Gamification is a marketing technique that consists of using the mechanics and dynamics of games in completely different areas. By making the action more playful, gamification increases participant engagement. In the banking sector, gamification can take many forms. For example, the customer area can look like a dashboard similar to a game. To encourage users to save, one can imagine that as soon as the customer reaches a certain level of savings, he/she unlocks a discount or a voucher. Here are some examples of successful gamification in banking and finance.

Pivotroots is a data & technology-led full-service digital agency offering services across strategy & consulting, digital media planning & buying, UI/IX, etc. In the process of doing some innovative work for brands, they identified the scope of gamified dashboards in the region. Yogesh Kothari Global Business Head at PivotConsult tells Communicate the many reasons why banks here need to take a bet on this technology.

In image above: Yogesh Kothari, Global Business Head at PivotConsult

What does gamification of mobile banking experience include? How is it directly connected to the consumer experience?’

Banks started as simple repositories of customers' money; today, they are institutions that help the customer grow their money and help them improve their lives. Gamification builds on its origins in human nature, as we always desire specific goals, competition, and rewards to make things interesting.

Mobile Banking Apps have traditionally been bland; adding Gamification to Mobile Banking apps is a method to motivate consumers by using game components, engaging users, and turning routine financial tasks into fun and rewarding activities. Gamification increases user engagement, thus enhancing the customer experience.

Where do you believe the technology stands in the MENA market? Do you think there is a need to make banks more aware of this technology?

FinTech and Neo Banks are leading the way in the use of gamification in mobile banking, which is currently quite rare among traditional banks. One of the first banks to use gamification in mobile banking was Liv By Emirates NBD. Liv rewarded certain mobile banking actions with "livions" (points). These "livions" could then be used to spin the wheel to gain goodies, including a ‘Mega Reward’ at the campaign's conclusion. Another example of a traditional Bank is ADCB's "Money Buddy App", this money management tool helps manage finances in an effective and simplified manner.These two examples of gamified experiences paint a clear picture of where this technology stands at the moment in the region. 

A 2020 Global Consumer Games Market report by Newzoo revealed that in the UAE, 70% of women and 74% of men frequently play online games, with an added population engaged in console games. This enormous consumer segment, which spends hours playing online games, also happens to be the target market for banks. This makes it necessary for banks to implement more user-friendly gamified experiences as doing so would encourage their customers to interact with the banks more and develop long-term loyalty.

How is a gamified dashboard different from a banking application or online portal? What makes it user-friendly?

A study published in the scientific journal Nature in 1998 showed that playing video games releases the feel-good neurotransmitter dopamine. We can conclude that game context in non-game mobile apps also releases dopamine in the users' brains, though not necessarily at the same level. As a result, we tend to interact with the gamified apps for a longer time to avail more achievements and enjoy the feeling of accomplishment; an action that is extremely rare with traditional banking apps.

As humans, we often consume more visual information than written information. An effective UI element addition makes users feel in control and is easy on the eyes. Elements such as the progress bar are a straightforward and minor example of gamification in the onboarding process; it informs the user of the task's completion percentage and displays a straightforward message at the conclusion comparing the consumer onboarding time to the industry standard.  Giving badges to individuals who consistently pay their credit card bills on time is another illustration.

A seamless flow, well-defined progress and status bars, and other game-specific features all contribute to a very user-friendly experience.

How and where has Pivotroots managed to implement this technology? What's next for the agency?

PivotRoots has used gamification in marketing campaigns to improve the user experience while enhancing performance, engagement, and awareness. We have worked with brands to deploy gamification backed by data through PivotConsult, our data division. For instance, developing the appropriate loyalty program with gamification elements like badges, tiered invectives, and the relevant communication nudges to retain clients with a D2C FMCG client.

With the help of our UX and design skills, PivotRoots will work with businesses to launch gamified experiences that are supported by data. We will work with brands to deploy holistic gamified experiences that advance business objectives rather than just provide entertainment.

Why is enhancing the customer experience journey becoming such a crucial need for banks these days? Why should banks choose gamified dashboards over any other technology?

With increasing competition from Global Fintech companies like Revolt and Local Neo Banks entering the MENA market, enhancing customer journey is the only way forward.

As we move towards an "experience economy" Banking/Fintech Sector, we will see quick adoption of gamification even with traditional banks. It can be said that gamification in mobile banking will soon become a baseline rather than a differential factor.
As humans, we are social beings that live on entertainment, social engagement, competition, and reward – all of these factors make gamified experiences more preferable than other technologies.

In addition to simplifying the banking process, gamification encourages users by turning a chore into a game. Rewarding specific behaviors—actions that directly cause the release of the feel-good chemical dopamine in the brain—it fosters habits of saving and increased use of financial services.

What does the process of bringing these dashboards to life include? How does Pivotroots differentiate from other agencies trying to do the same?

Gamifying experiences are an exciting, yet research-intensive process. The process starts with an in-depth analysis of essential banking features, followed by an understanding of consumer behavior. This information is used to determine which gamifying features should be included and the terms/images that should be used on the app. These experiences have to go through multiple trials and errors prior to being rolled out.

The following three elements are crucial to the success of gamified apps:

• Transparency and Clarity of Rewards and Mechanism: If the Rewards are not clearly explained and in simple terms, the user will not be encouraged to be part of the experience.
• UX and Design – Gamification need to be part of the consumer journey, not just a few screens and part
• Communication with the right nudges – Use Gamification elements as part of communication to drive right the next action.

Businesses frequently rely on the power of clicks and scrolls to strengthen their brands. But at Pivotroots, we provide customer-centered creative solutions supported by a comprehensive data-driven approach that digs deep into the business and aids in creating a meaningful and long-lasting relationship with customers, setting us apart from all other businesses.

What kind of consumer insights do these dashboards cater to?

Banks can display consumer habits in a graphic interface by using gameplay components. The information makes it simple to identify the behavioral shortcomings that customers are experiencing. Customers can be persuaded to change their behavior by having insights presented to them in fun and interesting ways. If excessive spending is the issue, a customer can make decisions based on a visual that displays how much of their income is spent on unimportant goods.

Are there any downsides to gamified dashboards, if so, what are they?

It takes a lot of research and data to determine which components in gamified dashboards add value and facilitate the customer journey. If the gamified experience lacks the proper components, it may actually worsen the consumer experience rather than improve it. In addition, there is an older sector of the market that is still reliant on customer service and resistant to technology. A significant change for these customers may weaken their confidence in the institutions. Banks must progressively roll out these dashboards and provide the best possible customer service while guiding customers through them.

Additionally, it's crucial to avoid overly gamifying the app in order to avoid diverting users from their intended tasks.