FINSERV who may never have invested in financial markets otherwise and are now engaged and participating in a ‘ game ’ they wouldn ’ t previously have thought about playing .
Another example is eToro , a platform dedicated to improving accessibility to new investors , helping them learn from others by following investors and copying trades . These mechanics fundamentally pull from the world of games , where cooperation and taking onboard learning experiences are vital for improved performance in the future .
Q . How different is this approach to traditional finance ? Essentially , it ' s a world away from traditional financial products , where the outcome of a given decision is often perceived as being pre-set in advance . People feel little control over the results of their decisions , so they grow disengaged from vital financial services .
Q . What benefits does gamification bring to the table in terms of customer service satisfaction / data collection etc ? Gamification has led to a paradigm shift in how users relate to financial products . With
“Functional financial experiences with optimised design and customer journeys aren ’ t enough to be considered transformational in fintech ”
DID YOU KNOW ?
MIND GAMES The mechanics of gamification are more serious than they seem , endeavouring to ;
• Create challenge accompanied by feelings of accomplishment – a natural high
• Prevent boredom setting in – which destroys focus
• Change behaviours by rewarding certain actions
• Educate by introducing new concepts through gaming mediums
PLAY TO WIN Fintechs use gamification principles to encourage customers to develop good saving habits , establish goals and to better monitor their spending habits by ;
• Holding contests and incentivising actions with rewards
• Keeping game tactics simple and engaging
• Widening the playing field through social media