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. In fact, they usually fell more appealed by crypto-currency platforms and do not hesitate to quit their parents’ bank for a more modern option.

How can the banks attract new customers with gamification ?

Understand what you are investing in, effortlessly

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

Yet, Millenials are very reluctant to invest in what they don’t understand. Customers 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 are not satisfied with the traditional paper brochures describing financial products in 2à pages.

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

A service available at any time, in different formats

The model of the bank accesible from 8am to 5pm 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…).

Change the bank’s reputation

Subprimes crisis, scandals of greenwashing, Kerviel case…

The financial world is perceived negatively by many European investors. What is more, it is judged unethical and not transprant. 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 th real world, from an economic point of view, but also from a social and environmental one.

Gamification, a first response to these new expectations

Previously reserved for video games, sports, etc., gamification is now a real marketing strategy. 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 Ikea), for instance, published a game where they rewarded the users who had saving behaviours and punished those who 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.A gamified solution adapted to investors

Neuroprofiler offers the EduProfiler, an education application that helps financial institutions’ customers better understand the mechanisms of financial products so that they purchase financial products suiting their needs. 

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

Nevertheless, if you would like to have a live demonstration of the solution, feel free to make an appointment on our calendar. We will more than happy to answer all your questions !!

L’article A new era with gamification for the financial services est apparu en premier sur Neuroprofiler.

Gamification is an innovative idea that consists in applying game mechanisms to other domains (websites, applications, social networks, etc.).

Gamification can help companies better train new employees or retain their customers. It allows to present the “problems” encountered under a lighter and interactive aspect. There is also the example of Duolingo, which learns languages thanks to this same principle.

This creates a strong community with common goals and purpose.

What is the gamification strategy?

The gamification strategy is to present its website and its services in a playful way, in a more interactive form, inspired by the principle of video games (games, challenges, quizzes, …). Gamification is now used in many sectors (sports, finance, HR…).

What is the added value of gamification in the financial sector?

Gamification can allow financial institutions to educate their customers and make them want to invest. It allows to democratize the world of finance, sometimes perceived as complex and inaccessible for many individuals. More informed, customers invest more and in more complex products.

This innovative idea of gamification also allows to build customer loyalty at a lower cost. For example, introducing a points system for the acquisition of a financial product or rewards if the customer becomes educated will encourage them to invest.

Remember that retaining a customer is seven times less expensive than acquiring one.

What is the added value of gamification in the HR sector?

Gamification can also be applied in the HR field (recruitment, training, building a corporate culture…). Through reward systems, the learning process of employees is improved. Gamification can be a real springboard to achieve business objectives, especially with customers.

How is gamification used at Neuroprofiler?

Neuroprofiler integrates gamification in these 2 products: InvestProfiler and EduProfiler.

These fun modules allow us to analyze the interests and types of investments that the client prefers and thus guide them towards the type of investment that best suits them.

Thanks to gamification, Neuroprofiler allows you to increase your clients’ loyalty, put forward 10% more risk-averse profiles and increase your clients’ outstanding amounts by 10%. In fact, according to our studies, 80% of investors prefer our gamified questionnaire (InvestProfiler) vs. a standard questionnaire.

L’article Gamification and its challenges est apparu en premier sur Neuroprofiler.

The Octalysis model, created by Yu-kai Chou, identifies the following 8 main gamification levers:

• Vocation and sense of epic: allows the user to feel privileged and unique.
• Empowerment: allows the user to feel autonomous and responsible for his journey. The user is the master of his game, which he can shape according to his values and vision. They are engaged in a creative process.
• Social influence: will promote mentoring, collaboration, but also competition.
• Unpredictability: consists in keeping the user’s attention constant through new elements, suspense and unexpected events.
• Prevention: consists in playing with the loss aversion of the users.
• Rarity: consists in valuing knowledge or an action by its rarity.
• Possession: increases user motivation through the possession of new objects or knowledge.
• Accomplishment: is based on the users’ desire to excel and acquire new knowledge.

An Academically and Commercially Tested Model

The Octalysis model is referenced in over 1500 academic publications. The Octalysis matrix is mainly based on 3 scientific theories:

1. Intrinsic Motivation: the Theory of Self-Determination

This theory of human motivation focuses on how humans are intrinsically motivated, independent of external rewards.

2. Extrinsic Motivation: Behavioral Economics

In addition to intrinsic motivations, the Octalysis model considers the research in behavioral economics of Kahneman and Dan Ariely on cognitive biases, and in particular loss aversion, the possession effect and the distortion of probabilities.

Octalysis covers all the major aspects of behavioral economics through the 8 fundamental motivations of Octalysis human motivation.

3. Maslow’s Hierarchy of Needs

Finally, the last theory that inspires the Octalysis model is Maslow’s famous 5-story pyramid, starting from basic physiological needs, to self-actualization needs.

The theory states that a lower level must be satisfied before moving on to a higher level, although some overlap is possible.

The Octalysis model is superimposed on these S levels, with levers 6, 7 and 8 of the model corresponding to the primary needs for survival and security. Levers 1 to S, on the other hand, respond to the needs of the upper floors of the pyramid.

Examples of Applications of the Octalysis Method

Beyond the academic framework, the Octalysis model has been applied to the creation of numerous game applications.

For example, it has been successfully applied to the Trade Samurai trading application that allows users to trade on the FOREX (currency) market. Plunged into the world of Japanese warriors, users must defeat the armies of Fear and Greed that want to corrupt the stock market.

Convinced by the academic soundness of the Octalysis model and by the success of its commercial applications, Neuroprofiler has built its EduProfiler on this model.

L’article The Octalysis Model and Gamification Levers est apparu en premier sur Neuroprofiler.

L’article Financial products: if Europeans don’t invest, it’s because they don’t know anything about them! est apparu en premier sur Neuroprofiler.

Gamification is done by applying game-design elements in non-game contexts. The term refers to the strategic attempt to enhance systems, services, organizations and tasks by providing the same experiences as playing a video game.

In this article, we review the main business applications of gamification. 

What are gamification techniques?

Gamification leverages our desire for status, achievement, competition and be part of a social community.

For instance, individuals can be rewarded for doing a given goal and then used as an organizational leaderboard to continue to improve.

A gamification strategy can also include game elements like points, social competition, levels, mission, badges, progress bar, virtual currency, or instant performance feedback.

What is the objective of gamification strategies?

Game designs can improve the behavior, customer retention and the engagement of users to accomplish desired tasks.

Its value is to make attractive initially boring tasks more attractive and even fun such as learning more about the mechanisms of financial products or filling out financial suitability assessment questionnaires.

When applied to the workplace, it can mean to drive engagement, improve business outcomes and get employees to commit to their own goals.

Examples of gamification applied to business

Education

Game principles have been largely and successfully used for education to encourage engagement of students.

The company Minecraft, for instance, game-based learning application to teach students how to code and to engage learners through gamification.

Archy is learning gamification application which helps create course content and gamify a classroom with interactive quizzes, games and videos. 

Finally, Duolingo uses effective game techniques to learn languages quickly. To increase engagement, high scores in learning games give you access faster to certain lessons. Social interaction is promoted with the option to compete with other Duolingo users worldwide.

Health and fitness

Pokemon go! is a reality augmented application where users can find and fight against Pokeman characters when running or walking. This is an example of using gameplay mechanics to the fitness market. It was one of the most used and profitable mobile apps in 2016, having been downloaded more than 500 million times worldwide.

The Nike Run Plus app is another example of application of game techniques to fitness. The application gives you the opportunity to receive points and live feedback while doing a running test on your fitness levels and motivate you to train more by adding gamification elements.

For meditation, Headspace app improves completion and mastery of customers in a meditation level before moving up to an advanced section to boost user engagement.

Workplace

Gamification is also widely applied to improve employee engagement.

FreshDesk is an example of gamification at the workplace. This online cloud-based customer support software provides help desk support for employees with all smart automations to get things done faster in a funny way thanks to game mechanics.

Goshaba makes recruiting more accurate and enjoyable by assessing the skills and culture of candidates through games based on cognitive science to be sure they have the right profile for the job.

Finally, many companies are now using game mechanisms for corporate training.

Finance

EduProfiler developped by Neuroprofiler helps retail investors better understand the mechanisms of financial products such as bonds, shares or derivatives.

Its gamified user interface makes it simple for everyone to learn about these sometimes complex mechanisms. Neuroprofiler also offers InvestProfiler to help financial institutions assess the investment profiles of their clients in an interactive and accurate way thanks to game elements, game theory and behavioral finance.

L’article What is Gamification? What are its business applications? est apparu en premier sur Neuroprofiler.