FinTech and Gamification: A Perfect Match?

FinTech and Gamification: A Perfect Match?

By CFO Tech Outlook | Monday, August 12, 2019

The question is will gamification be the key to success in the FinTech industry with the rampant growth of banks and budding start-ups waiting to capitalize on the games to supercharge employee loyalty and the customers?

FREMONT, CA: The finance industry is developing to reflect the requirements of modern society after swinging to-and-fro from digital transformation to fast-shifting customer demands. In the present time, core industries are working hard to build a hyper-connected ecosystem that reorganizes every experience and interaction with organizations. Every organization, starting from age-old bank to ambitious FinTech start-up, is in a search for new ways to keep their customers engaged.

To everyone’s surprise, even the savvy finance businesses are switching to gamification methods that incorporate game mechanics into the non-game processes. The processes help to trigger the interest of the customer and alter every mundane task into addictive and satisfying activities.

Enlightening the Users:

In the e-learning ecosystem, educational games have been part for a long time, helping users with skill development and understanding of difficult topics in an engaging manner. Gamification helps the banks with opportunities to build engaging learning experiences that can encourage the user to get hold of the topics related to complex financial concepts by their own. An interactive app can always draw more attention and give a better understanding by pulling the psychological reward intrinsic to game mechanics.

Cheering for Healthy Financial Habits:

Gamification encourages and motivates to have good financial habits like a fitness app inspires its users to be active through goal-setting. Some apps genuinely fit for the modern age having intuitive finance that can help children manage their pocket money. A few mobile-only banks have developed pots, where customers can put aside a fixed amount of money for particular goals and track their spending. Gamification can be ultimately used for a distinct potential in helping customers, achieve financial goals that can engage them emotionally.

Working on Customer Loyalty:

The dawn of digital technology and FinTech apps has changed the meaning of customer loyalty in the financial services sector. The change allows customers to be engaged, as they have always been willing to have a company, which can provide personalized experiences to fit right into their pockets. The users of money management apps and cutting-edge banking have accepted gamification methods well as their providers actively make efforts to engage as well as connect with them.

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