Fintech Nexus Newsletter (March 12, 2024): Is the Chime-Zogo partnership the financial health model we need?

A scarcity of monetary literacy might be devastating to sustaining monetary well being.

The massive downside is that most individuals discover monetary literacy packages boring and don’t persist with it. Many fintechs and banks have tried to counteract this by creating gamified studying.

Gamified monetary studying might be a method for the following technology to develop into financially literate. This new partnership between Chime and Zogo is a working example.

I’ve performed round with Zogo prior to now after I interviewed the CEO at a Monetary Well being Community occasion. It jogged my memory of Duolingo’s strategy to studying a language, so it might be the mannequin that breaks via.

Chime is the most important digital financial institution within the nation with tens of hundreds of thousands of consumers. If this program is ready to get some traction we might be lastly shifting the needle on monetary well being.

It’s clear that the standard mannequin of monetary literacy doesn’t work. Folks don’t wish to learn blogs and watch YouTube movies. However nobody desires to be poor. Making it right into a recreation, significantly for youthful prospects, might be the breakthrough we want.

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> Sport On: Chime provides gamified monetary training via partnership with Zogo

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Over 40% of customers don’t have primary understanding and data about finance, in keeping with a research accomplished by Capital One in 2023. And it is a lengthy working difficulty in America: Analysis accomplished in 2014 and 2017 discovered related low ranges of understanding when it got here to private finance. 

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USA: JPMorgan to launch biometric checkout subsequent yearThe financial institution’s funds unit plans to have interaction in additional pilots this yr earlier than rolling out the checkout service broadly subsequent yr, mentioned Prashant Sharma, JPMorgan’s govt director of biometrics and id options.

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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview sequence.