Gamification for financial institutions has become increasingly popular in mobile applications and digital banking, as businesses seek to enhance user experience and drive customer engagement.
The use of game elements and design in non-game contexts to motivate and engage people to achieve their goals have been game changers in many industries. We have experienced successful usage of game-elements in Health with apps like Strava, Nike + and Peloton, in Education with apps like Dualingo, as well as dating with apps like Tinder and Bumble. Financial institutions can use this technique to increase financial wellbeing, and promote responsible financial behavior.
When we talk about using gamification for engaging customers with their financial institutions, we understand that a gamified solution could be used to tackle different challenges and specific goals. By breaking down complex concepts or processes into smaller, more manageable tasks or challenges, mobile applications and digital banking can also help customers better understand how to use their services. That is why Flourish Fi's technology is modular and can be combined in different ways creating a personalized experience for each one of our clients.
Knowing that gamification is a powerful tool for engaging and encouraging responsible financial behavior, our technology transforms the user's financial activity into a fun and engaging experience which ultimately generates behavioral consumer insights for our partners. Here is and example of how our models can be combined to create personalized journeys:
One common challenge that financial institutions have is to increase the number of customers in digital channels to avoid the costs with physical branches, especially as the younger generation point to the future of financial services being fully digital.
In order to incentivize channel adoption, our customers can combine different mechanics in our platform including Personalized Mission, Financial knowledge and Instant Win Activities. These combine bring people a guided journey, timely and relevant content in a fun manner while also rewarding people for accomplishing their goals.
With this combination, customers have a journey that starts with completing the challenge of making an on-time loan payment, then earning extra points by playing a financial knowledge trivia, to finally transform those points into prizes with the game mechanics of a wheel of prizes or a scratch and win, and everything inside the financial institution app.
In conclusion, gamification is a powerful tool for enhancing user engagement, promoting learning and retention, improving customer loyalty and satisfaction, and gaining valuable insights into user behavior. By incorporating game design principles into your mobile applications and digital banking services, you can create a more enjoyable, interactive, and rewarding experience for your customers, ultimately driving higher levels of engagement and growth.