How to Unlock the Power of Data-Driven Education
August 14, 2023
The value financial education brings to community members is clear. Beyond improving members’ financial wellness, the right education programs can help improve members’ mental health, level the playing field, and close gaps for inequitable access to financial resources. Although financial education programming is largely thought of as primarily benefiting members, the advantages it yields for your credit union can be equally impactful.
While it may not seem as apparent, financial education programs can actually bolster your credit union’s decision-making processes and help you learn unique insights about your members. If you’re wondering how to elevate your offerings to maximize their ROI, look no further! Zogo is here to help you harness the power of data from financial wellness initiatives to strengthen your institution.
Maximize member analytics with Zogo to enable your credit union to make data-driven decisions, create personalized content, and connect with members like never before.
Diving Into the Data
Evaluating your members’ financial literacy and learning progress unlocks meaningful data that can take your business to the next level. Data uncovered through financial education initiatives can be utilized for decision-making, strategy direction and helping your organization better understand your members’ interests and needs.
Zogo, a Gen Z-led financial education solution, leverages core learning methods such as the testing effect and microlearning to improve the efficacy of its education and yield actionable data for partners. This data can be used to plan programming that alleviates pain points for both your institution and your members.
Zogo’s curriculum also utilizes pre-tests and post-tests for each financial skill to clearly measure improvements in learners’ financial literacy and confidence before and after skill completion. These tests, coupled with frequent, short quizzes throughout the learning process provide key assessment data that can help you understand your member’s functional financial literacy.
Assessment data will allow you to tailor your marketing and outreach efforts specifically to your community. If your community has low financial literacy regarding certain topics, you can focus additional resources on the skills they’re most in need of. Your credit union can increase efforts on the topics they’re performing lowest in, helping your organization become more effective in your community.
Assessing your members’ learning progress paints only a partial picture when it comes to understanding how to best serve your members. It’s equally important to measure members’ interests in financial topics and services to better understand how to engage with members in the most effective way possible.
Zogo offers the ability to measure what topics users are most interested in learning, and the most popular skills in the community. By tracking interests and the popularity of different skills, credit unions can identify what topics truly resonate with their audience, allowing them to change educational offerings to fit the interest of members. Tailoring content to align with member preferences ensures that financial education is not only informative but enjoyable. On the other hand, identifying the least popular topics helps credit unions understand how to revamp offerings to better meet their community’s needs.
Providing interesting and relevant education is what can captivate members’ attention and set your credit union apart. With Zogo, this data is easily accessible and provided for every partner.
Quantitative data is always essential, but qualitative feedback is equally important in understanding member preferences and needs. Zogo makes member feedback easy with a user-friendly partner portal that allows real-time collection of testimonials from their members.
This direct feedback provides invaluable insights into what members like, what they want and how they feel about the credit union’s educational offerings. By incorporating this feedback into decision-making processes, credit unions can refine their financial education strategies and ensure they remain relevant and impactful for their members. Attitudinal data can, and should, be considered when guiding your credit union toward more impactful programming.
Financial education is only as good as the program’s ability to make a meaningful impact on your member’s financial wellness. Are you ready to dive into the data of your financial education programming?
Connect with Zogo to learn more.
Originally published on CUInsight, August 2023
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.