Top 6 Benefits of Using Gamification in FinTech Apps

Unlike last season undertaking financial tasks is no longer perceived as that task that ‘Needs to be done’. With gamification infused in apps, the then dreadful tasks like budget formulation and expense tracking have become fun. Activities like saving bucks and setting financial goals are suddenly being embraced like never before. Apparently, FinTech apps are becoming something that people are gluing on.

One of the reasons is how these apps make savings not just fun but rewarding too. Imagine how one is motivated to grab more by continuing to shrink expenses and exceed their saving level. Unlocking deals like rewards, points or badges on top of what you save is an added cookie point. Now, this is an even bigger cookie point for the fintech app owners/investors like you. While you motivate users to cut off pocket-itching expenses you are developing a fraternity of users. This is followed by a whopping engagement rate, conversion rate and all the other inroads for a successful app. So isn’t fintech gamification a double sugary dive? We kid you not it certainly is. Tap in the blog to bag in more such perks to dish out an app that is a constant number-spiking one.

What is Gamification in Finance?

It is the pure human psyche of getting bored of mundane tasks and putting them last on the to-do list. And, possibly in no universe planning a monthly or yearly budget and tracking your day to day or weekly expenses is an exciting task. Or something that is tagged as a ‘Looking forward to it’ task, unless you’re Sheldon from Young Sheldon. Then budgeting, expense listing and having a financial goal is something that you like to do. But, you’re not and you can still find tracking your expenses really fun and we are not talking about some alternate universe.

What we are talking about is Gamification in Finance. Yes, the apps are here with a facelift lifting over the mundanity of the finance tasks. It is turbocharging user experience in the fintech industry and redefining the entire suite of processes. Now, let us tell you what this symphony of Gaming in FinTech is all about.

Gamification: Incorporating elements that influence, motivate and drive the user behavior to make it more engaging, interactive and intuitive. This could range from story-based plots, to tailored challenges backed with rewards like points, leaderboards, rewards etc.

Gamification in FinTech: This is where we plot the gamification elements on the app. It aimed for the users to embark a fun route to undertake mundane finance tasks. And this could range from fun quests like ‘Save for the International Master’s course’. Or it could also be some thrilling brownie wins in the form of rewards to hitting saving goals for the month.

This has a chain of positive perks: Higher Engagement — — Accelerated User Base — — Customer Acquisition — — Customer Loyalty — — Extensive Market Reach — — Dynamic Product Reach — —- Wider Brand Reach — —- Higher Conversion Rates.

In a nutshell, for that dynamic upper hand in the fintech industry and amongst the users, fintech gamification is a big win-win opportunity to leapfrog on. Also, on this claim we have listed the reasons for you to quickly explore.

6 Reasons Why Gamification in FinTech Apps is Important

With smartphone supremacy, apps have become an indispensable part of our lives. This inturn has become a hardpressed need for the business to have an app. Applications, websites and portals are a gateway for modern businesses to reach their target audience. It is basically a modern storefront where businesses shelf up their products/services.

But, for industries like fintech, an app can only do so much. Because it’s all about the process, tasks and the core nature of the service. Which is plain, non-negotiable and imperative in nature. Whereas, now it is even fun, rewarding and interactive. And, besides the perks mentioned above there are more reasons as to why you should integrate gamification in fintech apps.

  1. Inculcates Modern Approach

    By integrating gamification in fintech apps you will pan out financial services on a modern front. Remember users are attracted to smart and savvy processes. If your app is stuck on some last season monotonous and time consuming billing process. Then you are the fastest in approaching a user churn.

  2. Helps Analyze Customer Behavior

    You can leverage the gamification elements here in more ways than one. Where analyzing customer behavior and strategizing your stack of services and suite of features accordingly is the main catch. Factors like which feature are the majority of the users drawn to, and what benefit do they find most beneficial. Ancillary to this even mapping what service users use the app the most for.

  3. Advancing on User-Centric Services

    Once you analyze the user behavior and what dynamics serve them the best. Further strategizing the app offerings and the gamification elements that will drive their behavior becomes easy. This will help you as a fintech app owner to equip your customer with tailored services.

  4. Improves Financial Education

    Gamification does not serve in a linear manner. By integrating it in your app you can help your users to have a better hang on finances. You can equip them with credible financial advice, saving tips and investment routes etc. This will allow you to have a USP in the comparative market and a competitive upper hand.

  5. Amplifies Brand Presence

    When you plot gamification as an in-app mechanism you invite a lot of returns and perks for your enterprise. It all starts with a growing user base and that user base converting into loyal customers. This customer base will in turn amplify your brand presence in the ever growing market.

  6. Global Gamification Market on the Rise

    Besides all the perks, the alpha reason why you should integrate gamification in your fintech app. One of the most staunch reasons is the stats. The stats suggest all the signs of the global gamification market to reach a whopping high of USD 123.87 billion by 2030. Which calls out for some massive takeaways in this genre.

Now that you understand the reasons and have all the reasons to put your chips on gamification, update yourself with some unmatched benefits that this stellar duo has in store for you.

Top 6 Unbeatable Benefits of Gamification in FinTech

  1. Unparalleled User Engagement

    Businesses revolve around users and are on a constant march to increase their engagement. Which in this context also means less is less and more is also less. The gamification elements here help to revamp the finance tasks from ho-hum to interactively thrilling ones. Plus, one of the catchy attractors that keep the users at it is the motivating elements that push them to win points, prizes etc.

  2. High Conversion Rate

    As we mentioned earlier in this blog, gamification in fintech is not restrictive in nature. It works like a Swiss army knife. By looping in the users with engaging, interactive and fun-filled financial tasks. To convert those users into clients and bagging in profits. There is a chain that it entails. Also, it is statistically proven that businesses seem to have gotten more profitable. Apart from this, fun in game challenges and the drive to win.

  3. Low Churn Rate

    With modern and different game mechanics it encourages user participation. This further captivates the user to keep at it. On the other hand, gamification in fintech over-equips the users. Right from the stack of features, rewards placed in the game and the interactive and modern user experience. It is more like the users are turbo charged with consistent facelifts. So, this stack of boons allows users to bid farewell to mundane finance services while bagging rewards from tailored challenges too.

    Quick Tip- In this cut throat competition where there is a new app popping every other week panning out better features. Gamifying your fintech app and according your users with badges, leaderboards, rewards etc goes a far way. Also, this should be offered on choosing your app which boosts customer loyalty in a jiffy.

  4. User-Centric Processes

    When it comes to financial services it’s all about the processes. Be it budget planning, investments or retirement plans. There are a number of apps offering almost the same suite of services. But, what will make you stand out from the rest is how you prioritize your users and how far you go in making their user experience unique. This is when gamification comes to show.

    Strategizing your app’s services and features with gamification elements that are in line with your target audience’s preferences. Now this helps in motivating, driving and influencing your users to take actions. Again this is how your product visibility will increase.

  5. Personalized Services

    Modern user base roots for personalized services. Anything ordinary doesn’t appeal to them quite enough. Services, challenges, features and down to rewards personalized to their choices is the move ahead. Also, this happens to be the secret sauce where fintech apps to apps falling in any genre whip in the highest customer satisfaction ratio.

    However, it all comes down to the data collected and user preferences mapped by gamified elements on the fintech application. Whereas the triggering points hitting dopamine levels for the users here are the elements like leaderboard successes, rewards, points etc.

  6. Massive Customer Acquisition

    It’s an unspoken rule for businesses- the higher the customer acquisition ratio bigger the marketplace value. By offering value adding services like financial literacy aids or customized investment plans etc. These work vicariously in convincing and appealing the customer to stick by your fintech app.

    With that, a gamified fintech App is inclusive of elements like referral plans, subscription discounts, customer loyalty celebrations, etc. These in fact play a big role in boosting security, trust and loyal bond with your customers.

Lastly, we still have a few big shots in the fintech industry that have already made their winning move. And, not just that they give you a great picture to witness their wins.

Winning Examples of Gamification in FinTech Apps

It is not an if and when scenario anymore when it comes to gamifying your apps. When it comes to FinTech app development, gamification is a part and parcel of it. There is no other way to win this humongous competitive market space if you miss out on this.

Further, we have listed some of the best examples with their unique take on offering gamification services.

  • Tracking financial goals virtually via progress bars on a gamified interface is something that Mint offers.
  • Unlocking new levels in the game is the most thrill spiking thing. And, SmartyPig does the same. It allows the users to have a progress tracker where the amount saved is consistently updated hitting the same for a goal.
  • Acorns understands how there is a thin line between spending money and saving. It has this feature where it automatically invests small chunks of money overtime. However, this is done with the money left post a purchase made by a user.

There are a lot of fintech apps that are deep into this and are already paving their way to success. And, your app can be one too.

Wrapping Up!

Saving money is no cake walk and staying truly committed to your financial goal is not a walk in the park. But, technology has been an epitome of savior and gamification in fintech apps here is yet another testament. While it charts a personalized course for your thicker and stronger financial health. It does have a pool of benefits for you as a fintech app owner. Also, as time advances the world is turning into a tech savvy sphere. And, as time marches on, the need for virtual financial services tops the roof. Plus with such a stellar roll out there is no going back. Which calls for you to get in touch with a top fintech app development company. Because that’s how you can set yourself up for the wins and seize the opportunity to reign supreme in the industry.

Featured image source: Wallpapers.com

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