What percentage of your members have only a checking/share draft account? How many members have indirect auto loans through you, but nothing else?
Gamification is the strategy of adding game-like elements to non-game things. The goal is to increase engagement, and it works.
Have you heard of the Dunning-Kruger Effect? It describes a tendency for people to misevaluate their own knowledge or competence on a subject. Experts underestimate themselves—and for laypersons to assume they know way more than they do.
Tracking spending, especially recurring spending, can influence people to better manage their finances. Banks and credit unions have the unique opportunity in this arena to help their customers achieve financial health. And they should. We’ll cover why people should track their recurring payments. Then, we’ll discuss why your financial institution should help them.