A new level unlocked: the appealing prospects of gamification in consumer finance

  • Investorville by the Commonwealth Bank of Australia: Enables users to get insights from simulating buying behaviour in the real estate sector
  • App by Aviva Italy: Tracks the driving behaviour of users and notifies them every 300km on how they are driving on a scale of 1 to 10
  • Barclaycard Ring by Barclays: A social credit card and community where members receive incentives for sharing suggestions for credit card benefits
  • Innovation Market by Lloyds: An application for employees to crowdsource ideas. The best ideas are chosen and implemented
  • Money UP by Sun Life Financial: This app was created in Canada to educate customers on retirement and investment decisions through a game that tests their financial knowledge
  • Design: Design plays a very important role, as about 80% of current applications based on gamification fail purely due to poor design. Aesthetic relevance to contemporary design ideas plays a big role in evoking the necessary response from gamers.
  • Functionality: When developing a gamified solution, wealth managers must test extensively for user acceptance and agility. Functionality plays a defining role as well and must be given due importance. Borrowing ideas from proven examples may be a good start.
  • Investment: Gamification of a business function or model could be an expensive venture. However, compromising on critical aspects may have a severe impact on adoption and usability. Hence, it must be carefully considered and planned.
  • Data security: The importance of data security cannot be stressed enough in today’s context. For wealth managers, this is a very important consideration, as use of this data may be subjected to periodic public scrutiny.

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We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

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Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

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