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A Study on Gamification Techniques Adopted by Financial Institutions

Manu Melwin Joy, Assistant Professor, School of Management Studies Cochin University of Science And Technology, Kochi, Kerala 682022, India. , Ebina Justin , Manu Melwin Joy ,

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Journal of Social Welfare and Management 10(3 (Special Issue)):p 600-604, Sep-Dec 2018. | DOI: http://dx.doi.org/10.21088/JSWM.0975.0231.10318.46

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Abstract

 Gamification is the application of game elements to the non game contexts. Present world is the world of competition. Only those who can attract the customer can capture the market and survive. But it is hard to engage, motivate and inspire customers. Gamification techniques are applied by the organizations to digitally engage and motivate the customers and to create brand loyalty. Financial institutions are also exposed to a high level of competition in the present scenario. They struggle to bring out new varieties of products as the limited nature of their offering compared to the other industries. As a remedial measure, financial institutions are turning into Gamification techniques. The main purpose of this study is to explores different Gamification techniques adopted by financial institutions and to understand how technology helps in creating financial awareness and customer empowerment. Gamification techniques are intended to leverage people’s natural desire for socializing, learning, mastery, competition, achievement, status, self expression, or simply their responses to the framing of a situation as a game or play. The Gamification strategies use rewards for players who accomplish desired task or competition to engage players. Types of rewards include: points, achievement badges or levels, the filing of progress bar, leadership boards, or providing the user with a virtual currency. Another approach of Gamification is to make the existing tasks feel more like games. In case of investing the asset managers have shifted their path through Gamification to approach millennial since they are very closer to the technology. Gamification can create stickiness among millennial, whose financial behaviors are affected by the memories of financial crisis. Better education can also improve investment decision, and financial education can be effectively imparted through Gamification. Even though investing real money is not at all a game, Gamification can release stress and impart fun into it, which in turn helps to retain the customers.

 

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DOI: http://dx.doi.org/10.21088/JSWM.0975.0231.10318.46

Keywords

Gamification; Engagement.

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