The business world is where innovation and creativity can be seen at every turn. It is true about a number of sectors, and as the financial industry has begun to adopt technology, we can see creative ways that financial apps are helping customers. Instead of treating money as a necessity, fintechs have begun investing in the game-like journey as a way to boost engagement and turn tasks like saving into challenges that don’t seem so boring or arduous.
When Finance Mirrors Casino Mechanics
Many industry analysts have suggested these companies have taken inspiration from some of the techniques we see across digital entertainment platforms, such as in the iGaming and casino industry. For example, Betfair casino promotions give players the chance to take advantage of various rewards. These can range from no-deposit spins to “spin-to-win”, where wagering can unlock further spins. Mechanics like this have existed in the casino industry for years, and now have begun to appear in the financial sector. Several fintechs available in the UK are now embracing this model.
UK Apps Gamify Finance and Beyond
Revolut is one of the largest personal banking applications in Europe now, signing up record numbers in countries such as the UK and Ireland, where traditional banking fees had increased since 2008. The app has developed certain mechanics that allow users to complete missions to unlock rewards. These missions can be linked to saving goals or rounding up purchases to go into a vault. Chip has gamified high-yield saving through tracking streaks, allowing users to complete levels as they save. Plum does something similar and moves spare change into a savings account. While Monzo has created “pots” for users to save, when they do, they can see progress charts and receive badges.
The Bigger Picture: Building Engagement Through Play
Fusing the world of gaming and finance has transformed the experience for customers. It is not just a gimmick, and by adopting various practices from the world of casinos and games, fintechs have been able to drive business growth. They turn everyday, mundane tasks like saving into a more interactive experience. This means customers can remain motivated to save and engage with the apps more regularly.
Of course, it’s not just the world of fintech that has adopted and integrated this thinking. The language learning app Duolingo relies on gamification. By creating daily streaks and giving points, learners are motivated to interact with the app every day. Strava offers leaderboards and challenges to athletes, which keeps them posting on the app daily and weekly. While taking this a step further, Sweatcoin converts your physical action into coins that can be used in a marketplace. These apps highlight the use of gamification in making daily habits more engaging.
From budgeting and investing to even language learning, gamification has become part of our daily lives. It has proven effective in the fintech industry and means that saving and building financial goals have become more engaging and, in some cases, easier. It remains to be seen what the next generation of apps will use to maintain these daily habits, but it’s almost certain aspects of gamification will be used.