FOR IMMEDIATE RELEASE
PlayMoolah Launches in the U.S.,
New Online World offers Fun Way for Kids to Learn about Money
and an Innovative Way for Banks to Engage with Customers
PlayMoolah Extends Proven Financial Gamification Platform into the U.S.,
Enables Financial Institutions to Establish Elusive Lifetime Relationships with Customers
New York, September 12, 2012 – PlayMoolah, an innovative company that designs fun and authentic experiences for children to learn about money, today launched its online platform for the United States market. The PlayMoolah online world provides a unique way for financial institutions to start a lifetime relationship with children by empowering them to take control of their money, while also extending existing parent customer relationships. PlayMoolah made this announcement at FinovateFall 2012, the premier showcase for cutting-edge financial and banking technology innovation.
PlayMoolah is a fun online world where kids learn to earn, spend, save, invest, and give. By tapping advanced game mechanics, the platform encourages kids to make real financial decisions and allows them to manage both virtual and real world allowances. Parents can easily manage and stay updated on their child’s activities, and get involved by setting chores, matching their savings goals, or helping them give to charity.
It’s not just parents and children that love PlayMoolah, Financial institutions around the world are also leveraging the interactive platform, to drive engagement and retention with their parents, presenting an opportunity to make banking and financial services more relevant, and increasing life-time customer profitability.
“PlayMoolah has come at a time of need when banks are looking for new ways to engage their customers” said Eric Mattson, CEO at The Finovate Group. “I am excited by how PlayMoolah helps banks align their focus to serve their customers in a way that’s fun, necessary, and ultimately good for consumers, going back to basics to build a solid foundation for the next generation of wealth customers.”
PlayMoolah is needed in the U.S. more than ever today. In an August survey for the American Institute of CPAs, kids are earning an average allowance of $780 a year, yet only 1% are saving any of it . Last week, the Securities and Exchange Commission published a 182-page study on American investors “lacking basic financial literacy” and not understanding most elementary financial concepts such as compound interest and inflation .
“PlayMoolah’s goal is to tackle this problem at the root, starting early, starting right and starting by bringing families together on this subject,” said Min Xuan Lee, PlayMoolah Co-founder. “Financial literacy is limited in its effectiveness if it stops at knowledge, instead of translating into action. PlayMoolah’s platform is based on a new breed of persuasive technologies that leverage gamification methods to encourage real financial behavioral outcomes. Our mission is to empower kids to experience firsthand how money can help them achieve their goals, and create value in the world.”
Launched in April 2012, PlayMoolah won the SWIFT Innotribe Startup Challenge and has received tremendous interest among financial institutions. Already, PlayMoolah has signed on bank partners targeting to benefit some 50,000 young customers by the end of the year.
Who knew that banking could be this fun?
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PlayMoolah is an innovation company that designs authentic experiences for children to learn about money. Partnering with their parents and financial / learning institutions, kids learn to earn, spend, save, invest, and give in a way that’s fun, educational, and safe. PlayMoolah designs game mechanics to inspire real-world action, giving children the knowledge, skills, and tools needed for financial literacy. PlayMoolah is on a mission to empower the next generation to realize how money can help achieve their goals and create value in the world. http://www.playmoolah.com
Held from 12 – 13 September 2012, FinovateFall 2012 is a two-day showcase of the best new innovations in financial and banking technology from a mixture of leading established companies and brand-new startups. FinovateFall will feature a demo-only format with over 60 companies receiving 7 minutes on stage, to demo their latest innovations to the audience. FinovateFall 2011 was the largest Finovate event ever, with over 1,000 financial institution executives, venture capitalists, members of the press and entrepreneurs in attendance. http://www.finovate.com/fall2012
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