Mobile banking channels have witnessed an unprecedented usage surge in the recent times that has led digital leaders to explore innovative ways to improve and increase the quality of customer engagement. One such trend that has picked up due to the shifting paradigms of user behavior is gamification.
So, what exactly does gamification of banking apps mean?
In a nutshell, gamification transforms the way users engage with apps into a more fun filled and rewarding experience. This in turn, increases user engagement and the quality of relationship they share with their banks.
However, people share strong sentiments with their hard-earned money and would always associate banking transactions to carry a certain element of poise and seriousness. This implies that there are certain aspects of banking that can be gamified and certain others that are better left the way it is.
Some of the scenarios where gamification can play a refreshing role in improving user engagement include – offering rewards for realizing savings and investment milestones, learning about new products/tools for financial literacy, and building a community with other customers, among several others.
It must also be noted that when customers spend time interacting with gamified apps, they generate useful behavioral data that can be studied to better understand their preferences which can be used to delivering personalized user journeys while navigating different apps.
Listed below are some key factors to consider when evaluating a gamification strategy for your digital banking solutions.
1.Does Gamification Effect Security?
Digital leaders all over the world today stress on the importance of data privacy and security. Therefore, it is of top-most priority for bankers to ensure that while interactions can be made fun and engaging, it must never compromise user security in any way.
2. Are Gamified Apps Efficient?
There are times when certain transaction must be fulfilled without delay [it could be for medical reasons or any other form of emergencies]. In such cases, it is better avoiding the gamification route. However, if there are certain repetitive transactions like utility payments or something similar, it must be optimized and completed in the quickest possible way with the least number of clicks.
3. Gamified Apps Must be Easy to Use
Adoption of digital technology is no more limited to millennials alone but rather by people of different ages and socio-economic backgrounds. It is thus of utmost importance to consider all user segments while gamifying digital apps. Banks can use data generated from app usage to better understand user behavior to make interactions optimal and intuitive.
4. Can Gamified Apps be Auto Scaled?
On an average, the highest usage of digital banking services is found to be the highest around pay day when transactions are made activities such as paying rent, utility bills, and so much more. These can be made fun filled and engaging with the help of gamification. But during other times in the month, the activities are more ad-doc merchant payments. In order to maximize efficiency, banks need to explore options for auto scalable applications so that the usage is optimized on a need basis.
How can Appzillon help?
Appzillon, is our unique combination of a low-code digital banking platform built on composable architecture and suite of digital banking solutions designed for retail banking, corporate banking, onboarding, and sales enablement.
Today, over 100 banks around the world, trust Appzillon as it’s best choice for building and delivering solutions that consistently reinvent delightful banking experiences for their customers and improve productivity of their internal teams.
In our experiences in working with several tier 1 banks, regional banks, credit unions, small finance banks, payments banks, etc. we have gathered a lot of valuable insights that have helped us a great deal in helping banks deliver the absolute best to their customers.
And yes, we have built gamification aspects for our customers’ apps.
To know more, write to us at firstname.lastname@example.org and we’d be delighted to be a part of your digital journey.