Post-pandemic, customer touchpoints have moved almost entirely online. The personal touch that could earlier be built through in-person interaction is no longer an option, even for industries like BFSI. Banking and financial institutes require a personal connection, by default, but have to struggle simultaneously with the low popularity of financial products.
This is where gamification in BFSI can add a layer of excitement and keep customers engaged while at home.
Gamified apps educate the customer while entertaining them
Finance is typically viewed as something complicated, which most customers would rather spend as little time on as possible. On the other hand, games are enjoyable and addictive and provide customers with a pleasant way to pass the time be it at home, or work.
For instance, an app that teaches people about saving money and creating fun monthly saving goals can make money management much more exciting for them.
CommBank of Australia introduced the Investorville game to teach customers about real estate. They could buy and own a property in a simulated environment, and experiment with different mortgages, go through multiple renovations, and calculate property taxes.
Source: https://techau.com.au/investorville-for-budding-property-investors/
Providing information through a gamified platform helps finance-related information stick, as customers are actively engaging with the interface for long periods.
Gamification allows for a deeper customer connect
Gamification allows banks to become more a part of their customers’ everyday lives by appealing to their emotions. The excitement of the game itself and the rewards offered keep customers hooked by giving them a sense of progress and achievement.
For instance, Spanish bank BBVA offered a gamified Facebook app that offered customers reward points for using the app’s banking services and video tutorials.
Source :https://www.slideshare.net/gamificationworldcongress/gwc14-javier-borderas-bbva-bbva-game
The points could then be redeemed for game tickets, food vouchers, and so on. The game attracted over 100,000 players in the first six months alone, and the bank was awarded for the “Best Use of Engagement Techniques in Consumer-Facing Applications” in 2013.
Gamification is cost-efficient
Advertising, to put it bluntly, is expensive. Companies of all sizes pay millions to flash their ads on Google and social media, all while jostling for space amidst the competition. The moment you pause the advertising, chances are the leads will dry up. However, you must know that this is not the only option.
Introducing gamification in the banking and finance sector will get customers hooked and keep them coming back far more frequently than if banks only rely on ads.
In this context, Xoxoday Compass, the gamification software helps you set up dynamic games for customers and employees. The plug-and-play software does not require any upfront payment and allows you to reap the benefits of gamification in BFSI. Request a demo for more details.
Gamification is ideal for post-pandemic banking to engage with customers Today’s world is uncertain, and people feel the mental fatigue of staying at home and being unable to lead everyday lifestyle.
A game app that offers the excitement of a quest with points and rewards along the way provides a break from the routine and also serves as a stand-in for a personal meeting with relationship managers.
The more a customer interacts with a banking app, the likelier they will be to make smart financial decisions as their awareness improves.
Financial security is even more critical in these challenging times, which is where increased financial awareness through the fun of play can help BFSI organizations stand out from the competition.
The author, Priyanka Desai is the CEO and Founder of content marketing agency iScribblers.
