Home Tech & Trend Gamification in the Banking Industry: Understanding Its Concept and Advantages

Gamification in the Banking Industry: Understanding Its Concept and Advantages

by admin

The banking industry is undergoing significant changes due to digitalization. Along with the increasing demand, there is a need to make banking apps and websites more engaging. This is where gamification comes into play. Gamification has gained popularity in various fields as a marketing strategy, leading to a three-fold increase in annual sales worldwide. But what exactly is gamification in the banking industry, and how beneficial is it?

Why Focus on Gamification?

Gamification is not only used to attract more customers, but it also creates an interesting and engaging digital platform. Here are some advantages of incorporating gamification in the banking sector:

  1. Engaging Clients

Gamification helps banks to engage their clients by providing a fun and engaging experience when they visit the website or app. This encourages clients to visit the platform not only when they need banking services but also in their free time.

  1. Building Loyalty

Gamification enhances the user experience by almost 40-50%, leading to increased loyalty among clients. Satisfied clients are more likely to recommend your bank to their friends and family, ultimately expanding the customer base.

  1. Involving Employees

Employees can also benefit from gamification, as it makes their work interesting and enjoyable. This can result in a lower resignation rate and increased motivation. Employees can earn higher levels or receive badges for completing activities within the gamified platform.

  1. Promoting Personal Development

Gamification may seem like a non-serious approach, but it actually promotes personal development. Games help increase concentration, and implementing gamification in the banking industry can result in higher focus levels among employees.

  1. Driving Innovation

Gamification positions a bank as innovative and modern, which can help create brand awareness and distinguish it from other financial institutions.

Basic Details and Tips

Gamification refers to applying gaming techniques and methodologies in non-game environments. Like in a game, continuous participation and activity in a gamified platform lead to rewards and increased engagement.

Gamification in banking faced initial challenges as people associated it with scam games or activities for kids. However, the positive results, such as increased client activity and customer base, have debunked these stereotypes.

The younger generations, especially those who have experienced remote learning and work during the pandemic, value engaging platforms. Gamification makes banking systems:

– Efficient

– Fun and interesting

– Engaging

– Insightful

– User-friendly

Best Features

There are various gaming features that can be implemented in banking systems. Here are the top features:

– Point System: Clients earn points for activities, transactions, or website visits. Points can be used to track progress or reward clients, such as for achieving savings goals.

– Levels: Similar to gaming levels, clients can set goals and earn levels as they make progress. This visualizes achievements and motivates clients to continue their journey.

– Leadership Board and Badges: These tools provide visual recognition and a sense of accomplishment. Clients strive to earn more badges and climb higher on the leadership board.

– Progress Charts: Tracking progress is essential in any game, and it can also be used in banking. Setting up progress charts for savings or expenses challenges clients to achieve higher levels, fostering healthy competition.

– Quests and Lottery: Quests are personalized goals for clients, encouraging them to achieve milestones. A lottery feature adds an element of fun and randomness.

– Polls: Polls can be used to gather insights and feedback from clients, allowing banks to improve their services. Anonymous feedback can lead to valuable recommendations and ideas for improvement.

Final Thoughts

Incorporating gamification can revolutionize the banking sector, particularly in sales, marketing, and HR management. It engages users, motivates employees, attracts valuable investments, builds loyal customers, and creates brand awareness. The benefits are numerous, making gamification a valuable strategy for financial institutions.

You may also like

©2023 – All Right Reserved.