Welcome to The Daily Dosh 🗓️

This is The Daily Dosh, your fortnightly guide to helping your customers get smart with their money and access powerful ways to boost engagement.

In our second edition, we’re exploring the transformative power of AI in financial education and how Furness Building Society is reaching a broader member base using personalised AI chats.

Let's dive in!

🧵4-minute read. Here’s what we’ll cover today: 

🤿 Deep Dive: AI and Financial Education. Is it worth it? 

💭Thought of the Day: Did you know that 60% of higher education institutions are already using AI to enhance student learning experiences?

📚 Must Reads: Furness Building Society’s new FinEd Programme, AI powered neo-banks and 2024 Generational Banking Trends.

Thought of the Day 💭

Did you know that… 60% of higher education institutions are already using AI to enhance student learning experiences? 🎓

As AI continues to integrate into educational systems, it's becoming a pivotal tool in providing personalised, engaging, and effective learning experiences.

Must Reads 📚

1. Furness Building Society’s new modern FinEd Programme

2. How AI powered neo-banks are changing banking

3. 2024 Survey: Generational Banking Trends

Deep Dive 🔍

Engaging Gen Z with Financial Education 🏦

AI is no longer just a futuristic concept; it’s here, and it’s revolutionising how we approach financial education.

With the ability to process vast amounts of data and deliver personalised learning experiences, AI is becoming an indispensable tool for educators and financial institutions alike. Let’s take a closer look at how AI is reshaping financial education.

Personalised Learning Paths: Tailoring Education to Individual Needs 🎯

Gone are the days of one-size-fits-all financial education. AI enables the creation of personalised learning paths, tailored to each user’s unique financial situation, learning style, and goals.

For instance, a recent college graduate just starting out on their financial journey might be guided through foundational topics like budgeting and saving, while someone closer to retirement might receive content focused on investment strategies and retirement planning.

AI analyses data from user interactions to continuously refine these learning paths, ensuring that each individual receives the most relevant and effective educational content. This dynamic, adaptive approach not only makes learning more engaging but also significantly enhances the likelihood of long-term financial success

Enhanced Gamification: Making Learning Fun and Rewarding 🎮

Gamification has long been recognised as a powerful tool for enhancing engagement, but AI takes it to a whole new level. By analysing user behaviour, AI can adapt gamified elements—such as challenges, quizzes, and rewards—to match individual preferences and progress.

For example, if a user consistently excels in budgeting exercises, AI might introduce more complex challenges to keep them engaged, while another user who struggles with saving might receive additional support and simpler tasks to build their confidence. This personalised approach ensures that gamification remains both fun and effective, keeping users motivated over the long term.

Predictive Insights: Guiding Users Toward Better Financial Decisions 🔮

• Beyond just teaching financial concepts, AI has the power to guide users in making better financial decisions.

• By analysing personal financial data - such as spending habits, income patterns, and investment portfolios - AI can offer predictive insights that help users plan for the future.

• For instance, AI might identify that a user’s current spending habits could lead to financial difficulties down the road and suggest adjustments to improve their financial health

• Or, it might analyse market trends and recommend investment opportunities that align with the user’s risk tolerance and financial goals.

• These predictive capabilities empower users to take proactive steps in managing their finances, leading to better outcomes over time.

Continuous Improvement: AI Learns as You Learn 🚀

One of the most powerful aspects of AI is its ability to learn and improve over time. As users interact with AI-driven educational tools, the system gathers data on what works and what doesn’t, continuously refining its algorithms to provide even more effective support. This means that the more users engage with AI-powered financial education, the smarter and more tailored the experience becomes.

For financial institutions, this continuous improvement translates into more engaged, informed, and satisfied customers. It’s a win-win situation where both the user and the institution benefit from the advancements in AI technology.

How Furness Building Society is Leveraging AI to reach a broader customer base🏠

Furness Building Society has always been committed to serving its community with the best possible financial services. However, in today’s busy world, it can be challenging to provide personalised support to every single member.

Many customers need financial guidance but might hesitate to visit a branch or call a financial advisor for fear of asking what they perceive as a "trivial" question.

Furness & Doshi AI 🤖

To bridge this gap, Furness has been leveraging Doshi's AI chat tool as part of its financial education rollout. This AI-powered tool allows members to ask any financial question on their minds without feeling the pressure of interacting face-to-face with an advisor. Although there may be a perception that AI is “scary” or impersonal, the interactions we've seen at Furness tell a different story.

Real Conversations, Real Engagement 💬

Members of the society are not only engaging with the AI but are asking detailed, thoughtful questions.

They’re using the AI tool to explore topics that they might otherwise feel embarrassed or apprehensive to ask in person.

The flexibility of the AI allows users to ask as many questions as they need, making it an empowering resource for financial literacy. For example, some members have asked:

These types of questions demonstrate that members are comfortable discussing their financial concerns with the AI. By asking these questions through the AI chat tool, members receive real-time, informative responses on their financial journey.

Key Topics Discussed in AI Chats

Based on the conversations that have taken place, here are the most common topics discussed by members:

• 💰 Savings and Investment: 25%

• 💳 Borrowing and Credit: 25%

• 🛡️ Insurance and Protection: 20%

• 📊 Financial Planning and Management: 30%

Furness ensures that the AI tool serves as a first step in the learning process. If a question requires the expertise of a financial advisor or a qualified staff member, the AI chat tool immediately prompts the user to contact the Furness team.

This ensures that while the AI can address many questions, members always have access to personalised human support when necessary.

Why it Matters 🌟

The AI chat tool is helping Furness Building Society engage with its members in a way that makes financial education accessible, convenient, and empowering.

By offering personalised financial support at scale, Furness is able to extend its commitment to the community, ensuring that every member feels comfortable asking questions and managing their financial wellbeing.

Stay Updated with Doshi

Thank you for taking the time to read today’s update. It means a lot to make sure our members are up to date so they can receive the most value possible.

If you’ve got some feedback about the Daily Dosh, ideas or you are interested in working with Doshi, then I’d love to hear your thoughts in your reply or book a call with me - Daniel, Founder @ Doshi