Banks love to win. So do customers. Gamification  truly takes off when customers see the real  value gamification can give to them.

To that end, I would like to examine how gamification drives customer value.   In short, value for customer can be grouped in two broad categories, social and financial.  Let me take a second to explain by what I mean by these two terms.  Social benefits are linked with user psychology. They include emotional gratification and standing among peers. In comparison the financial value is a more tangible benefit that can be quantified.

So starting with social, a gamification application, first and  foremost, needs to be fun.  It needs to present a game that the user can – and wants - play.  An example of this is BBVA.

Gamification also needs to deliver social benefit by providing users with the ability to achieve.  Winning is a big part of any game.  This can be in the form of points, badges or status changes.  A good example of this can be seen in iAMFAM.

Finally, a customer needs to be able to share their achievements.  This can be done by integrating the gamification engine with a social network. In this way successes can be shared and be used to obtain positive feedback from his or her peers.

In parallel, all the three items listed above needs to be translatable into a tangible benefit, which I have termed as financial value.  So going back and starting with the fun part of the game, the most commonly seen method for giving value to the customer is through the provision of financial planning.  This can be seen in SmartyPig or in DSK Gameo at DSK Bank in Bulgaria - which gives users the ability to set saving goals.

However, financial planning is not the only benefit that a gamification engine can provide.  More sophisticated banks can use the gaming experience to push applicable products to customers thereby giving the customers relevant product that are suitable for their needs.

Next is winning.  Beyond the instant gratification that a customer can achieve by winning points, the points obtained can be linked to loyalty programs or rewards.  Many credit cards schemes provide loyalty points that go unnoticed by customers. Gamification could very well be the solution to this, providing customers a user interface which helps them to see all their earned points in one place.

Finally sharing.  Although few institutions have the right formula for giving and receiving tangible benefits, however, sharing achievements in the gamification platform with friends could be linked to a bank’s referral program.  In this way a bank can benefit from shared contacts.

Playing is always fun.  Winning brings excitement.  Talking about it makes us social.  Having a financial reward linked to all three stages is the right approach that the banks need to adopt when designing a gamification solution.