ES
The concept of gamification, originating from the video game industry, has transcended into various fields of technology in the early 2000s as a novel marketing strategy. As banking apps and platforms continue to rise, gamification is reshaping how banks and fintech companies interact with their users, drawing valuable lessons from engaging video game experiences. Early successes revealed that integrating game elements into financial services increased customer loyalty and satisfaction. With the gamification market forecasted to grow at an annual compound rate of almost 26% through 2029, it's evident that we’re just getting started.
Banking apps will never be as fun to use as video games themselves, but that's not the point. The goal is to engage the users with a little hit of dopamine and make it fun enough for them to come back. Unlocking achievements within the banking profile is an easy way to do just that. From opening a new account to hitting savings goals or managing budgeting. Making every little step count.
Gamification acts as a dynamic tutor, offering an engaging platform to educate users about complex financial concepts, promote responsible spending, and encourage sound financial habits. From simulated investment scenarios to budgeting challenges, users learn by doing, making financial education accessible and enjoyable. A perfect example is the GoHenry platform that creates lessons and challenges for kids to help them learn and earn allowance in the process.
In the gamified world, every user is unique, and their experiences should reflect that. Banks can gather valuable enriched data provided by companies like Tapix, which highlight user preferences and behaviors through different channels including gamification. It enables them to tailor services and recommendations for a more personalized experience and use the smart data to the fullest. Increased engagement leads to more refined, personalized interactions, creating a strong connection between users and financial institutions.
The goal is simple - engage users and make their interactions worthwhile. Unlocking achievements within the banking profile for completing different tasks, such as making payments, opening accounts or completing quizzes, is encouraging them to return.
A reward system closely follows achievements. As users progress through different challenges in their banking journey, incentives like collecting points to unlock unique sales or VIP treatment give them a reason to use the banking app more. In return, fueling it with data that can be used for tailoring the experience further.
Beyond rewards, healthy competition drives people forward. Implementing leaderboards fosters a sense of competition, boosting engagement and making every banking encounter more enjoyable. Who wouldn't want to be the best budget saver in their city?
Gamification in banking apps isn't just about rewards; it has the potential to educate and level up financial literacy. Interactive quizzes, puzzles, and mini-games serve as effective tools to test knowledge and reinforce learning in an enjoyable manner.
Moving beyond turning financial tasks into games, gamification represents a strategic approach to making the entire banking experience more immersive, interactive, and enjoyable. All build on the core element that connects all - data.
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Michal Maliarov
Senior insider
