Nov 12 2020
FinTech Catalyst Incubator: Gamification
The gamification market is projected to grow to $30.7B by 2025 and financial institutions have an opportunity to "get in the game." Gamification has already gained popularity in several industries and financial institutions can apply game thinking to strengthen membership engagement or change the behavior of a targeted member group.
The exponential growth of mobile devices has directly created a vast base for the gamification market. Projected to grow from $9.1B in 2020 to $30.7B by 2025, financial institutions have an opportunity to leverage gamification to engage and motivate users to perform specified activities or change the behavior of a targeted group.
What is the research about?
Filene surveyed credit union leaders to assess the fit of the three apps: Flourish Savings, Long Game, and Zogo, with credit unions. Following the survey, Filene i3 participants hosted a virtual workshop to further examine how gamification could address other challenges faced by credit unions. Sometimes the most impactful solutions to address credit union and member challenges are not about creating wild, new, or exciting innovations; rather they can be generated by tweaking existing concepts.
This study highlights advantages and creative gamified ideas that may improve products, services, and operational efficiencies.
What are the credit union implications?
The possibilities for applying game thinking to financial services are endless and credit unions have an opportunity to create their own gamified solutions that best meet the needs of their members and the institution. Gamification can add clarity, direction, and delight to confusing, complicated, or boring tasks for members and credit union staff.
Fintech partnerships like Flourish Savings, Long Game, and Zogo can serve as an easy entry point to engage with members digitally. In addition, credit unions can partner with fintechs that offer gamification, as a service, to create a more personalized platform specific to its needs.
All-in-all i3 participants believe gamification is a reinforcer of positive behavior and a ‘must have in the credit union’s toolbox’. In turn, this can increase member engagement and loyalty. Credit unions can also use use gamification internally to solve their internal issues and streamline operational efficiencies.
Filene's FinTech Catalyst Incubator is generously funded by: