Gamification is a powerful tool that incorporates game-like elements into non-game situations to motivate and engage users. In the banking, financial services, and insurance (BFSI) sector, gamification is increasingly being recognized as a way to improve customer satisfaction, increase revenue, and enhance the overall customer experience. Let’s explore how leveraging gamification can take your Customer Experience Strategy to the next level.
3 Key Applications of Gamification in the BFSI Sector
- Customer Engagement and Satisfaction
One of the most significant benefits of gamification in the BFSI industry is the ability to increase customer engagement and satisfaction. By introducing game-like aspects into client experience, BFSI companies can make their services more enjoyable and engaging.
For example, a bank could offer a savings/spending challenge where customers earn incentives for reaching specific savings/spending targets. This gamified approach makes saving money more entertaining and inspiring, resulting in higher client satisfaction and engagement.
- Customer Onboarding and Education
Gamification can be utilized to educate clients about financial services and products. By incorporating game-like elements into the onboarding process, BFSI companies can make learning about financial products more interesting and memorable. This approach can enhance customer awareness of financial matters, improve their understanding of banking procedures, and increase financial literacy.
For instance, an insurance company might use a game-like quiz to educate customers about different insurance plans, making the process interactive and enjoyable.
- Employee Training and Development
Gamification can also be employed for staff training and development in the BFSI industry. By incorporating game-like elements into training programs, organizations can enhance learning experiences.
For example, a bank could use a simulation resembling a game to teach staff members about various customer service scenarios, making the training process engaging and memorable.
Connect with the team at Gamize to consult for such unique use cases applicable to your product.
10 Amazing Gamification Techniques
To effectively implement gamification in the BFSI sector, employ the below few techniques:
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- Point systems and rewards: Awarding points for achieving specific goals and allowing customers to redeem them for rewards, incentivizes engagement with the bank’s services
- Leaderboards: Creating a competitive environment where customers strive to reach the top of a leaderboard motivates them to take specific actions
- Progress bars: Visualising progress towards a goal helps customers stay motivated and engaged
- Badges and certificates: Recognizing customers’ achievements with badges or certificates reinforces their efforts and provides a sense of accomplishment
- Virtual currencies: Implementing a virtual currency system encourages customers to engage with the bank’s services and improves financial literacy
- Quests and challenges: Setting up challenges and quests that incentivize customers to interact with the bank’s services can increase engagement and loyalty
- Personalised feedback: Providing personalised feedback on customers’ activities and progress helps them feel valued and motivated.
- Trivia questions: Educating customers and employees about financial terms and services through trivia games increases awareness and knowledge
- Social sharing: Encouraging customers to share their achievements with friends and family expands the reach of the bank’s services
- Integration with popular games: Integrating banking services with popular games makes them more accessible and appealing to customers
Want to set up a gamification customer engagement tool? Connect with us