Gamified financial literacy platform Doshi has teamed up with London-based TSB Bank. The financial institution will spend the next six months traveling to schools to encourage students to use Doshi’s app to learn about responsible savings and spending, as well as other issues critical to financial literacy.
The initiative is targeting 1,000 students between the ages of 13 and 18. Doshi features a series of interactive lessons on financial topics based on financial goals such as managing debt or avoiding stress over saving and spending. The app leverages gamification strategies including awarding points and showcasing leaderboards to enable users to check their progress. The app also rewards students who complete the learning modules with perks like shopping vouchers to help boost engagement.
“Entering adulthood Money Confident is vital to ensuring young people are set up to enjoy a lifetime of stable finances and informed financial decisions,” TSB Head of Responsible Business Kate Osiadacz said. “We’re on a mission with Doshi to help young people boost their knowledge using the app’s innovative learning platform, so that they start their financial lives in the best place possible.”
According to the Young Persons’ Money Index, more than 81% of young people worry about money and/or personal finances. Additionally, the same percentage of young people also want to learn more about better managing their finances as part of their school curriculum.
“Only two out of five young adults have received financial education in secondary school,” Doshi CEO Daniel Rose said. “At Doshi, we believe that financial education is essential for building healthy, confident lives.”
In addition to the Doshi app, the company’s technology is available via its own branded, out-of-the-box website as well as via API integration. Regardless of environment, Doshi delivers more than 1,000 pieces of financial wellness and education content, tools, and videos. With more than 30,000 engaged users, the platform has provided more than 100,000 hours of learning and handed out thousands of rewards to users.
Headquartered in London, Doshi App made its Finovate debut at FinovateEurope 2024. At the conference, the company demoed its white-label app that helps banks, credit unions, and fintechs promote financial literacy via a personalized, gamified, learning journeys. In August, the company partnered with Yorkshire Building Society to help provide financial education to first-time, prospective homebuyers.
The partnership between Doshi and TSB Bank is a product of the financial institution’s Money Confident Communities program. This program sends TSB Bank professionals to schools as volunteers to help young people learn more about financial wellness and financial independence. Doshi was one of the companies to successfully apply to TSB Bank’s TSB Labs program which partners with fintechs to enhance the bank’s financial literacy offering.
At the same time, such partnerships are fuel for innovation for fintechs, as well. “As a startup, you don’t get many opportunities to collaborate with senior leaders of a leading U.K. bank,” Rose noted. “Working with TSB has enabled us to co-create an exciting solution with the potential to change the lives of thousands of young adults.”
Photo by Pixabay
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***Conclusion***
In conclusion, the partnership between Doshi and TSB Bank is a significant step towards promoting financial literacy among young people. By leveraging Doshi’s gamified platform, TSB Bank aims to educate and empower students with essential financial knowledge that can benefit them throughout their lives. With an emphasis on responsible savings, spending, and debt management, this initiative addresses the growing concerns among young individuals about their financial well-being.
Financial education is crucial for building a healthy and confident future, and initiatives like this collaboration between Doshi and TSB Bank play a vital role in shaping the financial decisions of the next generation. By providing engaging and interactive lessons through the Doshi app, students have the opportunity to learn and practice valuable financial skills in a fun and rewarding way.
Moreover, the success of this partnership highlights the importance of collaboration between financial institutions and fintech companies in driving innovation and delivering impactful solutions. By working together, TSB Bank and Doshi have created a platform that not only educates but also inspires young adults to take control of their financial futures.
Overall, the future looks bright for financial literacy initiatives like the one between Doshi and TSB Bank. As more young people gain access to practical and engaging financial education tools, we can expect to see a generation that is better equipped to make informed and responsible financial decisions. This partnership sets a positive example for the industry and paves the way for more innovative solutions to tackle the growing need for financial education among today’s youth.
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