Fintech has emerged in the 21st century, and people worldwide are now intrigued to know more about finance and understand the value of financial management. But when you think about finance, do you imagine your experience to be fun and exciting? Or monotonous, serious, and boring?
The answer is fun and exciting because of gamification in the fintech industry. Any dreadfully boring experience can be turned into something exciting and encouraging only with the help of gamification.
According to Statista, gamification investment skyrocketed from $4.91 billion in 2016 to $11.94 billion in 2021.
What is Financial Technology?
As the name suggests, fintech is a combination of finance and technology. In simple words, it is an innovation that helps people transact business. Using fintech, one can do a lot of activities ranging from money transfers, applying for a debit/credit card, managing investments, etc., at your fingertips without having to go to the bank or the assistance of a person. Fintech now includes different sectors and industries such as education, retail banking, fundraising & nonprofit, investment management, etc.
Gamification in Fintech
Gamification is now being used in almost all industries and is rapidly growing in the fintech industry, including banks, stocks, insurance, personal finance, etc. Game-like elements help financial businesses engage users more effectively and turn routine tasks into fun and rewarding activities. The main goal of gamification in fintech is to increase user engagement, and loyalty towards the financial service provider.
Implementation of Gamification in Fintech:
Encouraging Savings: Gamifying savings is one of the most important and easiest ways to enable users to set savings goals and reward them if they achieve the goals.
Financial Literacy: Boost your user’s financial literacy by introducing short videos with exciting and crisp financial content, increasing their awareness and creating a sense of productiveness.
Financial Management: Set financial limits by which they can keep track of their spending and make a proper budget.
Build a Community: Gamified experience will create a sense of unity between members of the same financial service, leading to referrals and recommendations.
Top 5 Fintech Gamification Examples To Level Up in 2022
Paypal uses various techniques, but one powerful one gives anyone getting money from friends or clients a free and customizable landing page to collect money through Paypal.me. This technique helps freelancers get paid quickly and makes their experience effortless and stress-free.
Cake: The profitable bank app
Cake’s clever AI analyzes all of your transactions and then makes an informed and personalized choice about which cashback rewards are the best for you.
This personalized reward system makes the app more relevant for every user. The reward system also acts as a form of instant feedback. This gamification example is a positive reinforcement that keeps the user coming back.
Emirates NBD fitness app
Emirates NBD is an excellent example of how gamification for the finance industry can benefit the customer’s wellness and wallet. The app encourages users to connect a fitness account to track their daily activities. It has levels and challenges that allow you to earn redeemable points and a progress bar to follow your effort. If a user reaches a goal (12,000 steps a day), they get a 2% interest rate.
It’s an online platform for managing personal finances. Mint lets you set goals and track your progress. The interface helps you make sense of your financial transactions and personal budget. It will remind you to pay the bills or incur late fees.
Monefy is a personal finance application that makes money management easy. The app’s design streamlines expense tracking and helps you save money. It empowers you by breaking down your expenses intuitively and understandably.
Gamification is now the hot trend in all industries, and people implementing it will see significant results and reap the benefits going forward.
The Upshot.ai Advantage:
Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve their product adoption and conversions. Fortune 1000 companies such as GE, UHG, Puma, Sony, ITC, Tenet healthcare are using Upshot.ai and observed a massive increase in product adoption YoY increment in revenues.
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