5 Tips and Considerations for Implementing Gamification in the Fintech Sector
Businesses from the fintech sector often find it challenging to engage with their customers. The industry is usually considered too conservative, traditional, and technical to provide dynamic interactions with customers. Hence, many companies—especially startups—lose out to their competitors in the long run.
With 75% of fintech companies now focusing their efforts on improving customer engagement, you might want to consider investing in gamified finance apps. These systems provide a new and more enjoyable way to engage with your customers by incorporating gaming mechanics into your finance apps. These might be in the form of quests, rankings, ratings, and levels.
With that, here are some tips and considerations for implementing gamification in finance.
1. Keep Your Eyes on the Goal
There are many gamification software benefits to optimize your business processes. You can use it to build better relationships with your customers, increase sales, educate them about your brand and the industry, promote new services, or motivate them to invest in your company. Whatever reason you have for implementing gamification into your system, it is important to never lose sight of it along the way.
While gamification might sound like it’s all fun and games, it is still essentially a business strategy that requires careful planning and implementation on your part. This means establishing clear goals and objectives beforehand. Think about why you need gamification and how you would want it to impact your business.
2. Start Simple and Easy
Sometimes, it is better to create simple games so your customers can enjoy it properly without any issues. Consider easy-to-understand game mechanics, short-term activities, and attainable objectives. This way, you can avoid wasting too much time and effort on activities that yield no results.
You can also consider incorporating simple challenges such as having your customers use your mobile finance apps seven days in a row. You can implement pointing systems whenever your customers use your services to pay for something online or in stores. Since these activities are easily measurable by numbers, you and your customers can immediately see the results and manage expectations that come with it.
3. Provide Enticing Incentives and Rewards
Of course, gamification won’t be complete without the rewards at the end of each activity. It is what motivates your customers to participate in whatever you have planned for them. Without it, they might end up merely ignoring it. Just make sure that the rewards at the end are worth the effort. Otherwise, your customer could still lose interest in it as well.
Rewards can come in different forms. You can offer recognitions and titles such as a “most loyal customer” award. You can also provide promos, vouchers, or redeemable points, which they can use to buy whatever they want. Or you can reward them directly in monetary form, as a renowned payment infrastructure provider offers $ 25 to anyone participating in their referral program.
4. Monitor and Evaluate Progress
Nothing is ever set in stone when it comes to gamification. While some activities might work for a while, your customers could get bored with the system somewhere down the line. Therefore, you must constantly monitor and evaluate the performance of your gamification systems to determine when is the right time to start spicing things up.
Fortunately, many gamification applications have been implemented in the field of finance. From pointing systems, competitions, rankings, and ratings, you can always switch things around to keep your customers interested and engaged. Likewise, keeping track of the progress allows you to determine if your gamification activities are successful and effective. And if they’re not, you can immediately replace it with something different before you can waste any more time and resources.
5. Leverage Data and Analytics
Using gamification software can provide you a wealth of information and knowledge on your customers and how they react to your company. It allows you to gather data on your customers’ behaviors, demographics, and corresponding demands. Likewise, you can evaluate the impact of gamification on fintech such as its effectiveness in boosting customer engagement and satisfaction in the long run.
By implementing gamification into your finance apps, you can also use it to find out the strengths and weaknesses of your services. Likewise, it can let you identify areas in your services that need to be improved on. This way, you can come up with greater strategies and smarter decision-making for your business growth.
Spicing It up in Fintech
Gamification is beginning to gain popularity across industries—from education, sales and marketing, HR, and now, in fintech. By integrating gaming features into your finance apps, you can increase engagement with your customers, promote your company and your services, and raise more awareness about the complexities of the finance sector.
Nonetheless, gamification isn’t just all fun and games. Introducing it into your system would require proper planning and strategizing to ensure that it could contribute to your business growth. And with the right tools and software solutions, you can fully implement gamification into your fintech business.
Our expertise is to help our partners reach their goals by increasing motivation with game elements. In order to make things easier for you, you can reach our expert team to meet our gamification-based system that we offer customized solutions.