In the mind of the average consumer, the finance industry has always had a reputation of being too dull, serious, at times confusing, and lacking imagination.
And that’s the reason why many insurance companies, banks, wealth management businesses, and other fintech institutions have opened their doors to new digital solutions that can help facilitate a more engaging and impactful customer experience.
However, creating a user/mobile-friendly fintech app may not be sufficient to make your target audience happy.
Gamification is one of the most hopeful inventions currently transforming all major industries, including fintech. With this solution at your disposal, you can provide fun and engaging user experiences that stand out from the boring fintech solutions of the old.
Adding gaming elements to your webpage or application can motivate people to stick around and complete addictive tasks that can be incorporated into financial education, keeping track of spending, saving money, and much more.
In this article, we will explore how gamification can help your fintech business and look at best practices to implement for maximum efficiency.
Gamification means incorporating gaming mechanics into non-game environments. This includes going through fun missions and challenges, collecting points, earning rewards, etc.
A good old-school example of gamification is the returning flyer programs offered by airlines. This technique motivates people to keep flying with the same company to become eligible for special savings rewards and other goodies.
Gamification comes with an arsenal of tools that keep users engaged with your website or application and attract fresh customers to your financial service. And there’s one thing that you can be sure of — today’s youth certainly love playing games!
By injecting game elements into your financial solution, you can interact with your customers much more efficiently, which in turn will open the doors to future investment from them.
And similarly to traditional video games, gamified apps carry rules, tasks, and rewards, carefully designed to keep the user immersed and excited about interacting with your product or service.
And now, let us explore 15 gamification ideas that you can start using in your fintech business today to grow your business like never before.
By smartly using precious client data, you can offer personalized financial goals, strategies, challenges, achievements, online courses, educational videos, blogs, and other valuable content relevant to each customer.
Giving people the option to choose, upload, and unlock specially customized avatars is a social element in the world of video games, with veteran status. In the fintech industry, avatars can help elevate what is usually seen as mundane processes to a more fun and exciting state.
The term ‘titling’ is used in the gaming community to describe wild behavior that translates to negative results — e.g., a poker player going double or nothing with a bad hand or a pinball enthusiast tilting the machine.
No matter what fintech solution you have chosen, it should be designed with anti-tilting in mind so that clients won’t make poor financial decisions. Various fintech applications with gamification elements use bots powered by artificial intelligence highly trained to spot tilting behavior and send automated messages to clients before they’ve dug themselves into a hole.
Seeing what the money-trading applications of today are doing to create a sense of community can only inspire businesses to follow suit. Apps with strong gamification mechanics like Fortune City are proof that customers are excited about the chance to connect with friends and family.
Giving people the option to interact, join forces in challenges, and engage in healthy competition against one another for rewards, can create a much more engaging and immersive customer experience for everyone.
Gamification allows you to customize the customer experience in great detail.
This has been observed for decades in video games; people spend lots of time building their online persona and even spend money on virtual clothing to suit their tastes.
A study by professor Nadine Bol and a team of researchers revealed the reasons for this behavior. According to the study, people tend to immerse themselves more in an experience if they are given a certain amount of control and autonomy.
Your fintech site or app can also take advantage of this. By adding additional options to choose background elements, colors, night and day modes (for easy-on-the-eyes experiences), and other customization options, you can give people an experience worth sticking around for.
One of the most crucial elements of a successful financial app is the ability to help people save money.
That is why it is essential to help customers get through their tasks and be transparent about their progress. Progress bars are a great way to achieve this, but that’s not all they can do.
This ageless tool can help customers stay motivated by giving them a dopamine kick every time they see the bar moving closer to their end goal. In turn, this translates into retention, loyalty, satisfaction, and, ultimately revenue.
When it comes down to helping people be consistent with their savings, you should give them a specific result. For example, you can show users how much money they can get in return for investment.
The only action that is required from a user to have a chance at winning big in a game lottery is to participate. Winning a game of lottery requires no effort from users, yet it is a great way to excite them and keep them engaged with your website or application.
Leaderboards are a compelling gamification feature that fintech companies should highly consider when creating an app or site. In short, leaderboards represent top score lists allowing users to participate in friendly competitions.
You can increase engagement, productivity, and client satisfaction by allowing people to keep track of their scores and how well they are performing compared to others.
Another fantastic feature for helping people be consistent is ‘streaks’. This user interface pattern can be applied to any repetitive action of choice. For instance, a savings app can incorporate a feature that monitors how often users meet their saving goals.
Reward systems are a great way to attract and retain customers. By providing incentives for effort, a fintech company can deliver a better customer experience while boosting return on investment.
Hence, fintech apps and sites can significantly benefit from gamified elements like points, badges, and other pride-stimulating techniques.
For example, a company can allow clients to earn unique coins for buying products or services from partner retailers later to redeem them for tasty discounts and gift vouchers.
Another way to do this is to hold a prize drawing for the most active users, encouraging them to engage with the app more often.
To successfully raise client awareness about financial content, including products and services, it is vital to gamify educational content. Businesses can implement various techniques that involve quizzes, puzzles, videos, and games to foster financial literacy while improving customer engagement.
For example, your app can provide educational content and a point system allowing people to win rewards such as movies, music tracks, tickets to social events, and so on.
To improve customer engagement and keep churn to a minimum, fintech businesses can give people the ability to share their accomplishments, favorite features, and other fun in-app content via social media sites.
In addition, this type of gamification helps companies attract new customers and increase awareness.
For example, an app can encourage people to share gifts and money with their loved ones. Users can also receive personalized rewards based on activities such as money remittances.
Successful businesses understand the value of investing in product authenticity. This can include product surface texture, sounds, smells, shapes, etc. For example, have you noticed that all KFC restaurants smell the same? This is done by design.
Although such subtleties often go unnoticed, they bring great value to the experience. These principles can also be applied to digital products. Seamless and unique interactions, animations, and exciting visuals help apps become more engaging and valuable to the customer.
Illustrations work like magic when it comes to humanizing the user experience for your product or service. They help explain complex information and bring a touch of color and enjoyment to the functionality of the user interface.
The words users are being greeted, informed, and entertained with play a vital role in their overall experience with the product or service. And while writing and branding are deep subjects in themselves, copywriting is an extremely powerful tool that introduces an element of fun and engagement for the user.
To find success in this area, you must write with clarity and purpose, stay away from jargon, and avoid addressing people in a monotone voice. Be playful, use tasteful humor when you can, and try to make your customer the focal point of the experience.
If designed with care, exciting gaming elements applied to relevant situations can help customers, students, and employees experience a rise in motivation and engagement. With the help of gamification, people can find the motivation to immerse themselves in the experience while gaining the knowledge they need to rise above the ordinary.
So if you are looking for an all-in-one solution to increase customer, learner, or employee satisfaction and productivity, gamification is an option you should strongly consider, whether you are in the fintech or any other industry — and we are here to help you achieve all this!
As a leading Gamification & CRM Automation solution, Smartico offers:
And that is just a tiny sample of what’s on offer. Smartico can help your company grow exponentially by supplying the solutions needed to bring the motivation and engagement in your business to a whole new level. To start your journey to unparalleled success, book your free in-depth demo today at: https://smartico.ai/request-a-demo
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