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Butterfly FX has on occasion labeled itself the “Netflix of education,” creating a “micro-edutainment” enterprise that’s an on-demand and on-the-go solution for advancing global financial literacy. By using a combination of storytelling and animation they are enabling micro-entrepreneurs to grow businesses and create opportunities for themselves. This education has a ripple effect, which not only impacts an entrepreneurs’ future, but also the future of their family and even their entire community. We spoke recently to Marisha Naz, one of Butterfly FX’s founders, about how the ease of video creation helps them achieve their social good goals. Here’s an example video:
Naz: I co-founded Butterfly FX in September 2018 with my classmate Katherine Li while we were both studying for our MBA at the University of Oxford. I oversee the product development, educational content creation, and strategy, as well as the financial risk assessment technology.
Naz: We have been using Vyond from day one! We evaluated a range of options and from the moment we tried the trial we knew this was the tool that was going to help us deliver the quality of educational content we envisioned. It was easy to use and intuitive and I went from not knowing anything about Vyond to an avid user in no time.
Naz: I design financial literacy classes through Vyond. I design for a very diverse range of audiences in terms of nationality, educational, and social-economic levels. What I like about Vyond is that it’s both a simple and intuitive user experience, and packed with powerful customization functionalities. This means I can get started very fast while still including a high level of localization details, which is important for us. The character customization tool, for example, has many preset options but you can then edit each one of them for color, shape, etc. Over time I’ve also noticed more diverse options in terms of backgrounds and character clothes, which allows us to localize our content even further.
Naz: We’ve built an in-house micro platform which is data-light and distributed to micro-entrepreneurs to access the educational content. We also use a variety of short tests and concept reviews. From a pedagogy perspective, we use cutting edge research in mental models to ensure the content we create can be recalled in real life and helps establish habit-forming behaviors.
Naz: When we think of education we think of books, classes—the serious stuff. With financial literacy, the approach globally has largely been the same. However, when we looked deeper into the research, people find it hard to grasp financial literacy concepts and deploy them in real life as the emotional aspect of money is often not included in the education journey. This is where we’ve found videos, in combination with storytelling, to be a powerful tool that can convey financial education in a more contextualized manner that’s easy to remember and recall. We now produce short micro classes (4-5 minutes of video) with Vyond and deploy globally, with a focus on Southeast Asia.
Naz: Vyond is the primary video content creation tool that we use.
Naz: First, we start with the end-users, the micro-entrepreneurs. We work to understand their context, what problems they face, and their basic level of financial knowledge. Next, we design an educational program for this cohort of micro-entrepreneurs and identify what the absolutely necessary things they need to know. We always try to keep it concise without trying to cover everything. We use heuristics and rule of thumbs as a framework for what to teach. We get feedback from our partner organizations on the structure of what topics to cover and at what level and depth. Once aligned, we head to the drawing board! We draft out class plans and storyboards. Then we go into production mode to produce all the content, as well as the micro platform to host the content. We test the end product before delivering it out to our partner organizations which helps us distribute the educational programs to the micro-entrepreneurs.
With their educational animated videos, ButterFly FX is helping micro-entrepreneurs worldwide become financially literate. Their videos help ensure that anyone, anywhere has access to the financial products and services they deserve.
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