Lloyds Bank Teams Up With Doshi For Fun Money Learning
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Lloyds Bank has joined hands with fintech platform Doshi to help young people learn about money in a fun way. The bank has started a new six-month pilot to teach financial skills to people aged 18 to 24. The goal is to make learning about money easy and fun.
Daniel Rose, the founder of Doshi, told City AM that high street banks do not have much time left to teach young people about money. He added that large banks need to give more value to younger customers.
Students Can Earn Rewards While Learning
Doshi calls itself the “Duolingo of Money.” The platform lets users learn through lessons, quizzes, and challenges. When students’ complete tasks, they earn points that they can use to get gift cards from different shops. To keep students interested, Doshi also has an interactive assistant. This assistant helps students stay engaged and motivated as they go through their learning journey.
According to the reports the young person’s money index 2023/24 displays that firm need to put in more to connect and reach out to young people. Lloyds believes that working alongside with doshi will enable the bank to reach out to young students better.
Tamara Van Den, the Lloyd’s director said the alliance assist the bank in reaching out to young people. She also stated that having monetary education early in life can help a younger person make a great decision later on in life.
This new pilot is part of the firms launch innovation program, which enable banks to work with fintech companies creating new patterns of solving difficult issues by offering seamless services.
Presently doshi has about 30,000 active subscribers and its working with three major financial institutions including TSB and Santander, with this Daniel Rose affirmed that doshi’s model will increase in times to come.
Experts Say Digital Learning Is Important
Rose told City AM that many learning programs do not work because they use old methods like paper-based lessons. He explained that young people expect digital experiences that are fun and easy to use. He further said for banks like Lloyds, it was a way to connect with student account holders and build strong relationships with Generation Z customers.
The long-term plan is to bring Doshi into Lloyds’ banking app. This will help young people continue their financial education while using their bank accounts. With this new pilot, Lloyds and Doshi hope to change how young people learn about money.
