Top 5 gamification examples from exciting fintech apps across the world
Fintech is the hottest item in the banking industry and with good reason! Decreasing physical bank visits is a consistent trend amongst all age groups. And it’s not just payments, it’s everything. Fintech allows banks to improve the customer experience and streamline, digitize or disrupt financial services. But doing it right is another thing. In fact, 75% of venture-backed fintech startups failwithin the first year. However, gamification is one of the best solutions to increase your chance of being the startup that succeeds.
In this article, we’ll be looking at some gamification examples from winning fintech apps, designed to boost customer motivation and engagement.
As such, fintech apps are turning to a gamified system. Gamification is the use of game-like elements in non-game contexts. The game-like mechanics make the user experience more fun and satisfying. When done right, gamification drives behavioral change and boosts customer motivation.
Cake is a fintech startup with over 120,000 users that pays people for insights into their financial behavior. Here’s how it works: Cake’s clever AI analyzes all of your transactions and then makes an informed and personalized choice about which cashback rewards are the best for you.
This personalized reward system makes the app more relevant for every user. Irrelevant cashback rewards do not create any customer value, and soon enough users will stop opening your app if they aren’t getting anything out of it. On the flip side, users are aware that the more they use the app, the more relevant their offers will be. This is a clear nudge to increase engagement!
The reward system also acts as a form of instant feedback. This gamification example is a form of positive reinforcement that keeps the user coming back. Imagine buying printing supplies at a stationery shop using your card. Then, the next time that you check your app, there are deals from similar vendors.
Ikano bank gave one lucky user a €10,000 prize for winning a game
In 2014, the Swedish bank Ikano ran a 3-week marketing campaign with the game ‘Flappy Saver’. In the game, players control a flying piggy bank and try to protect their savings by avoiding crashing into stores where you might spend your money. The game is based on Flappy Bird, which at the time was actually the most downloaded app on the App Store. Here’s the twist, however, this game promised a €10,000 prize to the highest scorer!
Just one of many gamification examples used to drive behavioral change is the badge reward system. Studies are clear that achievements improve customer motivation. On one hand, receiving a badge positively reinforces your desired user behavior. On the other hand, seeing locked badges motivates users to unlock them. This mechanic is called ‘constraint’. In other words, people don’t like missing out and will be motivated to unlock any greyed-out features.
Another unique feature of the app is Monobank’s signature cat mascot. The advantages of a mascot are many. For one, the cat differentiates the user experience from other apps, making the Monobank app special and memorable. In addition, research shows that a mascot contributes to brand trust and building customer rapport. Interesting to note, however, that the cat does not feature in Monobank’s UK project, Koto. Apparently, British market experts thought the cat’s expressions were‘too cunning’ and would turn people off. It just goes to show how gamification works differently for various audiences.
Revolut successfully targeted students with a leaderboard competition
When expanding to Europe, Revolut organized a competition between universities that encouraged students to register and boost their university to the top of the rankings. With a goal of targeting a younger demographic, the leaderboard featured communities, rather than individuals.
Competitions are good fun and are excellent at harnessing intrinsic motivation. This is when your app is naturally fun and satisfying to use. You can enhance this effect even more with a prize, such as Revolut offering free premium accounts to the winners.
Fortune City builds a virtual world based on your financial data
Gamification can go from a few light touches to a near full-on game. For certain, Fortune City is the latter. While the app promotes itself as a way to‘track your spending’, it also functions as a personalized city builder. If you spend regularly on transport tickets, for example, railways and bus stops will appear in your city. After that, virtual sims can use your transport system to get to jobs that you assign based on their skills. Finally, all of these tasks will earn you coins to compete against friends!
To be sure, this is super creative and excellent at fostering customer motivation. Not only does the city include personalization to people’s habits and interests, but the appearance of buildings also acts as instant feedback. It’s almost like a progress bar! Instead, this progress bar is a city, and that is super exciting. Of course, there are also detailed graphs and formula sheets to really dive into the data.
In the past year, almost 2000 new fintech startups set up shop in America alone. With 75% of those failing, winning apps have figured out something crucial to app success: engagement. Following the example of market leaders, they leverage gamification to drive customer motivation.
Why fintech apps use gamification and who is doing it best
To stand out, then, fintech is turning to gamification. Gamification is the use of game-like elements in a non-game context, often used to make the user experience more fun and satisfying. Here are 5 gamification examples from leading fintech:
#1 Cake. A Belgian startup from 2020 that shares its profits with users!
Cake’s clever AI analyzes all of your transactions and then personalizes your cashback rewards. Why is this so good? Because irrelevant offers do not create any customer value and will turn off your users. Also, users are aware that the more they use the app, the more relevant their offers will be. This is a clear nudge to increase engagement!
#2 Ikano bank (and their 3-week campaign with a €10,000 prize).
In 2014, the Swedish bank Ikano ran a 3-week campaign with the game ‘Flappy Saver’. The game dynamics included players controlling a flying piggy bank and trying to protect their savings by avoiding crashing into stores where they might spend their money. In the end, the winning user would get €10,000. Across those 21 days, the game saw over 1.5 million plays!
This is not to mention how each badge features Monobank’s signature cat mascot. The advantages of a mascot are many. For one, the cat differentiates the user experience from other apps, making the Monobank app special and memorable. In addition, research shows thata mascot contributes to brand trust and building customer rapport.
Revolut has plenty of gamification examples to learn from. When expanding to Europe, Revolut ran a leaderboard campaign that encouraged students to register and boost their university to the top of the rankings. As the leaderboard featured communities, rather than individuals, this feature taps into the need for social relatedness.
#5 Fortune City. A Taiwanese city-building app that organizes your finances!
While the app promotes itself as a way to‘track your spending’, it also functions as a personalized city builder. If you spend regularly on transport tickets, for example, railways and buses will appear in your city. Completing tasks will then earn you coins to compete against friends! To be sure, this is excellent at fostering customer motivation.
Not only is the city personalized to users’ habits, but the appearance of buildings is also a form of instant feedback and acts as a progress bar, showing users how much work they have put in! Today, 5 million people use Fortune City. For sure, one of the most creative gamification examples!
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