Retail Banking Gamification is a hot topic amongst financial marketers these days and is a killer tool to grab attention, broaden the client base, and provide an amazing user experience. Even though a customer might have a savings/salary account in a particular bank, it doesn't mean that the customer will do all the spending through that particular bank's debit or credit card.

Millennials are tech-savvy, and they associate more with mobile banking/fintech aggregator apps than Internet banking.

A typical example is that a customer holding an account with a specific bank does not necessarily mean that he cannot keep multiple accounts with different banks. On average, a citizen of India has a history of approximately two banks. People also distinguish between savings and checking accounts in other banks.

Questions to ponder upon for the upcoming intense wave of digitization post-COVID!

How can you ensure that the communications or offers you send catch the customer's attention? Why should a customer pay attention to your notification as compared to other notifications that he gets from other apps?

How well is your engagement with customers create a strong brand recall factor in the customer's mind?

Naturally, customers will prefer to use more of a particular card that creates a strong impression on the customer's mind about benefits & rewards. At the same time, the ongoing COVID second wave will ensure that customers will be heavily digital-reliant in the coming times.

In case you are still in the race for push notifications, e-mails, and SMS campaigns, it will become unlikely that your customers will show any excitement for your campaigns. Let's discuss below how you can stay ahead of the trend and save your business from obsolescence.

The 'Future of Retail Banking' report by Deloitte (November 2019) says that 'Hyper-Personalisation' is imperative for success. A survey done by SalesForce reveals that 51% of retail banking customers expect their banks to anticipate the customer's needs even before they contact the customer.

Hence, the need to use real-time data to generate insights by leveraging behavioral science and data science to deliver services, products, and pricing becomes an imperative act. And, to deliver communication about specific products or services based on behavior, gamification plays a critical role in catching the attention of users. Otherwise, the whole effort of gathering real-time data and insights will lead to a situation of customers simply ignoring an important notification.

Let's look at customer's opinions about the level of personalization done by Banks:

Hyper-Personalisation & Gamification can potentially lead to the following:

Unlocking The Customers' Hearts With Value
Empowering Emotions As Currency For Loyalty
Embodying A Customer-Centered Culture

So what's Gamification?

Gamification means creating challenges, competitions, and rewards around certain aspects of your life. The process involves setting goals, tracking progress, and hitting milestones to unlock some reward, ranging from cash incentives to new features for a digital avatar. Ultimately, gamification lets you drive the desired customer behavior or journey and create a thick brand reconnect in customers' minds.

Some classic use cases of retail banking gamification in the retail banking space include milestone-based rewards. Milestones always create an urge in the minds of customers to prioritize their spending so that they hunt for their rewards. Also, how the rewards are presented creates curiosity and excitement in the minds of customers.

Gamification paves the perfect path for companies to present rewards in various formats to create the urge for customers to earn more and more.

For example, a customer realizes that he needs to spend another $50 to attain the 'Gold Tier' from the 'Silver Tier' from a few teasers and eye-catching nudges about the potential benefits of the Gold Tier. The moment he spends $50, he gets presented with an eye-catching 'Gold Tier Badge' and the reward through a 'Spin the Wheel.' Such a series of experiences creates a solid brand-reconnect factor, and it urges the customers to prioritize a particular bank's card whenever they want to spend.

Hence, there are numerous possibilities to increase user adoption significantly, make customers spend more on particular cards, upsell/cross-sell, etc., through retail banking gamification tools & strategies.

We have many exciting success stories in the BFSI space that we can deep-dive into during our discussion.

Drop a note to us, and we will be happy to talk more!

Good luck with your product roadmap, and plan an exciting FY 2021-2022!

About Upshot.ai

Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve their product adoption and conversions. Fortune 1000 companies such as GE, UHG, Puma, Sony, ITC, and Tenet Healthcare are using Upshot.ai and observed a massive increase in product adoption and YoY increment in revenues.

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Transforming the Retail Banking Experience with Gamification

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