Why should you gamify your FinTech app in 2023
Leveraging gamification in various fields can be a significant competitive advantage in today's market. Let's learn more here.- Published by Kunal Chowdhury on .
Leveraging gamification in various fields can be a significant competitive advantage in today's market. Let's learn more here.- Published by Kunal Chowdhury on .
The FinTech sector is experiencing permanent growth as well as a high competition level. The main question is how to maintain long-term customer engagement. To expand the customer base, FinTech companies must ensure that customers' initial excitement turns into successful onboarding and active product engagement. Learn more here. One effective approach is gamification, which incorporates game-like elements to enhance the overall experience.
At Geniusee, we know that the implementation of gamification demands careful consideration of business objectives and an understanding of customer motivations and interests. Based on our experience, we gathered valuable insights and described examples of FinTech companies that skillfully leverage gamification at various stages of the customer journey.
Gamification utilizes game elements in non-gaming contexts, transferring positive characteristics and mechanisms of gameplay. The key components that can attract and retain your users in a gamified system are competitiveness, points accumulation, and reward opportunities. To build an effective gaming system for your business, you should clearly determine its efficiency characteristics and know exactly how to attract your target audience. A wise thing to do is to outsource the task to professionals like https://instinctools.com/fintech/.
Gamification taps into natural instincts such as competition, achievement, status, self-expression, altruism, and problem-solving. Players engage in solving problems or completing game tasks to receive various rewards based on complexity and previous achievements. Use incentives like points, honors, levels, and progress indicators as they play a crucial role in engagement. Additionally, you can use storytelling as another essential component of gamification.
Despite all the benefits you can gain from implementing gamification, it is not suitable for all aspects of FinTech. However, in this domain, gamification enhances the financial literacy of the population, offers financial management guidance, and promotes specific innovations like Internet banking. The most logical applications of gamification lie in managing personal funds, online banking, and neobanks.
Gamification is well-suited for all models of neobanks, making it a fitting approach across the board. Neobanks are modern online banks that offer a full range of banking services without physical branches. According to research from Business Insider Intelligence, the cost of neobanks is projected to triple, and the user base is expected to quadruple by 2024 compared to 2018.
Let's explore together the real-life examples of gamification in FinTech companies and neobanks. Financial institutions globally adopt gamification in their applications and occasionally, even in their business models, to drive better outcomes and gain a competitive edge.
With over five years of experience in FinTech development, our team has successfully created various financial services and products, including neobanks. One of our recent achievements is the development of a neobank Zytara.
During the development process, we encountered key challenges in implementing parental control features, considering Zytara's target audience, including young Generation Z representatives aged between 6 and 17. Our primary focus was to ensure the app engaged and retained young users while prioritizing their data and financial behavior security. The outcome of our cooperation revealed a powerful insight: personalization was the game-changer.
Leveraging gamification in various fields can be a significant competitive advantage in today's market. Integrating gamification into traditionally conservative areas, like fintech, can attract attention, increase efficiency, and ensure consumer loyalty, especially with Gen Z. At Geniusee, we offer innovative tech solutions to assist in developing gamified FinTech apps tailored exactly to your strategy and objectives. Our expert team is always ready to help transform your ideas into an outstanding product!
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