Independent Banker - June 2022 - 57
To gamify, or not to gamify: that is the question. With analyst
predictions anticipating a $37 billion market by 2027, gamifi cation has woven
its way into the mainstream fi ntech agenda, emerging as a chief component of
new banking solutions.
What is gamifi cation? It's the application of gaming elements to make a
chore or task more appealing and rewarding. Remember how Candy Crush and
Angry Birds had us glued to our phones? Imagine a banking app with a similar
interface having the same eff ect on those who want to improve their fi nancial
literacy or who don't fi nd banking accessible.
While it can be tempting to seek out new off erings that provide these addictive
interfaces, experts say that there is a time and a place for gamifi cation.
" Best practices for gamifi cation can be wrapped up in one sentence: How
does this make things better for our users? " says Bolun Li, CEO of Austin,
Texas-based fi nancial education solution provider Zogo, which off ers a gamifi ed
product. " It has to be more than a hook, or a retention strategy; gamifi cation has
to provide real value for real people. "
" I don't know of a single community bank that is going out and looking for
gamifi cation for the sake of gamifi cation, " says Charles Potts, ICBA executive
vice president and chief innovation offi cer. " Gamifi cation is a tool or process
inside of something else to solve a very particular problem that the community
bank is trying to address. "
In short, gamifi cation off ers a lever to pull in support of a strategic goal, and
if banks implement gamifi cation techniques with precision, they can create
business wins. For example, research from career portal Zippia shows that
companies that use gamifi cation are seven times more profi table than those
that do not use gamifi ed elements. In addition, 90% of employees report they
are more productive at work when exposed to gamifi cation of tasks, according
to a survey by TalentLMS. Gamifi cation can strengthen customer relations and
enhance employee engagement, paving the way for a winning community bank
product off ering.
GAMIFICATION FOR CUSTOMER ENGAGEMENT
Zogo's gamifi ed app off ers bank customers short educational modules that
address topics such as applying for credit, getting insured, saving money
and protecting themselves from fraud. With each module, customers can
independentbanker.org Q 57
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Independent Banker - June 2022
Table of Contents for the Digital Edition of Independent Banker - June 2022
Table of Contents
Independent Banker - June 2022 - Intro
Independent Banker - June 2022 - Cover1
Independent Banker - June 2022 - Cover2
Independent Banker - June 2022 - Table of Contents
Independent Banker - June 2022 - 2
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Independent Banker - June 2022 - Cover3
Independent Banker - June 2022 - Cover4
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