Lenny Points uses gamification to teach credit to millennials
An iOS app offering credit lines to millennials hopes an in-app game which teaches its users responsible financial behaviors.
Lenny Points, which are given for displayed responsible financial behaviors, can be used to increase credit line balances and to unlock custom offers from financial institutions. They are the first feature of Lenny’s patent pending credit education system.
Launched in March, Lenny targets millennials, 43 percent of whom have credit scores below 600. Half have also never opened a credit card. Those two factors combine to negatively impact millennial purchasing power and the overall economy.
“Lenny’s mission is to help millennials build a strong financial foundation through mobile-centric tools that fit their lifestyle,“ CEO Joe Bayen said. “Research shows that 79 percent of millennials learn more productively through games. The new Lenny Points game uses gamification models, data science and psychology to make building credit fun, interactive and easy to understand.”
Lenny users earn points for making onetime monthly payments, making those payments in full, maintaining a credit utilization ratio under 30 percent, and for increases in their credit score. The first potential bonus, a balance increase of as much as $500, comes with 20 points.