How Gamification Can be a Big Boost for Loyalty & Banking Services

Post by:
February 26, 2021
Post by:
No items found.
February 26, 2021
How Gamification Can be a Big Boost for Loyalty & Banking ServicesHow Gamification Can be a Big Boost for Loyalty & Banking Services

We are well aware that payments and commerce services have entered the digital phase, but are consumers really interacting that much with these new services? Companies must consider the incentives that can be used to drive more interaction with digital services. A new strategy that companies are now implementing to keep the engine running is gamification. Gamification essentially transforms the way customers are compelled to interact with the services being offered by utilizing different interactive incentives.

Here are two use cases highlighting gamification’s positive effect in the commerce domain:

1. SessionM offers mobile publishers a platform for adding game mechanics to their apps, including a rewards system called mPoints. Developers have witnessed a 35% increase in retention rate and a 25% lower bounce rate after integrating SessionM.

2. As part of an ongoing strategy to attract a younger demographic and extend the reach of their existing marketing, ACE Hardware retailers all over the country embraced FunMobility Mobile Engagement Platform, which included:

  • Single-Use Coupons
  • Timed Coupons
  • Coupon Sliders

FunMobility proposed a holiday-themed Mini-Game in the form of a spinner. Around 5000 customers received an SMS message which took them to a dynamic mobile web page containing the mini-game. The coupon could then be won after spinning the wheel.

Result: 26% SMS click through; 37% Post-Click Engagement; 15% Redemption

Gamification in Banking

Gamification has its applications in the banking sector as well. It has the potential to help banks influence consumer actions pertaining to banking activities. Below are some of the potential benefits and applications of gamification in banking:

  • Grow deposit numbers
  • Compel millennials to adopt money saving strategies
  • Increase awareness of banking apps and online services
  • Gather data-driven insights on banking customers
  • Reward those who have achieved milestones, such as retiring loans

Here are some use cases of gamification in banking that have already been implemented:

  1. Bulgaria’s DSK Bank had launched DSK Gameo in 2013. It was a multi-layered program that used several different elements of gamification, from education quizzes to incentives, in order to change consumer habits.
  2. A leading Spanish bank is offering a game tied to a points program aimed at increasing website usage. Customers receive points when they perform simple activities such as transactions, downloading, using the bank’s mobile app, and watching financial education videos—the final result: elevated customer experience and retention levels.

Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.