#BankTech #Gamification / Getting ahead of the game in banking

The goal… is not to create a banking interface that is fun to use, that has colourful branding and animated characters, but to understand and motivate better banking engagement.

Games must have “goals” and for banking this has to be more than “make it easy to do banking”. Other goals banks could have are: “educate the user”, “help achieve financial goals”, “optimise their money management to avoid fees”. We are not all driven by the same set of “goals”, so the banking platform needs to support a broad range. With such a range, the next job of the platform is to understand the goals of the user and how they prefer to manage them effectively. This is creating a gaming user profile. Some people are organised about their finances, some have to live “paycheck to paycheck”, some live for today and spend what they can until the next paycheck, others save for bigger goals.

… the plethora of digital engagement platforms out there are really just very basic or first-generation gamification platforms.

Understanding a person’s behaviour and motivations are key to personalising the game as this is what drives engagement and loyalty. In banking “winning” could come in many forms: being at the top of a leader board for reaching savings goals, attaining recognition for quizzes on financial products/management, being adept at not paying penalty fees etc. Rewards are also a key feature and these can be intrinsic, such as leader boards and badges, or extrinsic, such as money off coupons, enhanced financial products, or reduced fees…

Gamifying banking is not easy, and other than mBank and Fidor’s attempts several years ago (back in 2013), there are no other examples… Very basic gaming principles have been used by a number of savings apps like Marcus and Bank of America’s Erica, but there is a long way to go…

… The time is now to move up a level with gamification.