Leading financial firms are increasingly using game mechanics, according to a newly released report from Forrester.
These firms have discovered that gamification can increase consumer engagement in a relatively inexpensive way and can contribute to the company's bottom line if used correctly.
Over the coming years more consumers will engage in casual gaming due to increased adoption of smartphones and tablets. Digital teams at established firms in banking, wealth management, and insurance are seeing positive results from using game mechanics to make finance more fun.
These teams are also encouraged to use game mechanics as they have noticed its success in sectors like airlines and education.
Gamification has become more relevant in present day scenario as millions of people play games. They are enjoyed by both sexes, and no major differences are found in mobile game playing between income groups.
Using games in numerous ways
Digital executives at financial firms are now using games in a range of ways including encouraging customers to transfer money to a savings account, to using self-service features, and purchasing additional products.
Singapore's OCBC Bank makes financial education interesting for kids by creating games, and Commonwealth Bank of Australia (CBA) uses gamification to stimulate property investment.
Forrester suggests that using game mechanics can increase social presence, gather updated consumer data, enable targeted marketing, save money on customer service and improve customers' financial behavior.
Although game mechanics can boost ROI it will not fix a poor strategy and should be mutually beneficial for both the customers and the firm.
Digital teams must keep the customer at the center of the strategy and stay focused on business objectives in order to engage consumers and see business results.