By clicking “Accept ”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Cookies Policy for more information.
Industry insights

How is Gamification Leveling Up User Engagement in Banking Apps

Michal Maliarov
min read

The concept of gamification, originating from the video game industry, has transcended into various fields of technology in the early 2000s as a novel marketing strategy. As banking apps and platforms continue to rise, gamification is reshaping how banks and fintech companies interact with their users, drawing valuable lessons from engaging video game experiences. Early successes revealed that integrating game elements into financial services increased customer loyalty and satisfaction. With the gamification market forecasted to grow at an annual compound rate of almost 26% through 2029, it's evident that we’re just getting started.

How is gaming attracting more users into digital banking?

Boosting customer engagement

Banking apps will never be as fun to use as video games themselves, but that's not the point. The goal is to engage the users with a little hit of dopamine and make it fun enough for them to come back. Unlocking achievements within the banking profile is an easy way to do just that. From opening a new account to hitting savings goals or managing budgeting. Making every little step count.

Driving financial literacy the fun way

Gamification acts as a dynamic tutor, offering an engaging platform to educate users about complex financial concepts, promote responsible spending, and encourage sound financial habits. From simulated investment scenarios to budgeting challenges, users learn by doing, making financial education accessible and enjoyable. A perfect example is the GoHenry platform that creates lessons and challenges for kids to help them learn and earn allowance in the process.

Creating unique user experiences

In the gamified world, every user is unique, and their experiences should reflect that. Banks can gather valuable enriched data provided by companies like TapiX, which highlight user preferences and behaviors through different channels including gamification. It enables them to tailor services and recommendations for a more personalized experience and use the smart data to the fullest. Increased engagement leads to more refined, personalized interactions, creating a strong connection between users and financial institutions.

Psychological hooks that engage users

Unlocking achievements

The goal is simple - engage users and make their interactions worthwhile. Unlocking achievements within the banking profile for completing different tasks, such as making payments, opening accounts or completing quizzes, is encouraging them to return.

Rewarded progress

A reward system closely follows achievements. As users progress through different challenges in their banking journey, incentives like collecting points to unlock unique sales or VIP treatment give them a reason to use the banking app more. In return, fueling it with data that can be used for tailoring the experience further.

Leaderboards and stats

Beyond rewards, healthy competition drives people forward. Implementing leaderboards fosters a sense of competition, boosting engagement and making every banking encounter more enjoyable. Who wouldn't want to be the best budget saver in their city?

Quizzes and mini-games

Gamification in banking apps isn't just about rewards; it has the potential to educate and level up financial literacy. Interactive quizzes, puzzles, and mini-games serve as effective tools to test knowledge and reinforce learning in an enjoyable manner.

Moving beyond turning financial tasks into games, gamification represents a strategic approach to making the entire banking experience more immersive, interactive, and enjoyable. All build on the core element that connects all - data.  

About author

Michal Maliarov

Senior insider

A creative enthusiast who has spent half of his life in the technology industry. Passionate about fintech, AI, and the mobile tech market. Navigating the thin line between the worlds of media and advertising for over 10 years, where he feels most at home.

Table of contents

Be one step ahead

Subscribe to receive regular once-a-month newsletter with guides, tips, success stories, industry insights and many more from the world of payment data.

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Be two steps ahead

Other articles from the last few days that you might be interested in

Mobile Banking in 2024: Trends, Features and What's Missing

Learn about the most popular and requested features in mobile banking for 2024
Read article

Step-by-Step Guide for Banks to Ensure AI Act Compliance

Ensure your bank's AI systems comply with the AI Act with this step-by-step guide. Learn key compliance actions and stay ahead of regulations.
Read article

How APIs are Transforming Digital Banking in 2024

Explore how APIs are changing digital banking with real-time payments, open banking, and better customer experiences. Learn about API types, architectures, and strategies for successful integration.
Read article