Game On: Inside A Financial Escape Room At Hanscom FCU

A New England credit union is thinking outside of the branch when it comes to financial education, taking inspiration from the rise in popularity of escape rooms.

Hanscom Federal Credit Union ($1.8B, Hanscom AFB, MA) is using this engaging format to teach the public about crucial financial topics like fraud, lending, and budgeting.

“It sounds hokey when you say it out loud, but we wanted to go beyond and place ourselves at the center of our members’ financial wellness experience,” says Peter Rice, president and CEO at Hanscom.

The credit union opened its first WealthTrek location in Burlington, MA, last summer. Encouraged by the pilot’s early success, the credit union opened a second location in Boston in March and has plans to open a third and fourth location by the end of this year.

“We knew early on we were onto something,” Rice says. “We hosted veteran groups and other organizations for financial wellness events, and people loved it. They’d come out of the game room saying, “That was great! What’s the record time?” I’ve never seen that in financial services.”

Gamification Meets Expert Coaching

Beyond being a fun and engaging format, escape rooms’ use of gamification to reach consumers is a strategy supported by neuroscience.

“Humans learn best through play, whether it’s roleplay or games,” Rice says. “That extends into adulthood. Even in the military — going back to our origins as a credit union — they drill and prepare constantly. That’s a kind of practice, if not play, at times.”

Play stimulates parts of the brain that are typically unengaged during routine activities. By tapping into the brain’s rewards system, businesses and educators alike can encourage the release of dopamine to improve engagement and information retention.

Thus, Rice describes WealthTrek as a two-pronged approach.

In addition to upping the ante on member experience, the centers also connects people with additional resources through Hanscom’s financial coaching, for which all of the credit union’s front-line staff are certified.

“This originated, oddly enough, from hearing that Tiger Woods and Tom Brady had coaches,” the CEO says. “That blew my mind. They’re the best yet still learning. We realized we needed to send the message that learning is important. Exploration is important. We built that process first, then created spaces that are vibrant, encouraging, and work for everyone.”

According to Rice, the Burlington location has already successfully engaged escape room players in financial coaching.

“We’ve seen strong stats,” he says. “About 63% improved their credit score, and a similar number improved their emergency fund. After just two coaching sessions, use of credit union products and services rises dramatically.”

Ongoing Innovation

Hanscom’s new model requires constant monitoring and evolution.

For example, the Burlington location started as a one-room analog puzzle that required physical interaction for several elements. For its Boston location, Hanscom aimed for a more theme park-like experience. The 2,300-square-foot center is mostly digital, more story-driven, and more inclusive.

Hanscom Federal Credit Union’s WealthTrek Burlington location opened last summer and now offers an interactive journey through multiple “quest rooms.”

Members team up to solve challenges related to real-life financial decisions. Topics will rotate so visitors can always expect something new.

Certified financial wellness coaches are present to help members build confidence and financial skills before and after they complete their WealthTrek experience.

Hanscom FCU regularly hosts veterans and select employee groups at both of its WeathTrek locations.

The credit union will continue to analyze visitor data to fine tune these experiences and keep the information relevant.

“Our youngest participant so far has been seven,” Rice says. “The oldest 86. And they all had fun centered on finances.”

Additionally, digitizing the games allows for easier collection of data, pinpointing where people struggle, what’s too easy, and how demographic information can affect the experience.

“Different groups teach us different things,” Rice says. “New generations bring new challenges and opportunities. That’s the beauty of this. It’s adaptable. WealthTrek has given us so many unplanned benefits.”

These unplanned benefits even extend beyond financial learning for participants.

One credit union member, a professor of occupational therapy at Regis University, brings her students to WealthTrek every few weeks to help them learn about teamwork and management styles, as time constraints create tension that people often respond to differently.

“It became a great opportunity to study team dynamics, which is really important to us,” Rice says. “We have over 1,800 SEGs. They’ve also helped us improve the experience by considering things like light sensitivity or different sensory triggers.”

Hanscom focused on car loans when it initially opened its Burlington center. Today, that center features three rooms, with a fourth underway, covering topics like retirement planning and credit scores. Similarly, the Boston location opened this spring with a singular topic: fraud.

“Traditionally, fraud education means a handout telling you not to do this, not to do that,” Rice says. “That’s not how people learn. So we decided to build a four-room experience where members actually experience fraud. That way, when it happens in real life, they’ll know what to do.”

The quests are designed to take approximately 45 minutes on average, although there’s nothing stopping participants from trying for a record time.

As time goes on, the credit union will rotate and updated themes to keep the material fresh for reoccurring visitors.

The Experiences Era

“I’m a firm believer that the concept of ‘competing on service’ is dying in the digital era,” Rice says. “People expect great service.”

So, then, how do credit unions compete in this new era? By providing value … and valuable experiences.

“If you’re a gym member and don’t show up, you don’t get the benefits,” Rice says. “Nobody says they’re a gym ‘customer.’ Being a member means you’re invested in getting value, and we want our members to get value from us.”

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