Blog article
See all stories »

Object reference not set to an instance of an object.

Comments: (7)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 07 September, 2012, 15:28Be the first to give this comment the thumbs up 0 likes

I agree that "Banking, in itself, is something that no person wants to do.  It’s tedious and for most people quite stressful." To that extent, gamification of banking products and services seems to be the right way to go. 

However, it might face the same challenge as bank-sponsored PFMs have viz. reluctance of customers to divulge to one bank (the game- or PFM-sponsoring one) details of their overall financial holdings across multiple banks (e.g. checking accounts, term deposits), financial institutions (e.g. mutual funds) and insurance companies (e.g. life insurance). IMO, the key is to select the appropriate scope of coverage for a gamified offering that sidesteps this challenge. 

On a lighter note, banks adopting gamification would have to do something to ensure that customers don't make the transition from "gamification of banking" to "playing with money" too seamlessly!

A Finextra member
A Finextra member 07 September, 2012, 19:44Be the first to give this comment the thumbs up 0 likes

Good points regarding selection of the right features and journeys to gamify. 

In terms of the play side I think often people think of gamification as just that.  In effect it is so much more sophisticated that that.  For gamification to be succesful it it just as important to get the branding, tone of voice, design and user journey spot on before you even think about the game and rewards elements.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 08 September, 2012, 13:27Be the first to give this comment the thumbs up 0 likes

With recent events like Google renaming "Android Market" to "Play Store", the term "play" itself might begin to have serious connotations, which is good for "gamification of banking".

The MyMoneyAppUp contest being run by US Treasury has surfaced many gamified financial apps. While some of them seem like glorified calculators, apps like BankUp, Buying Happiness and MOOLAH certainly illustrate the power of gamification to alter consumer behavior. 

A Finextra member
A Finextra member 10 September, 2012, 20:12Be the first to give this comment the thumbs up 0 likes

I think we are going to see a significant change in banking soon.  Customers are asking themselves 'what do banks actually do for me?'...Banks that do the banking for the customer and help the customer develop better financial habits will succeed.  Gamification can be a big part of this transition and customers need an instigator to help them overcome their aversion to something new.

A Finextra member
A Finextra member 11 September, 2012, 06:07Be the first to give this comment the thumbs up 0 likes

I absoultely agree with you that banking is boring. And not
just boring but time consuming. PFM is a great tool indeed, but it requires profound financial awareness and  a prudent way of thinking. However, I think only few of us think like that. On the one hand gamification makes banking more fun and less boring, but on the other hand  it can motivate end-customers to use more and more services - it is more important from the banks' point of view. And from that point there is just a small step to evolve gamification to a sales boosting tool on the online channels. That is one of the main ideas behind our online banking gamification concept.

A Finextra member
A Finextra member 11 September, 2012, 10:42Be the first to give this comment the thumbs up 0 likes

Hi Adrienn, I think you’re spot on.  The great thing about gamification is that if it’s used effectively it can support any business no matter the size.  We have seen some great examples of persuasive design and gamification driving growth in apps with little to no advertising. With Foursquare the idea of checking in alone is not that fun.  The enjoyment comes from sharing, getting rewarded and receiving recognition.

I have previously seen the Finovate video of your concept and it looks impressive.  Are banks starting to listen?

A Finextra member
A Finextra member 11 September, 2012, 12:59Be the first to give this comment the thumbs up 0 likes

Yes, banks are definitely keen on finding new ways to retain their clients and also to upsell to them as much as possible. During the last couple of years the main reason of shifting clients to online channels was cost-efficiency, and banks managed to do it very well. The channel costs of online distribution are much lower, but now banks are realizing that with lower costs they lose the power of personal selling, the “human interface” they had in the branch. And those clients already educated to use online channels won’t return to the branches, so banks have to find new ways to sell. Gamification can be one of the tools for this purpose. To conclude, banks have started to realize this progress and to look for solutions. And thankfully we can help them :).

Member since

0

Location

0

More from member

This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


See all