Banking gamification is the process of making banking a more enjoyable and interactive activity, like one would experience when playing a game. Gamified apps aim to increase customer engagement while also increasing interest in, and knowledge of, the maker’s products, while still ensuring the customer has an enjoyable interaction with the app. The banking industry can use game mechanics to elevate their customer experiences and grow trust in their product offerings.
Like creating a fitness account to track steps, different aspects of the banking industry can be gamified. From learning about interest rates and banking services to tracking money saving increases and decreases in savings accounts, the banking experience can easily translate to a gamified app. Digital banking is highly prevalent on mobile phones, and a gamified banking experience can be utilized in a mobile app or social media platform. However, banking gamification does not necessarily have to be built into a separate app, it can also be built into different sections of existing mobile banking applications.
Banking gamification can be especially beneficial for personal financial services. Gamification can help customers better understand spending trends, track bank accounts across services, and help with personal budgeting management. With a well-designed interface that focuses on ease-of use, customers can enjoy their banking experience in new ways. With open banking spreading throughout the globe, consumers will soon have more options than ever before for how to interact with their financial data. By utilizing banking gamification, financial institutes have new ways to engage customers, who are more and more frequently relying on digital banking options rather than traditional retail locations.
While retail banking locations are seeing a decrease in customer interaction, digital banking continues to grow. Banking gamification can benefit the financial industry in the following ways: