Is Gamification the Way to Get Noticed in Fintech?

Gamification has been accepted as a highly effective learning and engagement tool. It has been deployed in educational and training settings worldwide. But is that the limit of its potential? We know it has scope within the field of customer engagement. But how about fintech?

Some of the top reasons that fintech startups have issues getting off the ground relate to getting early adopters and activating them, as well as churn and poor differentiation. Gamification has the potential to provide the solution to these problems, helping to make fintech fun for customers and providing fintech companies with the strategy they need to stand out.

What is gamification and what could it look like for fintech?

Gamification is the assimilation of gaming elements into a non-game platform. This might be through progress and status monitoring, challenges, task completion, and the use of leader boards to introduce a competitive element – where appropriate.

In fintech, this means using gamification to enhance user experience and user engagement through a more satisfying interface. Gamification prompts enhanced customer satisfaction, increased and earlier uptake, and better conversion rates, as well as reduced customer churn. When a customer’s experience is both enjoyable and memorable, they are more likely to return and return more frequently. When you introduce aspects of play to areas that may otherwise be a tedious necessity, you create unexpected positive experiences. That helps to build loyalty, which will ultimately translate into higher sales.

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