FELA Partners Up With TechnoMile Top Help Underprivileged Youth Manage Their Finances
FELA (Financial Education and Literary Advisers) is a privately held financial education services company based in Washington D.C. that educates individuals, from young professionals to retirees, along with businesses, on how to manage their debt and diagnose their overall financial health.
FELA had a pre-existing website but wanted to enhance user engagement by building a web-based application. This would position themselves as e-learning professionals with authoritative clout, and also make it simple to connect consumers and employees with learning tools and resources.
They envisioned a goal driven e-learning program that would help underprivileged youth become more informed about managing their money by offering valuable information about debt management and financial risk, while tracking the individual’s current financial situation. They wanted a program that allowed participants to set their own goals and offer incentives by way of a rewards system as a motivational tool to encourage smart financial decisions.
Although they had received government funding and from Bank On, they were still a start-up company that needed to implement quickly in order to capitalize in a largely underserved market and leapfrog pre-existing competitors.
On the basis of a strong referral, FELA decided to partner with TechnoMile to improve their user interface and improve the functionality of their website as well as creating a web-based application platform they would be able reuse and sell to other sites.
The collaboration process was easy since TechnoMile has done previous charity work with underprivileged youth and was enthusiastic about creating a tool that was advantageous to that respective demographic. The application would teach youth about how to budget their money and curb their spending habits, allowing them to rise out of the cycle of poverty and eliminate financial illiteracy
The web-based application LifeCentsTM was a one year project, a turnkey platform that is now fully integrated within many of their financial education programs. While being highly scalable it also provides users with an interactive learning experience through the use of gamification.
This program allows individuals to create a financial profile and ways to measure their financial health. Users can sign up for a Wellness Plan which uses a step-by-step approach in achieving personal educational goals and are given a Wellness Score based on how many goals they’ve achieved in their Wellness Plan. By using a wide-level system, TechnoMile gave FELA the opportunity to reuse and sell the platform to 10+ sites and increase their ROI substantiall
- Able to create and grow their online presence in the e-learning field
- Received positive customer feedback
- Was able to quickly convert leads into satisfied customers
- Success of the program secured funding for future ventures
- Web application was used by FELA’s own employee
- Increase worker productivity since personal financial issues cause loss of productivity in the workplace