Gamification and the Banking Sector

Ever since, the concept of Gamification has been introduced, people have been torn. They either absolutely love it or are skeptical of the theory behind it. And although, so many Industries have started using it widely, the Banking Industry is yet to unleash the full potential of Gamification. And the Coronavirus Pandemic provides the PERFECT opportunity for Banks to fully explore it.

The Problem

Banks have become very technologically advanced at the Backend of their operations and have been pushing and campaigning for their Frontend consumers to Go Digital for its years. But a major chunk of the consumers still frequent the banks' branches because of a major reason - The unfamiliarity with Digital Banking. Even banks need to realize that just asking consumers to make online payments would not suffice. Although, various banks provide cashbacks for Credit Card users, but that still doesn't cover a wide majority of the consumers.

A Probable Solution ?

Getting people to switch from frequenting the branches and getting them to do online transactions is going to be a humongous task, but Gamification could provide a good enough incentive to get online and make that payment. Providing people with the means to do digital banking, And there isn't going to be a better time than a Pandemic to capitalize on the opportunity.

Even as the lockdown has been relaxed, people are still skeptical of going out for non essential work. This is the perfect time to introduce game mechanics that would appeal to people's desire for fun, entertainment, simplicity, social interaction, rewards and competition. Moreover, as people are spending less, banks could launch programs which could help people track their expenditure and saving and create higher value for the customers. The satisfied customers will create higher word of mouth leading to a loyal consumer and higher awareness creating more customers and more money.

Bottom Line

So, the bottom line is that Gamification, although challenging and intimidating at first will lead to better consumer insights, better customer programs, higher retention of the consumers, higher financial literacy among people and so much more. It's much more than just loyalty points in Credit Cards and Banks need to embrace that fact.

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