Gamification in Banking and Financial Services

Gamification in Banking & Financial Services Banks and financial services can be their own worst enemy, or their best ally, when it comes to creating confidence in the industry. Engineering a real financial wellbeing program for customers and improving workforce performance are critical when it comes to creating a profitable organization. In either case, gamification can play a decisive role in delivering engagement and performance. See how banks and financial services are using gamification to differentiate themselves and continue to impact people's lives, families, homes, and dreams. Low Engagement & Performance Two sides of the same problem What's going on with customer engagement & performance? What's going on with employee engagement & performance? Lack of trust and motivation affect Stress and burn out impact workers across the whole organization client loyalty and new acquisitions % Of burned out staff by role 45% ONLY of UK and U.S. ONLY 32% 36% 69% 61% millennials want to change banks in the next of banking of people have confidence in banks 58% customers are 12 months fully engaged 43% Director Entry Level Administrative Professional Manager Senior & Management Team Leader Technical Staff Vice Supervisor Clerical Member President Engaged Customers & Employees The key ingredient to boost confidence in the industry Bank Customers Who Are Very Satisfied With All Channels: Engaging Financial Customers . are 65% MORE likely to have opened new bank accounts or signed up for new bank services based on their conversations with a Five-star channel experiences are a pre requisite for high customer engagement! bank employee . are nearly 4 X MORElikely to say they are "extremely likely" to continue to do business with their primary bank Engaged customers are nearly 4X MORE likely to have confidence in the banking industry compared with actively disengaged customers. put 7percentage points more of their total share of deposits in the bank • put 7points more of their total share of investments in the bank are more than 9X MORE likely to say they are extremely likely to use their primary bank the next time they need additional financial services Engaging Financial Employees Highly engaged teams show When employees are engaged with their work, they show up everyday with: 7 21% GREATER profitability a 41% reduction in absenteeism V PASSION V PRESENCE V PURPOSE V ENERGY A 59% LESS turnover Gamification for Banking A great solution to provide engagement Gamification is helping financial customers to Gamification is helping financial employees to O Be more engaged O Be more motivated O Gain brand trust O Improve regulatory compliance Understand their financial O Facilitate employee recognition situation O Stimulate innovation O Make better financial decisions O Deliver excellence in customer O Reach their financial goals service O Acquire products and services to meet their financial needs O Have a career development path O Improve banking experience O Reach personal development goals O Analyse their spending patterns O Hit targets and sell services track of their health Track performance Have better driving patterns O Embrace digital transformation Gamification in Banking How financial companies are using Gamification AVIVA barclaycard Emirates NBD Created a gamified app to increase customer engagement and deposits. Not only were they able to promote financial wellness but they also helped customers to stay healthier. With a special fitness account synced with a fitness tracker, customers could achieve daily goals like 12,000 steps per day. As a reward, the bank would guarantee a 2% interest rate on their account.This resulted in a total of Launched a social card called Barclays Ring to create a social community of card holders. By praising users for sharing their suggestions on credit card features with online and offline rewards, Barclays was able to market the product as user-friendly. Their Giveback program also provides the community members a chance to share in a portion of the Barclaycard Ring Mastercard program's profits. Built a mobile app to evaluate users' driving skills which would help determine their insurance premium. With this initiative, users received a rating beween 1 and 10 for every 300kms driven. At the end of a trip the app would also provide feedback on cornering, fuel efficiency, acceleration and braking skills. The badges earned with the app could also be shared on Facebook and Twitter, $4.37 million in savings as well as increased customer loyalty. generating further traction and acquisition. BBVA Moven. payperks Provided an educational reward platform to increase financial literacy and inclusion for their low to middle income customers (LMI). For every positive financial behaviour, like lower cash/ATM usage or higher usage of cards / POS, users would Launched a game to increase customer loyalty. With this app, users received education on how to execute different banking transactions through tutorials, for example, how they could pay their taxes online. For each task completed, users earn redeemable points. The more points, the more chances they had to participate in sweepstakes and giveways. Developed a behavioral gamified engagement system called CRED. CRED provides real-time insights into spending habits, so users can see how much and how fast they are saving towards their goals. This drives a redirection of the typical buying impulses and the craving of material belongings into savings. earn rewards. SOURCES http://www.barclaycardring.com/t5/custom/page/page-id/how-it-works https://medium.com/swlh/how-to-use-gamification-in-banking-7f55e1b3c7a9 https://www.gallup.com/analytics/237689/bank-creating-regulatory-risk.aspx https://thefinancialbrand.com/51794/moven-contextual-mobile-savings-lending-app/ https://blog.globalwebindex.com/chart-of-the-week/consumer-banking-trends-2019/ http://apis.pe/wp-content/uploads/2018/10/Apis Partners_Gamification of FS.pdf?x54915 https://hrdailyadvisor.blr.com/2017/06/05/vacation-time-majority-employees-burnt-work-highly-stressed/ https://news.gallup.com/businessjournal/197363/bank-channel-experiences-break-customer-engagement.aspx https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely-statistics-about-the-connection-between- employee-engagement-and-wellness/#722c10b422a0 Mambo.lO Gamification in Banking & Financial Services Banks and financial services can be their own worst enemy, or their best ally, when it comes to creating confidence in the industry. Engineering a real financial wellbeing program for customers and improving workforce performance are critical when it comes to creating a profitable organization. In either case, gamification can play a decisive role in delivering engagement and performance. See how banks and financial services are using gamification to differentiate themselves and continue to impact people's lives, families, homes, and dreams. Low Engagement & Performance Two sides of the same problem What's going on with customer engagement & performance? What's going on with employee engagement & performance? Lack of trust and motivation affect Stress and burn out impact workers across the whole organization client loyalty and new acquisitions % Of burned out staff by role 45% ONLY of UK and U.S. ONLY 32% 36% 69% 61% millennials want to change banks in the next of banking of people have confidence in banks 58% customers are 12 months fully engaged 43% Director Entry Level Administrative Professional Manager Senior & Management Team Leader Technical Staff Vice Supervisor Clerical Member President Engaged Customers & Employees The key ingredient to boost confidence in the industry Bank Customers Who Are Very Satisfied With All Channels: Engaging Financial Customers . are 65% MORE likely to have opened new bank accounts or signed up for new bank services based on their conversations with a Five-star channel experiences are a pre requisite for high customer engagement! bank employee . are nearly 4 X MORElikely to say they are "extremely likely" to continue to do business with their primary bank Engaged customers are nearly 4X MORE likely to have confidence in the banking industry compared with actively disengaged customers. put 7percentage points more of their total share of deposits in the bank • put 7points more of their total share of investments in the bank are more than 9X MORE likely to say they are extremely likely to use their primary bank the next time they need additional financial services Engaging Financial Employees Highly engaged teams show When employees are engaged with their work, they show up everyday with: 7 21% GREATER profitability a 41% reduction in absenteeism V PASSION V PRESENCE V PURPOSE V ENERGY A 59% LESS turnover Gamification for Banking A great solution to provide engagement Gamification is helping financial customers to Gamification is helping financial employees to O Be more engaged O Be more motivated O Gain brand trust O Improve regulatory compliance Understand their financial O Facilitate employee recognition situation O Stimulate innovation O Make better financial decisions O Deliver excellence in customer O Reach their financial goals service O Acquire products and services to meet their financial needs O Have a career development path O Improve banking experience O Reach personal development goals O Analyse their spending patterns O Hit targets and sell services track of their health Track performance Have better driving patterns O Embrace digital transformation Gamification in Banking How financial companies are using Gamification AVIVA barclaycard Emirates NBD Created a gamified app to increase customer engagement and deposits. Not only were they able to promote financial wellness but they also helped customers to stay healthier. With a special fitness account synced with a fitness tracker, customers could achieve daily goals like 12,000 steps per day. As a reward, the bank would guarantee a 2% interest rate on their account.This resulted in a total of Launched a social card called Barclays Ring to create a social community of card holders. By praising users for sharing their suggestions on credit card features with online and offline rewards, Barclays was able to market the product as user-friendly. Their Giveback program also provides the community members a chance to share in a portion of the Barclaycard Ring Mastercard program's profits. Built a mobile app to evaluate users' driving skills which would help determine their insurance premium. With this initiative, users received a rating beween 1 and 10 for every 300kms driven. At the end of a trip the app would also provide feedback on cornering, fuel efficiency, acceleration and braking skills. The badges earned with the app could also be shared on Facebook and Twitter, $4.37 million in savings as well as increased customer loyalty. generating further traction and acquisition. BBVA Moven. payperks Provided an educational reward platform to increase financial literacy and inclusion for their low to middle income customers (LMI). For every positive financial behaviour, like lower cash/ATM usage or higher usage of cards / POS, users would Launched a game to increase customer loyalty. With this app, users received education on how to execute different banking transactions through tutorials, for example, how they could pay their taxes online. For each task completed, users earn redeemable points. The more points, the more chances they had to participate in sweepstakes and giveways. Developed a behavioral gamified engagement system called CRED. CRED provides real-time insights into spending habits, so users can see how much and how fast they are saving towards their goals. This drives a redirection of the typical buying impulses and the craving of material belongings into savings. earn rewards. SOURCES http://www.barclaycardring.com/t5/custom/page/page-id/how-it-works https://medium.com/swlh/how-to-use-gamification-in-banking-7f55e1b3c7a9 https://www.gallup.com/analytics/237689/bank-creating-regulatory-risk.aspx https://thefinancialbrand.com/51794/moven-contextual-mobile-savings-lending-app/ https://blog.globalwebindex.com/chart-of-the-week/consumer-banking-trends-2019/ http://apis.pe/wp-content/uploads/2018/10/Apis Partners_Gamification of FS.pdf?x54915 https://hrdailyadvisor.blr.com/2017/06/05/vacation-time-majority-employees-burnt-work-highly-stressed/ https://news.gallup.com/businessjournal/197363/bank-channel-experiences-break-customer-engagement.aspx https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely-statistics-about-the-connection-between- employee-engagement-and-wellness/#722c10b422a0 Mambo.lO O O O O O O