Lloyds Bank has partnered with fintech platform Doshi to improve young people’s financial literacy through “gamified learning”.
The Big Four bank has launched a six month pilot, targeting 18 to 24 year-olds to make financial education “fun and accessible”.
Doshi’s founder Daniel Rose told City AM high street banks do not have “much time left” to improve young people’s financial education.
“The window of opportunity is closing, larger banks must have a clearer valuation for younger generations,” he added.
Doshi, which dubs itself the “Duolingo of Money,” will allow users to earn points through lessons, quizzes and challenges and redeem gift-cards from retailers.
It will also use an interactive assistant “to keep students engaged and motivated throughout their financial education journey”.
The Young Persons’ Money Index 2023/24 highlighted the “pressing need” for firms to “reassess their outreach strategies and engagement with younger demographics”.
Lloyd’s propositions director Tamara Van Den Ban said the partnership allows the bank to “maximise our reach and enhance engagement with students and young people”.
“By focusing on financial education from a young age, customers are empowered to better understand the world around them and be set up to make financial decisions at key life moments,” she adds.
“Current initiatives are missing the mark”
The pilot follows Lloyds’ Launch Innovation Programme, where the bank works with fintechs to address strategic challenges and provide real-time solutions.
Rose predicts further expansion for the Doshi model, which currently holds 30,000 active users and has work underway with “three major retail banks, including TSB and Santander”.
“A lot of current initiatives are missing the mark because they are offline and paper-based,” Rose told City AM.
He said: “Young users have high expectations when it comes to digital experiences, so it’s essential that the gamification and rewards feel intuitive and engaging rather than forced.
“For Lloyds this is about innovating how they engage with student account holders and strengthening long-term relations with Gen Z customers
“The long-term vision is to integrate this as a permanent feature within Lloyds banking app.”