Environmental Scanning
Insights and trends encompassing IFL, its industry, and competitors
Political
Singapore’s government has been encouraging education of financial literacy.
To improve reach and engagement with youths:
-> Consider "borrowing" government's network by collaborating with various other agencies, through various vehicles such as schools, community centers, and or other government-affiliated firms like NTUC.
Socio-Cultural
‘Kiasu’ culture: Youths have a ‘FOMO’ mindset- or the fear of missing out.
This could be beneficial for us if we could use that to our advantage whilst crafting our marketing campaign.
Singaporeans also have an aversion to risk, hence the solution should introduce the concept of risk and its uses or consequences in a controlled environment, to slowly expose youths and acclimatize them to the concept.
Technological
The real, current "look" of financial products such as mobile trading platforms or digital banks should be included while educating youths. Traditional methods such as PowerPoint slides only serve to impart information but do not truly expose them to how Fintech platforms work.
Benefits of Gamification :
1. Makes learning fun and interactive
2. Creates an addiction to learning
3. Gives learners the opportunity to see real-world applications
4. Offers real-time feedback
5. Competition = motivation
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Credible Brand Image
As a public agency, IFL has a credible image that garners trust more easily than a private firm. Hence we should play up this advantage while marketing our solution.
Caters to a Variety of Demographics
IFL already has experience working with people from different ages and stages of life. This means IFL has untapped knowledge of real stories from real Singaporeans.
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Free and Relevant Resources
As a non-profit firm, IFL offers free resources which expands access to learning for everyone and promotes life-long learning of financial literacy.
Company
Weak Brand Awareness
IFL has a weak social media presence and low brand recall. Hence the solution should aim to address that by linking the brand to the solution.
Learning Materials Not Target at Youth
IFL's existing resources are more targeted at the older, working demographic, meaning youths might find it boring and "useless". The aesthetic and method of delivery is also not attractive to youths.
No Unique Selling Point
IFL lacks a differentiating factor from the many brands and firms out there offering education on financial literacy. In terms of website, resources, programs, and social media - many other competitors do it better.
Why Gamification for financial literacy?
Advancement in Technology
The advancement in technology has also resulted in youths being oblivious to money. Technology has taken away the tangible link with money. To allow them to reconnect with money, simulations can be used to familiarize them.
Habits at home
Money was a topic that was talked about at home. Hence youths of the past knew money was finite and there was an opportunity cost for buying things.
Yet now, many families do not talk about finance, hence a tool is required to spark dialogue.
Different Lifestyles and Mindset
There has been an increasing habit of shopping due to shopping malls being built to cater to convenience. Additionally, youths also face greater peer pressure because when they see their peers shop, they will have the urge to shop as well.
Fast-paced life
Youths experience a fast-paced life, and hardly have the time to sit down in front of their laptop for learning aside from school work.
As seen here, we know Singaporeans prefer to use social media whilst on the go.
Hence to attract youths, solutions must be easily accessible to use while in-transit or moving about.