SMART BANKING
“ Smart banks do share a set of similar characteristics . These could broadly be described as high levels of automation , personalisation , and product and service usability ”
DAVID TITTERTON ENGAGEMENT DIRECTOR OF BANKING , INSURANCE AND FINANCIAL SERVICES , MONSTARLAB
“ powerful mechanism to propel smart banking services and drive customer engagement ”.
He says : “ By using gamification in banking apps , a bank can target customers according to their specific needs . Games appeal to people ’ s desire for fun , entertainment , simplicity , social interactions , rewards and competition . It ’ s an especially good option considering the proliferation of smart devices , the mass popularity of gaming , and the hobbies of tech-savvy millennials and Gen Zs . The millennial generation is highly motivated in getting rewards for purchases , and engaging with brands using immersive and interactive technology .”
There are examples of gamification already entering the smart banking market , too , with Spanish smart bank BBVA launching a web app where customers earn points by completing tasks . These points can be redeemed to download music , stream films or participate in giveaways and sweepstakes . While other future innovations are sure to take banking further – such as banking in the metaverse – for now , Khropatyy feels gamification is a tool smart banking can tap into en masse .
So , just as legacy banks strive to keep up with the innovations of smart institutions , so too must smart banks remain as such . Smart banking is only ‘ smart ’ so long as it sits at the apex of technological innovation in the industry . As smart banking technologies are onboarded at legacy institutions , smart banks and fintechs must ensure their innovations stay one step ahead of what is contemporarily considered established banking practices . fintechmagazine . com 59