Gamification in Fintech
Smartico implements Gamification in Fintech industry for the first time, and we’re here to tell you how it’s done, and what you benefit from it.
Fintech companies have never presented themselves as fun, entertaining or open for applying gamification concepts within the daily trader activities. When asked by Smartico why wont you use some gamification techniques, to help your traders overcome some adoption obstacles and get used to trading experience, the reaction at the beginning is always skeptical, wondering how it can blend within the solid financial industry image. But when we present them some use cases, the conversation flips, excitement starts to appear slowly and leads to “We have to do it” request.
A little reminder about Gamification
The purpose of Gamification is to incorporate game elements into non-game activities. By utilizing gamification techniques like collecting loyalty points, giving rewards upon task completion, progress and status visualization, missions/achievements, leader boards, tournaments we try to improve customer engagement, making processes fun/easy/transparent/rewarding.
The impact of Gamification
For traders, this means an attractive, engaging user experience and the existence of an interface that is not just easy, but enjoyable to use as well. For operations, gamification will speedup adoption, reduce customer churn and increase conversion and LTV. These days, when the market is flooded with competition, Fintech operations must stand out from the crowd, creating memorable experiences for their traders.
Differentiate yourself
Smartico works on a personal level and feeds on the sense of personal achievement that we all enjoy, when applied, it has the power to increase user activation and retention, and word-of-mouth referrals. Take this road to make your product stand out, and to build loyalty. With so many Fintech companies falling by the wayside through poor differentiation and engagement, gamification does seem to be a simple solution for overcoming those obstacles.
The password of the industry
This tendency of gamification in fintech is growing quickly and it’s important to join it before the trend completely explodes. At Smartico we deploy multiple tactics, and each operator will find a different combination of features to match their product, operations needs and traders. We have listed some gamification tactics that you can use in your fintech products and although this is not a complete list of all the features you could use, it’s a good way to start.
Gamification in Fintech - Examples/Ideas
Using gamification technics we can make Trader’s onboarding process smooth, easy and safe.
- Levels: Imagine that we setup 10 Levels, those Levels are synchronised with “Trading Groups” on the Trading Platform side. Trader will collect points and climb up the Levels (changing Trading Group). First Level will expose limited amount of Instruments to trade with a limited position volume that he can open and reduced fees. The goal here is try to protect “Newbie” Trader from making mistakes and loosing all his initially deposited funds (Regulators will love you for having this functionality). As the Trader progresses with the Levels, more Instruments are being introduced to him (or even more Platform Features), with a supporting email sent, explaining about new Instruments, new Limits and maybe new Features Enabled.
- Missions: We all know the KYC questioner and following documents upload and review process is a huge obstacle while onboarding a new Trader. By introducing a simple visual mission with multiple tasks inside and progess tracking for each task, we create a friendly transparency with the new Trader over the process he needs to complete. By completing every internal task, Trader will be rewarded with loyalty points.
- Marketplace: So we gave you some ideas how Trader can collect points and progress Level, but what can be done with the points? What usually our clients do is they sell in the Marketplace items like:
- Protect Positions
- Position Insurance
- Access to Premium Features of the Platform (Autochartist, Trading4pro, Economic Calendar)
- Spread Discounts
- Increased Leverage
- Personal Training with Professional Trader
- Bonuses if applicable with regulation
Anything can be sold in the Marketplace, even tangible items, it’s the operator choice.
- Tournaments for Traders: Execute time limited competitions between Traders, one of the ways to implement it, is to open Demo account with predefined amount of funds for each Trader that wants to participate in the tournament with a goal to make as much as possible income from the initial finds provided. Traders will comeback every day to check their place and adjust positions.
Another dimension for gamification in fintech usage, is to apply it within call centers that handle sales and retention operations of fintech companies… more about it in future articles.
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