help your credit union provide a comprehensive and engaging financial education platform. Schedule a demo today to explore how integrating tools like Zogo can enhance your credit union’s financial education efforts.

Originally posted on CUInsight.

About Zogo

Zogo helps credit unions educate, engage and attract young people. Backed by behavioral science research at Duke University, its gamified financial literacy app teaches sound financial fundamentals and rewards users for learning. Their mission is to make personal finance fun, simple, and social. Founded by Gen Zers, Zogo understands what it takes to reach the younger generation.