Allison founded Financial Education Literacy Advisors, called one of the first private, socially-responsible enterprises aimed at improving consumer financial health, in 2005. In 2010, he pioneered the development of the cloud-based LifeCents to help people achieve financial security. In 2018, FELA officially rebranded to LifeCents.

"Our proprietary artificial intelligence engine connects people to products, services and partners relevant to their personal financial needs, and the integration of gamification features sustains engagement, helping users take steps, both large and small, toward achieving their financial goals," Allison noted. The LifeCents CEO said organizations working with LifeCents benefit from improved consumer engagement, enhanced customer relationships, and access to robust data and analytics.

LifeCents recently partnered with the $1.6 billion, Newport News, Va.-based BayPort Credit Union (organized as the Newport News Shipbuilding and Dry Dock Co. Employees' Credit Union in 1928) to introduce SmartCents, a customized version of the LifeCents app. The ongoing joint initiative uses the artificial intelligence and gamification features to help BayPort's 140,000 members discover their standing personal finances and includes a $50,000 Debt Paydown Sweepstakes to drive user engagement.

"At BayPort, our primary focus has always been centered on people helping people – that same philosophy drives LifeCents," Jim Mears, president/CEO for BayPort, said. "In working with LifeCents to launch SmartCents, BayPort's financial education capabilities have been enhanced even further and enable us to better improve the financial health of our members, their families and our community, whether that is achieved directly with our members or [through] supporting financial literacy in schools."

BayPort members, and nonmembers, who register for SmartCents (and complete a brief discovery and assessment process) receive automatic entry into the sweepstakes. One lucky participant will receive up to $25,000 toward their debt, and 25 others will receive up to $1,000.

"This is the kind of program that will have a profound and positive impact on many people's lives and the local community," Allison explained. "This approach aligns the value propositions for consumers and BayPort by matching BayPort's existing resources, programs, products and services with the consumers who need those services to improve their financial health and well-being." LifeCents also provides BayPort with feedback in the form of data needed to modify existing service offerings and re-engage participants in a highly targeted way.

The sweepstakes is just another instrument BayPort uses as part of its dedication to the financial literacy of adults and children in its community. "During our 2018 strategic planning session, one of BayPort's strategic goals was to enhance our member experience in education," Mears explained. "With the implementation of SmartCents, we are able to focus on adult education. We are trying to create highly personalized experiences based on those members' needs."

Mears pointed out BayPort hopes SmartCents helps the credit union achieve an adult education foothold. The credit union already has a longstanding youth commitment to financial education with 50 student-run credit unions.

Mears called the youth programs "fun and student-run." For the student-run credit union program, BayPort collaborates with schools to host savings days and educational programs. Students receive hands-on experience learning, operate the branches as tellers, and perform all duties from accepting applications to processing deposits. The branch also serves as a convenient place for students and faculty to bank.

The introduction of the mobile-friendly chat-like tool, SmartCents, coincided with the official relaunch of BayPort's website in April 2019. The personalized financial wellness platform, accessible by phone, computer or tablet, uses a combination of the latest technology and AI-driven user involvement through rewards campaigns, reminder emails and suggested learning paths. "This approach helps us better improve the financial health and long-term wellness of our members, their families and our community," Mears noted.

BayPort has seen some tangible results for SmartCents in just a few months. "We have over 4,000 registered users on it already with nearly 1,500 of those users being nonmembers," Mears said. He added nearly half of those who registered completed more than the set tasks required as part of the debt pay down campaign. "We're also seeing users very interested in a variety of topics, especially budgeting and credit scores." Mears explained this allows BayPort to better meet and anticipate community needs, and plan new programs and education.

Allison also noted, "Nearly half [47%] of users affiliated with the initiative went on to complete other modules and tasks, and view other resources, tools and content in LifeCents without any incentive tied to their participation. This demonstrates the efficacy of our financial wellness platform's overall UI/UX, user engagement strategies and gamification techniques."

SmartCents integrates several of BayPort's existing resources, programs, products and services directly into the platform. The proprietary wellness technology creates highly personalized and interactive learning experiences for members of BayPort, which has 24 Virginia locations including Virginia Beach, Williamsburg, and Norfolk.

The variety of products and services offered by financial institutions often confuse consumers, Joel Murray, director of client implementations for LifeCents, noted. "It's very difficult for folks to wade through all their options and understand the benefits and maybe pitfalls of some of the different products. I think there is a real opportunity for financial institutions to take that extra step and help educate consumers on what might be most relevant to them, and even help guide them."

Murray noted, "Credit unions have a much more unique relationship with their members than banks often do with their customers. So that's just one other really phenomenal opportunity – to provide that additional value to members."

A combination of inertia and lack of knowledge contribute to financial illiteracy, Murray said. "We take people through a pretty robust financial health assessment." He added LifeCents is not just an educational platform, but an engagement platform. "Credit unions have a unique opportunity to use LifeCents as a platform to engage folks on topics that are most important to them."

Mears explained financial education has always been a strategic objective of BayPort's board and management team. "We've been doing a lot of student-run credit unions, which is youth financial education." BayPort awards $90,000 a year in its scholarship program. Therefore, adult education seemed like a logical next step. "We just want to be the end all for financial literacy for youth and adults."

In addition, BayPort has more than 50 financial counselors on hand in its branches. "We coach our members every day. Just reaching out and giving to our communities … it's another thing that credit unions do," Mears added. "We want to help communities we serve. We'll do our best to make a difference out there."

BayPort plans to continue with its financial literacy approach. "We plan to kick off a phase two where we will encourage continued use in education outreach programs," Mears said. "We will introduce new challenges, reward completion of those challenges, and offer seminars, products and other resources based on that data."

Murray emphasized what BayPort is doing is very progressive and exciting. "There are a lot of credit unions out there providing financial education on their website. But here, BayPort is actually using that as a tool to engage with their members. That is incredibly valuable for the members and also for the credit union."