Gamification in Fintech: A Complete Guide And Examples
- FinTech gamification involves incorporating game elements like points, badges, leaderboards, and challenges into financial apps and services.
- The goal is to increase user engagement, promote better financial habits, and drive loyalty.
- Rewards programs that offer points, badges, or cash back for completing actions like making a payment or referring friends. GPay and Kaizo are examples.
- Progress bars that visualize how close users are to hitting a savings or budgeting goal. Mint uses this.
- Challenges and quests that encourage users to invest more, pay down debt, etc. Stash has investing challenges.
- Educational games and quizzes that teach financial concepts. Wally uses these for topics like budgeting.
- Benefits of FinTech gamification include increased engagement, promoting financial literacy, motivating better financial behaviors, improving user retention, and gathering data insights on users.
It is no secret that the way we handle, invest, and deal with our money has been completely transformed by financial technology. Gamification is one of the most inventive and intriguing trends in the FinTech field. FinTech's gamification method makes money management more interesting, approachable, and pleasurable by fusing components of financial services with game design. According to Statista, the gamification industry grew by 60% in the past five years so it is no wonder that FinTech companies are increasingly using gamification to provide better services and accelerate their growth.
What is FinTech gamification?
The strategic incorporation of game-like components into financial services and applications is known as fintech gamification. It uses game design psychology concepts like incentives, challenges, feedback, and competition to encourage users to interact with and understand their finances better. The goal is to improve the enjoyment, education, and intuitiveness of financial activities.
Enhancing Engagement: Gamification encourages participation and enjoyment, which helps people remain engaged in their financial operations. Users who find an app or platform pleasant are more inclined to use it again.
Promoting Education and Financial Literacy: Through interactive experiences, gamification may teach people about personal finance. It facilitates improved financial decision-making, encourages users to investigate other financial products, demystifies complicated ideas, and assists users in navigating through the world of financial jargon.
Motivating Customers: FinTech UX gamification can motivate consumers to adopt better financial practices, such as budgeting, investing, and saving, by presenting game-like obstacles and rewards. It's a useful tool for encouraging individuals to handle their money better.
Increasing Customer Retention: When a user finds a financial platform interesting, they are more inclined to stick with it. Apps using FinTech gamification typically have more engaged users and better retention rates, thus building a community of loyal users who are rewarded for their loyalty toward the app.
Data-Driven Insights: According to research by Mckinsey Global Institute, organizations that are driven by data are not only 6 times more likely to retain existing customers, but 23 times more likely to acquire new customers and 19 times more likely to become profitable. By using gamification, financial applications may gather useful information about user behavior that helps them customize recommendations and improve the personalization of services to meet the requirements of specific users.
Here are 4 common FinTech gamification examples that you can incorporate to accelerate your business:
1. Rewards, Badges, Collectibles, Leaderboards
Gamification in FinTech apps relies heavily on rewards points and badges. When users meet milestones or do particular financial tasks, they are awarded points or badges. These incentives act as catalysts to promote continued engagement. A common example of a rewards system is GPay which offers customers rewards ranging from offer coupons to cashbacks on every transaction. Apps like Kaizo have a store where managers can exchange their earned points with exciting merchandise.
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2. Progress Bars
With progress bars, users can see how near they are to reaching a financial goal. They offer a clear and motivating visual representation of progress. Mint has a progress bar that gives customers a complete picture of their financial status while gamifying the budgeting and saving process.
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3. Goals and Challenges
FinTech gamification challenges and goals are similar to video game quests. Users engage in challenges or establish financial objectives aimed at inspiring them to invest, save, or pay off debt. Stash provides challenges that motivate users to increase their investments, look into new avenues for investing, or hit particular milestones for their portfolios. By completing these tasks and achieving goals, users can get bonuses or incentives.
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4. Educational Content
A fun and engaging approach to learning about financial ideas and investing techniques is through educational games in the context of FinTech's gamification strategy. Quiz and interactive exercises are used by several personal financial applications, such as Wally, to teach users about saving money, managing credit, and creating budgets.
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In conclusion, FinTech gamification can be fun and rewarding to not only the business but also customers. It helps customers encourage and increase their savings, manage their daily finances, promote financial literacy, and build a community of users who utilize the same financial service. It can convert mundane and repetitive tasks into exciting activities that can lead to customers liking the app and boosting the ratings and reviews.
Have a cool gamification idea for your Fintech, but are stuck on where to start? Our team of designers have years of experience doing just this. Contact us for a free one-on-one consultation where we can work together to bring fun to your fintech app