A new era with gamification for the financial services

The gamification represents a “new boost for financial services” according to PwC.

The new generation of Millennials, who were born in the digital era, is used to have an access in one click to most of the services, at anytime, and in a customized way.

They are not interested in traditional finance which is considered to unethical and complicated.

They prefer to invest in crypto-currency platforms. They are less loyal and don’t hesitate to quit their parents’ bank for a more modern bank.

How can the banks attract new customers ?

Change the bank’s reputation

Subprimes crisis, scandals of greenwashing, Kerviel case…

The financial world is perceived negatively by many European investors. It is judged unethical and not transparent.

The first challenge for financial institutions is therefore to change this negative perception by showing, for example, that an investment can have a positive impact on the real world, from an economic point of view, but also from a social and environmental one.

A service available at any time, in different formats

The model of the bank accessible from 8 a.m. to 5 p.m. on business days is no longer in line with the expectations of the new generation.

This new generation wants an immediate response to their financial concerns, including on weekends.

Beyond the traditional phone call, they also expect several options in terms of communication channels (instant messaging, chatbot, email…).

Understand what you are investing in, effortlessly

Euro funds, unit of account, volatility, yield… The world of investment is technical.

Yet, Millennials are very reluctant to invest in what they don’t understand. They trust their financial advisor’s expertise much less than they used to.

Financial education becomes a necessity… as long as it requires little effort.

Used to fun learning applications such as Duolingo or Drops, these new customers cannot be satisfied with the traditional paper brochures describing financial products in 20 pages.

Today’s students expect a fun and personalized digital learning.

Gamification, a first response to these new expectations

Previously reserved for video games, sports, etc., gamification is now a real marketing strategy to reinforce engagement and improve customer experience. A task considered as “boring” can be much more engaging for customers thanks to gamification, codes and video game elements (achievement badges, reward system, levels etc). This allows to build customer loyalty, and therefore to sell products more efficiently.

Applied to banking, the same principle makes it possible to make complex financial concepts more simple and accessible. However, this technique is not common in the financial world.

IKANO BANK (the digital bank of the Swedish company Ikea), for instance, published a game, where users were rewarded when they had a saving behavior and punished when they wasted their money. The winner of the operation could win up to €11,000 in the form of a deposit. The initiative was a great success, with over 1.5 million participants.

Neuroprofiler offers an EDUprofiler, a serious game to help clients better understand the mechanisms of financial products.

Personalization, interactivity, accessibility at any time, popularization… gamification seems to bring many answers to the generational challenge faced by banks today.