If you were wondering who is the bank that revolutionized traditional banking by making transactions easy and cool, you’re right – it’s Revolut.
Between 2019 and 2020 they saw an increase of 45% in their customer base, earning them the title of “the fastest growing technology company”. And they had a good strategy for that!
As 54% of consumers prefer using digital banking nowadays, it’s pretty clear that the fintech sector witnessed a rapid expansion. However, since the market is growing at such rapidity, so does the consumer’s expectations.
If you own a banking app, you must know that your users want more than quality services. They want an intuitive app that makes them feel in control of their money, they want transparency, and an overall enjoyable experience.
Revolut used gamification as a strategy to tap into new consumer trends. And they nailed it! That’s why their main customer base is formed of Millennials and Gen Z. By introducing gamification into their app, they made the switch from the boring transaction process to a cool relationship with money.
If you want to understand their gamification strategy, stay tuned!
Let’s take a look at some gamification examples that Revolut implemented in their app:
They rewarded with points & lottery prizes
In 2021 Revolut wanted to show its appreciation for its users, so it organized a lottery campaign. When making transactions, bank transfers, or referring friends, Revolut users earned points that could be used for winning a cash prize from £1 to £10,000. This gamification mechanic made users spend more time in the app and feel rewarded by Revolut for using their app.
They set budget goals and show the progress
For some people, it is just too difficult to keep track of their spending. For that reason, Revolut applied a gamification method that would enhance their sense of control over their money. So they encouraged users to set their budgets per different categories, then the app could track their spending with progress bars.