The Role of Gamification in the Financial Industry

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Gamification is landing many opportunities for banks and other financial organizations. Its rising role in several levels will be interesting to look at.

Gamification Helps the Industry in the following ways:

  • Banks and financial businesses can get access to behavior-influencing tools to build more customer engagement and drive more business.
  • Customers can now do online transactions, manage accounts through apps, and get quick alerts based on their transactions. Gamification includes many interesting features in mobile apps to keep customers engaged while using apps more and more.
  • Banks can set rewards and offers for customers based on their financial activities on websites or apps. Similarly, banks can use it to make their marketing and sales more interesting, thus driving business growth.

Financial businesses can Use Gamification in the following ways:

Virtual system: Banks and financial organizations can use Gamification to create a virtual world and provide customized interaction options to customers. This may include animated avatars, virtual assistants, or chatbots that give live experiences from the financial world.

Banking tutorials: Tax management, insurance claims, transactions, and other online banking services can be challenging for customers to understand. Gamification of financial services can help customers by providing interactive tutorials and including learning modules, simulations, video guides, and more. Virtual assistants can also present interesting sessions for tutorials.

Also Read: Benefits of Chatbots for the Financial Industry

Acquisition of new customers: Gamification for apps can stimulate a positive approach to banking services and operations. Existing customers can enjoy interactive apps and recommend the likelihood of using apps to others. This allows banks to gain more potential customers without making additional marketing expenses.

Banks should develop proper gamification strategies to gain these benefits. As its role is becoming significant, the financial industry should take full advantage to remove boredom and give customers an interesting way of managing their finances at scale.

Read More: GAMIFICATION IN BANKING: BEST PRACTICES TO DRIVE CUSTOMER ENGAGEMENT 

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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