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- 1 Intensive research and studies have proven that incorporating video game techniques into non-game platforms has a positive effect on the user’s experience.
- 2 Gamification does not transform a given platform, product, network, or service into a game but instead applies gaming elements and principles to enable it to engage its users and attain set goals.
What is Gamification
Gamification entails the strategic modification of non-game-like networks, platforms, products, or services through the incorporation of game-like features into their operation, to encourage user engagement. It involves the application of gaming elements and principles to non-gaming environments. This instills motivation and engagement in users. Gamification strategies involve the creation of tasks and competitions on the given platform, and making rewards available for the completion of these tasks and competitions. The rewards could be in the form of points, achievement badges, or even virtual currencies. The use of leaderboards, performance graphs, and avatars can also be introduced as gamification strategies.
Gamification differs from video games, as video games are created solely for entertainment purposes and have zero to no risk. Gamification however camouflages the risk involved in a platform in a fun and interesting way whilst engaging and educating its users. Gamification does not turn a non-game platform, network, or service into a game, instead, it recreates the fun and interesting gaming environment while maintaining the main interface of the platform, network, or service.
Gamification in Banking And Other Financial Services
Banks and other financial platforms have faced the need to introduce new methods to facilitate financial services, education, and engagement with their users over time. It sought out methods that would enable it to provide its services in a way that appears appealing to the users. They eventually resorted to the use of gamification as a tool to capture and retain the attention of its users. Games are well known to be a great source of entertainment to its players, hence the application of gaming elements to banking and other financial platforms is built on the user’s instinct to be entertained.
Gamification of the finance sector incentivizes engagement through the introduction of tasks, competitions, and seasonal rewards. Gamification is eminent on banking apps, as users are given financial tasks to complete which either earns them a point or gears them onto another level on the app just like in a video game. The rewards can also be in the form of cashback into the customer’s account, or vouchers, coupons, etc. This increases the customer’s participation and engagement on the platform. Leaderboards are also introduced to encourage competition amongst the users.
Gamification also helps to enhance financial literacy as it is used to educate users on the concept of debt, investments, and inflation. This is achieved by introducing games and quizzes centered on these subjects. Some financial firms use gamification to incentivize healthy financial behavior by incorporating game-like elements to monitor the user’s spending habits. Blockchain technology is also involved in gamification, as virtual currencies are sometimes awarded as rewards by financial and gaming platforms.
The finance sector is quite a serious sector and hence gamification is done cautiously. The goal is to create a fun and engaging platform without losing sight of its foundational objectives.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
