The fast-paced era of instantaneous information created by theInternet, social media and smartphones has resulted in asignificant change in the manner in which people processinformation. And new research suggests that credit unions may wantto rethink their approaches to financial education in looking forways to connect with members online.

With the average consumer spending more time playing electronicgames than on their personal finances, a game designer approachmight help encourage people to have better financial behaviors,according to a recent Filene Research Institute report, “Get in the Game: How CreditUnions Can Engage Members, Solve Problems and Improve Skills withGame Thinking.”

“Worldwide, 3 billion hours are spent playing video games eachweek. In contrast, consumers spend only 2.6 hours per month onfinancial planning and budgeting,” said Matt Davis, innovation director at Filene Research and authorof the report. “Games are fun, while personal finances are boringor overwhelming. Games are engaging; personal finances are simplyunwelcome chores. Games help people escape reality; personalfinances force an outright confrontation with it.”

According to Will deHoo, founder and CEO of FoolProof, a Melbourne, Fla.-based turnkey consumer educationinitiative for credit unions, content remains king. Sponsored by 15state trade associations, FoolProof offers online training foryoung people and adults through a mix of videos and interactivemodules. The company has produced a literacy curriculum endorsed byboth the Consumer Federation of America and the NationalAssociation of Consumer Advocates.

“We've found that virtually all adults think about money a lot.So our job is to present valid information in lively and timelyways that grabs the attention of the consumer,” said deHoo. “We'refinding that members are hungry for just about any tough, validinformation–whether it's about financial scams, couponing or theirkids' welfare. Many people feel that it's a wasteland out there,when it comes to quick and honest answers about moneyquestions.”

He added that the Internet has made consumers feel overwhelmedby the sheer volume of information and blogs, which present adviceand recommendations that aren't always vetted.

“Where do people turn for those valid, easy-to-get answers? Wethink credit unions,” said deHoo. “Generally, people equally reactto interesting topics or news item that we post, whether that's inan article, video or podcast. We post a new video, article orpodcast a couple of times a month on a credit unions' home page orsocial network site and see an increase of traffic together withthe posts.”

At University Federal Credit Union in Austin, Texas, FoolProofintroduced an e-alert only 300 words long.

“At first, the e-alert was only about auto-buying issues–whatnew developments in auto sales and safety should you know about ifyou're in the market for a car? Over 3,100 credit union memberssubscribed to that e-alert, and the alert covers any breakingconsumer news topic,” said deHoo.

Input from students, teachers and credit unions determines thecontent, which is constantly kept fresh for FoolProof's high schooland adult programs. For example, to reach its large member base,the California-based Pacific Marine Credit Union partnered withFoolProof to develop a tape of a Marine discussing topics unique toyoung soldiers.

Furthermore, the $1 billion Bayport Credit Union of NewportNews, Va., recently helped the Boy Scouts modify its high schoolcurriculum so that individual scouts statewide can use FoolProof'smodules to help earn their merit badge.

Matt Neznanski, editor-in-chief at Corvallis, Ore.-basedbrass MEDIA Inc., a socially driven media and technologycompany dedicated to helping young adults understand money, agreedthat content remains the biggest challenge for credit unions asit's generally been the hardest to create and do consistentlywell.

“Let's face it, money and finance are not all that interesting,”said Neznanski. “No one is sitting around counting their money.It's about getting them to embrace the power of their own money,take control so they are able to do what they want to do and get toliving.”

To help credit unions, the company has launched brass Exchange,a program that credit unions can access and select content rangingfrom articles and videos to infographics in order to post them totheir websites or other media outlets, including Twitter, Facebookor a newsletter.

Neznanski said being the go-to source for the financialinformation consumers crave only helps credit unions show theirvalue as a trusted resource.

“It's really about sharing an interesting piece of informationthey want and need more than pushing your own agenda or interest,”said Neznanski. “With all the tools available now with Facebook andblogs, the cost of entry in that adviser role is low for creditunions. Being consistent and persistent shows you're there for thelong haul, not just for yourself, but as a way to deepenrelationships in the communities they serve. So have content that'sworth clicking to find out more.”

He added that when it comes to subject matter, whether video,infographics or personal narratives, most consumers want practicalinformation or a story that resonates with them.”

As far as how they can digest that information, that's where theapplication of “game thinking and game mechanics to engage andsolve problems” comes into play, Davis said.

In the report, Davis pointed out that considering this newthought process has helped Nike create a thriving community forphysical fitness, Ford Motor Co. improve fuel economy, and WeightWatchers inspire better eating habits, he believes it can helpcredit unions as well.

A few aspects for credit unions to consider incorporatinginclude a way for consumers to keep score, an opportunity toexperience ideal self-characteristics and uncertain outcomes.

“Game players expect feedback for nearly every action they take.They want to know how they have done, how they stack up againsttheir peers and how much they have improved over time. Creditunions must shorten the feedback loop associated with positive andnegative member financial behaviors, employee performance, andboard participation,” said Davis in the report. “Online bankingexperiences, loan applications and balance inquiries serve as bluntreminders of reality. Gamified financial services may motivateconsumers by allowing them to experience and learn from their idealselves.”

He added that the prize-linked savings program, “Save to Win,”has proven the power of uncertain outcomes.

“A chance to achieve something new, win a valuable prize or gaina new experience added excitement to ordinary tasks,” said Davis.“If disengaged members, misaligned incentives, boring experiencesand unmotivated audiences are the demons of traditional financialservices, gamification may be the Doombringer Champion Sword thatcan return hope to the credit union village. Fun is a magicalpotion. Use it wisely and abundantly.”