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. 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 ?
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 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 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…).
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 are not 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. 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.
Neuroprofiler offers the 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 financial services today. We recommend you to take a look at our white paper if you want to know more about this matter.