Let’s face it. Financial services can be boring due to the heavy focus on tables, charts, and numbers. Businesses aim to boost customer engagement through digital means, and fintech is following suit. Gamifying fintech solutions can help overcome the challenge. Financial businesses can use game-like elements to make routine tasks more engaging and enjoyable for users. Gamification is pervasive. Fintechs of all sizes are joining the trend, from global financial institutions to small start-ups.
Gamification shines brightly in personal finance, investing and beyond. Rewarding humans is an undeniably powerful premise. However, being cautious is necessary to avoid costly mistakes for your business.
Gamification Explained
What’s gamification? Gamification is the addition of game-like features to non-game items to increase their appeal, engagement, and enjoyment for customers.
Gamification helps illuminate an app and extend its user engagement. It illuminates your financial service and guides user behaviour. What’s the current size of the gamification market, you ask? It’s massive. According to recent research, Gamification is expected to increase at an annual growth rate of 26.5% until 2027, and the companies that use it see up to a 700% increase in conversion rates.
Adding the Fun in Digital Finance and Fintech: Gamification
Gamification is growing rapidly in fintech, encompassing insurance, banking, stocks, and personal finance. Companies are exploring gamification and blockchain technology for investing.
Gamification in fintech aims to increase user engagement and loyalty to financial service providers. It illuminates mundane products, making them enjoyable instead of tedious. Its goal is to transform financial or business app usage from a task to a delightful experience.
An app with too many gaming mechanics can cast doubt on the reliability of a financial product. Companies must strike a balance between gamification and professionalism in their app design.
Benefits of Using Gamification for Digital Finance and Fintech
Gamification in finance has great potential for benefits to customers and businesses. A few examples are:
- Gamification can enhance web and mobile customer engagement by motivating users to spend more time on an app and interact with its services.
- Financial institutions should make learning about banking processes enjoyable to boost financial understanding. And that’s where Gamification illuminates.
- Gamification can encourage customers to save more by linking credit card spending with prize-linked savings, which is known as an investment drive.
- Happy customers recommend financial institutions to others, increasing visibility.
- Data about existing customers can help businesses reach more people.
- Customer behaviour insights are valuable for generating new business improvement ideas.
- Make your Gamification approach shine with helpfulness, clarity, and enjoyment for your customers: increase their loyalty and brighten your financial business revenue.
Gamification illuminates a path to motivate customers towards saving more and learning about financial practises in an enjoyable and powerful way. This applies to various industries. It illuminates the path for new customers, brightens the bond with current ones, and sheds light on new strategies against the competition.
5 Ways Fintech Companies Can Utilise Gamification
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Use Exciting Rewards
Rewards shine bright in online banking gamification and other financial apps, and they don’t need to be too valuable to be appreciated. Encourage savings and online banking to reduce paper waste. A reward for shopping at your business could be a gift voucher or something similar.
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Expand Your Social Media Presence
Sharing experiences and progress on social media can create community and interaction, increase brand awareness, and more. Social media platforms are generally open to all, but private in-app settings may also be used for activities.
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Make Customers Win
A smooth gaming experience should be provided to the user without any frustrating difficulty. This approach may repel them. Make winning challenging yet achievable to keep customers hooked and motivated to reach the ultimate prize.
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Create a Customer’s Journey
Improve the overview of customers’ progress and remaining distance to a specific destination/reward. Progress bars are like visual stimulants that help people stay motivated and focused on their tasks.
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Use Tests and Puzzles
Games like puzzles, catch and scratch, quizzes, and others have been proven successful by numerous businesses, big and small. Gamified tests can enhance financial literacy in customers and provide valuable information in an engaging way. Rewards and badges can be powerful motivators for learning and engagement with your product or service.
As you can already tell, the term “gamification” can refer to a wide variety of diverse activities. It’s as simple as rewarding people for doing things like signing up for an account, moving up in tiers, or even completing a purchase. It’s a great way to get people excited about your brand. Create your own quizzes and countdowns, complete with unique rewards, group competitions, and individual rankings for each participant.
Since gamification in fintech simplifies complex topics, motivates behaviour change, and promotes consistency, it’s crucial for the digital finance industry to jump up on this wagon and catch the wave. Thanks to gamification, businesses can illuminate the path to collecting more personal data about your users, enabling them to customise their services and offer a more personal approach.
