Owing to security concerns, the banking industry has been extremely cautious of new implementations and process changes. Risks associated with new technology adoptions have kept many bankers at bay, and this inertia has resulted in them being left behind in the race for digital transformation. User adoption, thus, suffers in banking sectors.

However, user engagement strategies have significantly impacted many domains, and banking is not an exception. Let’s find out how customer engagement, retention, and user adoption are made possible in banking applications with strategic user engagement tools.

Gamification as a useful user acquisition strategy

Barclays Card, the US partnered with Mastercard to launch Barclays Ring, a social credit card. In this program, card-related activities are gamified by creating a social community of cardholders. The project’s primary goal is to “shape and share the product’s financial success.”

Community members are encouraged to share ideas and suggestions for credit card features—for example, rewarding badges for switching towards paperless billing, a few charity give-back programs, and more. Thus the program became famous for socially responsible users being user-friendly at the same time.

Barclays acquisition strategy - Upshot.ai — The AARP Essential Rewards Mastercard from Barclays

Motivating financially underprivileged customers to increase loyalty

Financial literacy is recognized in both private and state financial institutions. Governments and NGOs are investing a lot in educating all categories of citizens on financial literacy. With the advent of digital banking, financial knowledge is offered within the app or website, thus influencing user financial decision-making stronger and more logically.

BBVA, the leading digital Spanish bank, worked out a unified strategy to drive customer loyalty. As part of their user engagement strategy, they launched a BBVA Game - a web app with tutorial videos on making banking transactions, mobile app tutorials, and paying taxes online. By watching videos and completing specific tasks, users earn points redeemable for downloading music, streaming movies, and giveaways. User adoption in banking - Upshot.ai

Source: BBVA

Thus, BBVA has turned boring financial literacy classes into interesting sneak-peek video tutorials and gamified the whole user experience with redeemable loyalty points.

Behavioral Studies for credit savings

A person’s financial health is measured by the credit score they maintain. In many situations, banks tend to look at the user’s credit score before issuing a loan. At the same time, users are reluctant to share their financial information with companies. To break the ice and solve such problems, companies need to adopt new mechanisms to entertain and ease users’ sharing of their information.

Just healthy and meaningful interactions over time build trust among the users to cross their introverted circles and are more open to discussing their financial goals with banking partners. This is how CRED is revolutionizing user adoption in the banking industry with an innovative idea.

CRED, being marketed as a digital friend, makes credit bill payments easy and rewards users for paying them on time. It keeps an eye on how users pay bills, shift money and help with routine financial decisions. The Moven bank has successfully partnered with CRED to reward its loyal customers with high credit scores to gain redeemable benefits.

User adoption in the banking sector - Upshot.ai — Source: Cred

How Upshot.ai helps Banking Applications in Achieving their user adoption Goals?

One of our banking clients encourages their customers to set up a budget and categorize the budget for different expenses. Their hardcore problem of retaining users troubled them a lot as they tend to drop off after using the app for a while. Their primary goal is to retain the users and update the budget in time to analyze the user purchase behavior.

Using Upshot.ai analytics, we were able to segment different users and personalized messaging per the user's actions. Funnels helped us find the major drop-off areas and friction points shared with the development team to ease budgeting. Opinion polls are used to find the customers’ pulse, and above all, we launched our rewards module to retain them.

We rewarded every user who completed designated budgeting tasks with a badge and points, which could be redeemed with live sessions from experienced personal financial advisors.

Wrapping up

With rapid developments and enhancements in the way companies are marketing their products, no domain is future-proof without quickly adopting new technologies and innovations in their business routine. Banking is not an exception to this. There are hundreds of use cases on what can be achieved with enriched user experience and engaging the users at the right moment with the right message. If security is preserved and, at the same time, gamification can entertain the users, the next decade is yours to conquer.

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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User Adoption, Engagement, and Retention in Banking

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