Financial Fun and Games

Celent Banking Blog recently posted an article about a new startup, Payoff.com. The site, which “makes money management fun,” targets users by blending games with finances. For an introduction to the service, watch the video below.

Payoff.com from Payoff.com on Vimeo.

Celent’s Jacob Jegher believes the service provokes interest with its “fun and games,” but once you delve into the site, the components are confusing. One of Jegher’s main concerns is security. After the recent mishaps with Blippy and Rudder, Jegher believes Payoff.com does not have enough security for the depth of information it asks its users to provide.

Jegher writes,

“Is financial planning a game? Certainly not. Can it be fun? Absolutely, but there has to be some knowledge transfer and education involved. Firms that will be successful in the PFM space have to find simple ways of providing financial education to their customers.  This is especially important for younger users as they are at a stage in their lives where financial literacy is crucial.”

What are your thoughts on combining games with financial planning? Let us know in the comments section below.

Written by Banking.com Staff