As far as the banking sector is concerned, the so-called gamification in digital banking is one of the best ways to generate loyalty and commitment from users.
In this post, you will discover what’s new in gamification in the banking sector.
Current status of gamification in digital banking
The gamification process is understood as the implementation of playful elements to improve the digital experience of users. It has become one of the most effective methods to attract users and increase the number of customers. At the same time, gamification means a substantial improvement in the quality of navigation and user interest.
The relationship between digital banking and gamification initiatives has been going on for years. BBVA, Santander and many other major banks have gradually incorporated design improvements and gamification elements.
Thus, they guarantee a better user experience and, therefore, a greater online presence.
User preferences are evident and the financial sector is noticing the prominence of digital platforms and gamified applications. These are playful scenarios in which interfaces prevail whose very design anticipates the user’s needs and assists him while he navigates.
Improving financial education
As a result, gamification techniques are currently used in most digital environments -metaverse, social networks, management platforms, online banking, etc.-. In the financial sphere, these constitute a significant increase in terms of financial education for customers and companies. This is demonstrated by the survey conducted by BBVA’s Center for Financial Education and Capabilities.
The survey of players in the financial sector, conducted in more than 20 countries, shows that gamification strategies are more highly valued by the vast majority of users. In fact, they are not only looking for financial services, but also want to learn and gain financial autonomy.
How gamification improves the user experience
The online user experience is everything. Indeed, today’s users navigate and employ tools in a much closer way where the experience is satisfying and agile. This is especially true for the new generations, who are used to greater digital exposure.
Gamification recognizes the profile of users and anticipates their interests, offering the highest possible level of satisfaction in navigability and user experience. From the design of the information and the different levels of navigation to the artificial assistance on screen, gamification techniques are very effective.
Applying these techniques within the user experience allows the user to get a sense of progress and completion of operations. Therefore, it produces greater satisfaction.
In this way, the user considers that the time was used. The platform, application or website knew exactly what they needed without being invasive or saturating them with information.
You may be interested in learning more about the benefits of COCO {Loyalty}.
How gamification benefits customers and banks
The benefits that gamification in digital banking brings to its customers are many and varied. From those dedicated to the user, such as the management of operations and their accessibility, to those specialized in user experience.
Indeed, for financial institutions, gamification offers countless advantages.
Customer loyalty capacity
One of the most important is the increase in customer loyalty: games, ranks and scores, challenges and incentives develop interest and focus attention.
This generates more interactions and greater interest in new features and services that they have not tried before.
Thanks to this, the preference of new users also increases: an example of this is the Forbes Global 2000 report on the application of gamification by leading companies: the customer acquisition rate in these contexts increases by 700%.
Training of the organization’s employees
Another great benefit of gamification in digital banking is perceived in the training of the organization’s employees. Indeed, strategies of this type significantly improve the ability of employees to manage customer portfolios and assumes.
What it boils down to is a substantial increase in their overall performance.
Insertion of new financial products and services in the market.
Finally, a last but not negligible benefit of gamification is the insertion of new financial products and services in the market.
Scoring systems, bonuses and incentives allow banks and institutions to offer new services directly. This situation causes users to value their benefits more carefully.
The so-called gamification in digital banking is one of the many examples of the paradigm shift that the banking and financial sector as a whole is going through. It involves an improvement in user experience and in the presence and performance of the institutions.