Installing the elements of a game in activities has been shown to improve adherence and enable people to more readily adopt and practice behavior modification. There is no shortage of personal financial management (PFM) apps looking to capture digital natives attention and provide them with suggestions and advice.
Research suggests that consumers spend more than one billion hours a month playing mobile games, making the case for gamification from banks compelling when it comes to attracting, engaging and retaining customers. Banks stand to benefit from building greater trust with consumers and capturing market share. It’s hoped that it can also deliver a significant boost to customer experience. For Misys’ part, its FusionBanking Essence Digital platform will introduce points, leaderboards and rewards to standard banking activity in order to educate, but also to support savings and spend management.
Mercator Advisory Group’s tracking of this approach has been ongoing, with more to come. Our reports The Six Million Dollar Customer: Using Technology to Build a Profitable Customer Base and A Digital Future Compels the Use of Technology to Automate Achieving Financial Goals delve into the idea of leveraging gamification to deliver short term incentives when making longer-horizon activities such as investing more compelling in the short-term. We expect more financial institutions will leverage fintech to create higher levels of direct engagement with consumer during 2017 and beyond.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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