By Ken Goodgames, Special NDG Contributor
The traditional model of receiving consumer credit counseling was always done on a one-on-one basis between an individual and a budget counselor. And it probably had all the charm of a tax appointment at H&R Block. But times have rapidly changed and the pace of digital and mobile technology has astounded us all. We decided that Transformance’s business services model had to change with it.
It came to me one day when I realized that my wife’s grandmother—yes, my wife’s 81–year old grandmother, loved spending time on her iPad. We tend to think of our children and young adults as being addicted to these types of technologies, what with the games, chat sessions, Snapchat, Facebook and Twitter posts. But I came to realize that if my grandmother enjoyed digital and mobile devices as much as my young kids, we just might be on to something.
It was decided that Transformance needed its own mobile app. So we went about creating a financial literacy and learning platform called Pocket Change USA. We tapped Chicago-based Noggin Labs, an award-winning e-learning studio to develop a first-class mobile learning portal. They’re experts at designing and delivering interactive gamification learning platforms. What they delivered in the form of Pocket Change USA is a home run.
The free Pocket Change USA app, version 1.0, is designed to let consumers track their finances while they learn, play, plan and connect with other learners. With the app, users now have 24/7 accessibility to Transformance’s financial literacy and educational resources, delivered right to their fingertips. Real time chats, forums and questions are answered by Transformance financial coaches. The app’s features are interactive, gamified and outcome-driven with both measurements and analytics.
Pocket Change USA consists of four different features, each benefitting the end user in a unique way:
- Learn – Users learn about the concepts that make up financial health, like saving for the future, making budgets and eliminating debt. Users begin with the basics and become experts through engaging videos, infographics and interactive lessons.
- Play – Users play games that allow them to practice their skills and have fun. A wide variety of games test understanding of important concepts and challenge users to put them into action.
- Plan – Users plan on tackling day-to-day needs with interactive resources that help with finances. Users can choose a path, such as developing a plan to create a rainy day fund or track their own personal spending habits.
- Connect – Users connect directly with financial experts who can offer immediate assistance. Real time chats, forums and questions are answered by Transformance counselors.
As a resource, Pocket Change USA will be at the forefront of Transformance’s newest addition coming in August—the Economic Empowerment Center (EEC). The EEC utilizes a Working Families Success Model or Integrated Service Delivery Model, based on work developed by the Annie E. Casey Foundation. This model has since been implemented in more than 70 locations across the nation. The Working Families Success Model provides a framework for delivering key services and financial supports to low-income families using an integrated approach specifically designed to make it easier for low-income families to obtain critically needed work-support services. Program services focus on “Earn It, Keep It, and Grow It” to create economic security through both earning and asset building strategies.
We hope to reach up to 10 million young adults and families with Pocket Change USA, over 80 percent of whom are in the aged 18-44 target market, where financial lessons matter the most. Users can download the free Pocket Change USA app from Apple’s App Store or the Android-based Google Play. In addition, an online version of the app and its features is now available on the Pocket Change USA official website, www.pocketchangeusa.org.
Our smartphones and handheld devices are a personal and private resource where studies have proven that technology can drive behavioral change. As a financial capability advocate, Transformance needed to reach our target audience where they are. Pocket Change USA accomplishes that.
I’ve seen a lot of changes at Transformance since having the honor of becoming its CEO over a year ago. We’ve transitioned to a fully integrated services delivery model and made some incredible strides in what we can provide to local communities most in need of our assistance. Now we’re making incredible strides in how we reach our target market of consumers. Pocket Change USA is a cornerstone project in our mission to adapt to our audience, reaching them at an optimal point—their fingertips.
Ken Goodgames is the CEO of Dallas-based Transformance Inc., formerly Consumer Credit Counseling of Greater Dallas.
