Gamification in Banking

Today, FinTech & banks have come up with several approaches to enhance their customer experience. One of which is gamification. Gamification has already gained ground in many industries. But have you ever heard about gamification in banking? It’s a relatively new approach to providing banking services and let me tell you more about it.

Though the word 'gamification' seems to speak for itself, in reality, the concept is not about mere game development for customers' fun. Rather, it's about applying game principles and mechanics to engage and motivate customers to perform specified activities or change the behaviour of a target group. . But how is that used in banking?

Banking gamification basically transforms day-to-day banking processes into milestone-based tasks and rewards-type activities, often by incorporating gameplay mechanics from video games.

What are the benefits of gamification?

1. Increased customer engagement and awareness:

The game solution makes clients spend more time using the mobile banking app as they’re more interactive, immersive, and customer-focused, designed to give the customer the feeling of playing a game. Gamification can also help in spreading information among their customers about their latest updates and services.

2. Customer data insights:

Gamified apps can be used to gather a variety of data about banking customers which when analyzed, give banking organisations invaluable insights into their user demographic.

3. Winning competition:

Standing out from the competition is always something very important and incorporating game mechanics in a digital banking app can definitely do the job. Banking gamification is still in its primary stages, so it’s easy to stand out using this method nowadays. In the end, offering customers the best customer experience should always be the top priority. Banks should always keep looking for new ways and methods to accomplish that and to always keep levelling up. In my opinion, gamification can make banking more exciting and enjoyable, which in its turn will increase customer engagement and loyalty.

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