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

February 26, 2021

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.

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