Gamification in Banking

  & Financial Services

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Gamification in Banking and Financial Services

Banks and financial services can be their own worst enemy, or their best ally, when it comes to creating confidence in the industry. Engineering a real financial wellbeing program for customers and improving workforce performance are
critical when it comes to creating a profitable organization. In either case, gamification can play a decisive role in delivering engagement and performance.

In this infographic, you will see how banks and financial services are using gamification to differentiate themselves. So they can continue to impact people’s lives, families, homes, and dreams.

Low Engagement & Performance -Two sides of the same problem

What’s going on with customer engagement & performance?

Lack of trust and motivation affect client loyalty and new acquisitions

  1. Only 32% of people have confidence in banks
  2. 45% of UK and U.S. millennials want to change banks in the next 12 months
  3. Only 36% of banking customers are fully engaged

What’s going on with employee engagement & performance?

Stress and burn out impact workers across the whole organization

What is  the percentage of burned out staff by role?

  1. 69% director, manager and supervisor
  2. 61% entry level, administrative, team leader and clerical
  3. 58% professional and technical staff member
  4. 43% senior management and vice president

Engaged Customers & Employees – The key ingredient to boost confidence in the industry

Engaging Financial Customers

  • Five-star channel experiences are a pre requisite for high customer engagement!
  • Engaged customers are nearly likely to have confidence in the banking industry compared with actively disengaged customers.

Bank Customers Who Are Very Satisfied With All Channels:

  • are 65% more likely to have opened new bank accounts or signed up for new bank  services based on their conversations with a bank employee
  • are nearly 4x more likely to say they are “extremely likely” to continue to do business with their primary bank
  • put 7 percentage points more of their total share of deposits in the bank
  • put 7 points more of their total share of investments in the bank
  • are more than 9x more likely to say they are extremely likely to use their primary bank the next time they need additional financial services

Engaging Financial Employees

When employees are engaged with their work, they show up everyday with:

  • Passion
  • Purpose
  • Presence
  • Energy

Highly engaged teams show

  • 21% GREATER profitability
  • 41% reduction in absenteeism
  • 59% LESS turnover

Gamification for Banking -A great solution to provide engagement

Gamification is helping financial customers to

  • Be more engaged
  • Gain brand trust
  • Understand their financial situation
  • Make better financial decisions
  • Reach their financial goals
  • Acquire products and services to meet their financial needs
  • Improve banking experience
  • Analyse their spending patterns
  • keep track of their health
  • Have better driving patterns

Gamification is helping financial employees to

  • Be more motivated
  • Improve regulatory compliance
  • Facilitate employee recognition
  • Stimulate innovation
  • Deliver excellence in customer service
  • Have a career development path
  • Reach personal development goals
  • Hit targets and sell services
  • Track their performance
  • Embrace digital transformation

Gamification in Banking – How financial companies are using Gamification

Barclays Bank

Launched a social card called Barclays Ring to create a social community of card holders.
By praising users for sharing their suggestions on credit card features with online and offline rewards, Barclays was able to market the product as user-friendly. Their Giveback™ program also provides the community members a chance to share in a portion of the Barclaycard Ring Mastercard program’s profits.

Emirates NDB

Created a gamified app to increase customer engagement and deposits.
Not only were they able to promote  financial wellness but they also helped customers to stay healthier. With a special fitness account synced with a fitness tracker, customers could achieve daily goals like 12,000 steps per day. As a reward, the bank would guarantee a 2% interest rate on their account.This resulted in a total of $4.37 million in savings as well as increased customer loyalty.

Aviva Italy

Built a mobile app to evaluate users’ driving skills which would help determine their insurance premium.
With this initiative, users received a rating beween 1 and 10 for every 300kms driven. At the end of a trip the app would also provide feedback on cornering, fuel efficiency, acceleration and braking skills. The badges earned with the app could also be shared on Facebook and Twitter, generating further traction and acquisition.

PayPerks

Provided an educational reward platform to increase financial literacy and inclusion for their low to middle
income customers (LMI).
For every positive financial behaviour, like lower cash/ATM usage or higher usage of cards / POS, users would
earn rewards.

BBVA

Launched a game to increase customer loyalty.
With this app, users received education on how to execute different banking transactions through tutorials, for example, how they could pay their taxes online. For each task completed, users earn redeemable points. The more
points, the more chances they had to participate in sweepstakes and giveways.

Moven

Developed a behavioral gamified engagement system called CRED.
CRED provides real-time insights into spending habits, so users can see how much and how fast they are saving towards their goals. This drives a redirection of the typical buying impulses and the craving of material  belongings into savings.

Sources
https://medium.com/swlh/how-to-use-gamification-in-banking-7f55e1b3c7a9
https://www.gallup.com/analytics/237689/bank-creating-regulatory-risk.aspx
https://thefinancialbrand.com/51794/moven-contextual-mobile-savings-lending-app/
https://blog.globalwebindex.com/chart-of-the-week/consumer-banking-trends-2019/
http://apis.pe/wp-content/uploads/2018/10/Apis_Partners_Gamification_of_FS.pdf?x54915
https://hrdailyadvisor.blr.com/2017/06/05/vacation-time-majority-employees-burnt-work-highly-stressed/
https://news.gallup.com/businessjournal/197363/bank-channel-experiences-break-customer-engagement.aspx
https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely-statistics-about-the-connection-between-employee-engagement-and-wellness/#722c10b422a0

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