Like consumer brands McDonalds, Lancome, Starbucks and Samsung, fintechs are good at using gamification to evoke feelings of accomplishment and success among customers while delivering immersive experiences.
With gamification, fintechs employ sociology, psychology, and cognitive sciences to drive behavioral changes in customers through rewards. For example, Juicy, a French investment platform, offers rewards to new users who open accounts with as little as EUR50. UK-based Revolut allows customers to earn points for transactions, money transfers, and referring new customers, which can be used to enter weekly drawings for cash prizes.
Games are entertaining, but they can be educational too. UK fintech Chip and Plum use gamification to motivate customers to improve their financial health. They also drive financial inclusion and smarter money habits by incorporating gaming principles into their business models.
A cottage industry of enablers has emerged to help banks and fintech firms leverage gaming modules to reinforce customers' sustainable practices and financial behaviors. For example, a French startup, Neuroprofiler, offers a behavioral finance game to help advisors assess investor profiles.
Incorporating gamification into strategy can help banks and fintechs create cross-and up-selling opportunities and boost customer retention while lowering acquisition costs.
This article is taken from Efma-Capgemini’s World Retail Banking Report 2022.