In this article, we will tell you how financial companies and banks use gaming mechanisms to attract customers and give examples of fintech gamification. Every business seeks to popularize its goods and services and interest as many customers as possible. Gamification is one of the audience engagement tools that is widely used in many fields today, including banking, the stock market, e-commerce, education, healthcare, insurance, and more.
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Why do Banks Need Gamification?
Gamification is not a new concept: the financial industry has been using it for quite some time. The elements of gamification that you know for sure include accumulated points, cashback, bonuses, and rewards. These things encourage users to interact more actively with the app, and as a result, gamification not only improves the overall quality of customer service but also helps generate revenue and increase the volume of cashless transactions. Also, available are fintech application development services.
Participants in the financial services industry can reap the following benefits by incorporating elements of gamification and game design into their applications:
Stimulate Users to Actively Purchase Banking Products and Services
Commonwealth Bank of Australia (CBA) has gamified the property investment process. The bank launched an online game where real estate could be bought and sold without the risk of losing personal finances. At the same time, the game provided buyers with up-to-date data obtained from developers, economists, and investors.
To Attract New Customers
Emirates NBD, one of the UAE’s largest banks, has launched a fitness app to motivate customers to save while exercising. The bank offered customers to open special savings accounts and synchronize them with their fitness trackers. If customers met their daily goals (for example, walking 10 km), they were rewarded with a 2% interest rate. The program helped users save $4.37 million, and the bank managed to attract new customers.
In general, gamification in fintech is very beneficial from the point of view of attracting customers, especially the youth who love fun, simplicity, interaction, competition, and entertainment in general. On the other hand, banking has become an integral part of everyday life.
To Satisfy Customer Demand
The game engine allows financial institutions to receive feedback and understand whether customers are interested in their financial services and products. With this information, they can create personalized offers. These data allow the bank to find out the opinion of customers about banking products and create a unique offer based on their interests and needs.
Increase the Financial Literacy of Consumers
Banks are particularly interested in financially literate and loyal customers. They must be able to make balanced decisions regarding financial transactions and competently manage their finances. Unfortunately, only one-third of the world’s adult population understands basic financial concepts. That’s why it’s important to create gamification solutions that help people overcome financial challenges.
To Retain Customers
Extraco Bank is an American bank from Texas. Another example of what all these startling statistics about the future of gamification are based on. Extraco Banks has developed an online game to inform users about its new services. The bank asked customers to answer questions about their investment and spending habits. The survey included questions such as: how much money they keep on their cards and how often they use them.
By answering these questions, clients received advice on how to spend less and earn more, how to open a savings account, how to invest more efficiently, how to reduce taxes, and how to use this or that financial technology.
Speaking of another bank, in 2022 the largest bank by market capitalization JPMorgan Chase, the amount was 393 billion USD.
To Make Routine Financial Transactions More Pleasant and Interesting
According to statistics, by 2025 more than 70% of bank customers will be millennials and buzzers, representatives of the generation that actively uses the Internet, and social networks play computer games, and is not afraid of new technologies. They will welcome gaming elements included in various banking products and services because they grew up playing computer games.
First of all, you should clearly understand what results you want to achieve by implementing gamification. For example, you can break down global goals into specific ones: how much you want to increase the sale of your goods and services, how many new users you want to attract, and so on.
Consider your customers’ interests and motivations when creating a gamified app.