Climate talks #3: Innovation for social impact – Minecraft

Along with climate change there is also social impact that we as a responsible bank must also consider. Banks play a key role in supporting people to better understand finances and improve financial skills.?In a series of talks,?Nikoletta Kovacs from RBI's Sustainable Finance Department, showcases what group-wide actions?Raiffeisen Bank International AG?takes to meet its commitments and to turn its climate and environmental business strategy into reality.?

In the third episode, Jürgen Schiefer, Titus – George Coldea and Timo Mende from RBI's Digital Platforms & Innovation Division share insights about their latest development, a financial literacy game in Minecraft called My Finance Quests. The mission was to enhance the financial skills of Gen Z and Gen Alpha with an innovative approach.

Financial Health & Inclusion is a cornerstone of RBI (Raiffeisen Bank International)'s commitment, particularly as a signatory of the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB). RBI is committed to this ideal, underscoring the belief that promoting financial literacy is integral to responsible banking practices.

By enhancing the financial literacy of our customers, we aim to equip them with the knowledge needed to avoid various financial risks, such as falling prey to predatory lending, digital and cyber security threats, and debt traps. The concept of Financial Literacy and Wellbeing is not new; it has been a focus for several decades, with financial institutions playing a pivotal role in educating younger generations. This has historically included initiatives like savings books for children and various educational campaigns and programs in schools.

As times evolve, so do our methods of creating impactful educational experiences and engaging with younger generations. RBI adapts to these changes, continuously seeking innovative and effective ways to impart financial knowledge and skills to the youth, thus fulfilling its role in promoting financial health and inclusion.?

The novel approach of utilizing video games as an educational tool, particularly in the context of a bank, marks a significant shift from traditional methods. This innovative concept reflects an understanding of the evolving ways in which younger generations interact with technology and learn new information.?

Jürgen, the decision to develop a video game aimed at educating kids about finances is both intriguing and unconventional. What inspired this idea? Was there a particular moment or observation that led to the realization that a game could be an effective medium for teaching financial concepts to children??

RBI, like other major financial institutions, recognizes its social responsibility to enhance the financial literacy of both its current and future customers. Teenagers, a crucial demographic often lacking a solid grounding in financial knowledge, represent the future client base of our banks across the Central and Eastern Europe (CEE) region. Recognizing that traditional teaching methods like textbooks or lectures may not sufficiently engage or resonate with today's technology-oriented youth, we've turned our attention to a more innovative approach. Video games, especially those like Minecraft which holds significant popularity among this age group, offer an entertaining and interactive medium for imparting financial education.?

When discussing the target audience for "My Finance Quests," it's important to consider the specific age range within the broader category of teenagers. This age group can indeed be quite diverse, encompassing a range of developmental stages and learning capacities. The ambition of the game, which is to enhance the financial skills of both Generation Z and Generation Alpha, requires a tailored approach that resonates with these distinct generational groups.

For Generation Z, typically characterized by those born from the mid-1990s to the early 2010s, and Generation Alpha, the group that follows, starting from the early 2010s, the game needs to be engaging, relevant, and appropriately challenging. The design and content of "My Finance Quests" should align with their developmental stages, technological fluency, and the unique ways they interact with digital media.

Could you elaborate on the specific age range within the teenage bracket that "My Finance Quests" targets? How do the game's design and educational content cater to this group, keeping in mind the goal of fostering financial literacy and skills in these upcoming generations??

Our game designed to enhance financial literacy is tailored for children aged 10 to 15 years. We believe this age range is ideal for introducing financial concepts, as it coincides with the period when children begin to understand the value of money. A game akin to Minecraft resonates well with this demographic, and our goal is to furnish these young individuals with the necessary knowledge to make sound financial decisions in their future.

Financial literacy is an invaluable skill that enables individuals to make well-informed decisions regarding their finances, leading to enhanced financial stability and security. By equipping Generation Z and Generation Alpha with these capabilities, we are empowering them to take charge of their financial destinies. This initiative benefits not only the individuals but also contributes to the bank's goal of nurturing financially secure future customers and positively impacting the broader society.?

Titus and Timo, given your proximity in age to the target audience of "My Finance Quests," your perspective is particularly valuable in ensuring the game resonates with its intended players. The success of an educational game hinges not just on its content but also on its appeal and playability. Understanding the customer experience, especially from the viewpoint of children, is crucial in the development process. Could you share insights into how you tested the game? Additionally, what were the initial reactions from the kids who first experienced the game??

We established partnerships with several schools in Austria and Slovakia to conduct tests. During multiple visits, we gave students the opportunity to play the game and provide immediate feedback. Their reactions were incredibly positive, and they showed great enthusiasm.

The students were particularly fond of the blend between a Minecraft-like gaming experience and learning about finances. Owing to these favourable responses, the schools have extended invitations for us to return and showcase the completed game to a broader student audience. Gradually, this has led to the game gaining increasing popularity and becoming a cherished educational tool among the students.

Innovation, by its very nature, often disrupts established norms and practices, leading to a range of challenges. This is particularly true when introducing novel concepts in traditional sectors like banking and education. Could you elaborate on how you addressed these challenges, or if there were other specific obstacles you encountered and overcame during the development and implementation of your innovative financial literacy game??

A primary obstacle we faced was the seamless incorporation of educational material into an immersive gaming environment. It was crucial to balance the informative aspects of financial learning without compromising the enjoyment found in playing a game like Minecraft. To achieve this, we collaborated extensively with educators and game designers, ensuring a smooth integration of both elements.?

We also encountered the challenge of earning the approval of educators and parents, who may perceive video games as mere diversions. To counter this, we focused on highlighting the educational merits of our game. By showcasing how it can make financial education more accessible and engaging for children, we aimed to change perceptions and demonstrate its value as a learning tool.?

Reflecting to your own childhood, Jürgen, it's interesting to consider if a game like "My Finance Quests" would have been something you would have valued for learning purposes. Educational tools and resources have evolved significantly over time, and it's intriguing to think about how different or similar your experiences might have been with access to such a game. What were your primary sources of financial education when you were growing up??

Certainly, a game of this nature would have been a fantastic educational tool in our youth for understanding financial concepts. Traditionally, our financial education came from parents, friends, and personal experiences, which remain vital sources of knowledge. Yet, a game like the one we've developed offers a dynamic and interactive approach to grasping these concepts. It serves as a complementary resource to conventional methods, enhancing the overall learning experience with enjoyment.

This game has the potential to significantly influence and aid teenagers throughout the RBI network and beyond, offering a novel and engaging way to learn about finance.

#makeithappen #financialeducation #ESG