Insurance company Old Mutual has revamped its Moneyversity financial literacy platform, to introduce artificial intelligence (AI)-based capabilities and additional education resources.
Initially launched in 2017, the edtech platform, now called Moneyversity+, is an online financial education and entertainment platform that empowers users to make smart financial decisions.
It offers a series of financial courses on how to manage money and reach financial goals, budgeting strategies and worksheets, 101 guides to personal finance, quizzes and practical ways to save.
The platform also caters to children aged six to 17, offering downloadable videos to watch, as well as virtual reality games.
Moneyversity+ can be used by educators and their institutions to provide learners with essential tools to support their financial literacy in the future.
Since its ‘soft’ launch in June, the Moneyversity+ platform has already reached more than 60 000 customers, says the company.
The redesigned platform, which was launched to the public during a webinar yesterday, now includes additional podcasts, learning materials and games – made available through a learning system based on machine learning and advanced analytics.
Speaking during the webinar, Ajen Mothee, head of innovation at Old Mutual Personal Finance, explained Moneyversity+ is built on Old Mutual’s foundational commitment to transforming financial wellness in Africa.
“The platform aligns with Old Mutual’s commitment to innovation and emerging technologies, enriching our integrated financial service strategy with a space that’s entirely dedicated to improving financial inclusion.
“The users are enjoying the platform and giving us feedback on the value they get from it, which is impressive for the first 110 days of the soft launch,” noted Mothee.
“There are new features we are working on introducing over the next few months. This includes offering Moneyversity+ in the metaverse. We’ve already done a metaverse experiment and found it to be a very engaging environment for clients.
“We are also testing the concept of AI-powered estate planning – there is a good opportunity to simplify that entire process through AI.
“We have also reimagined classic games like chess and soccer, by teaching financial concepts through these well-known games.”
With only 51% of South Africans being financially literate, Old Mutual aims to play an active role in turning this statistic around, by prioritising strategies designed to future-proof Africans.
According to Old Mutual, the platform was designed with the local market in mind, with plans to grow into other African markets in the near future.
It serves as a source of trusted information within which users can explore complex financial topics, demystifying basic financial concepts such as investing, retirement and insurance, it notes.
Also speaking at the event, Celiwe Ross, director for strategy, sustainability, people and public affairs at Old Mutual, said it is the responsibility of the financial sector to ensure South Africans understand the impact of financial decision-making and protect their assets to thrive during challenging times.
"As we strive to create a financially-inclusive society, initiatives like Moneyversity+ are crucial in empowering individuals with the knowledge they need to make informed financial decisions. Our commitment to sustainability extends beyond environmental concerns; it encompasses fostering financial well-being across the communities we serve," stated Ross.
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