It is well known that most people are not sufficiently knowledgeable about their finances to be able to manage this efficiently. This is not confined to understanding complex instruments for investment but starts at the most elementary level of what kind of accounts to open and what range of financial products are applicable to them.
Coupled with the complexity of products is the risk of being mis-sold inappropriate solutions for their needs – this can have a material impact over a period of time, especially with regards to exorbitant fees and opportunity costs. Financial institutions have rightly started focusing on offering financial education to clients, from children to pensioners, to increase their financial literacy to make informed and effective decisions regarding their finances.
Fintechs have entered this space by utilising technology to offer effective training and education by creating apps or offering mobile training platforms.
Online financial education to increase financial literacy
Fintech Themes: Financial Inclusion
Financial literacy and saving game for youth clients linked to a bank account
Fintech Themes: Gamification
Educates on life insurance and estimates individual needs
Fintech Themes: Insurance