Gamifying mobile banking apps is a great way to engage users and drive adoption. The benefits of adding gamification elements and mechanics to mobile banking include engagement and stickiness, increased conversion, higher user retention, and increased user lifetime value. Many different types of gamification elements and mechanics are available for mobile apps. These include badges, leaderboards, point systems, progress bars, and more.
Engaging Users and Driving Adoption
Gamification is a form of game design that uses game thinking and mechanics to engage users, including mobile banking app developers, in solving problems while rewarding them.
Gamification has been a well-known concept for many decades but its application to products is a relatively recent development. At present, this strategy’s adoption remains relatively low, with only a small fraction of companies incorporating gamification into products.
Advantages of Gamification in Mobile Banking
Gamification elements and mechanics can engage users, make mobile apps stickier or more regularly used, and increase conversion and user retention. The benefits of gamification elements and mechanics include:
- Increased engagement: Gamification elements like rewards, badges, or leaderboards appeal to users’ competitive nature by encouraging them to achieve goals within the app. That leads to higher satisfaction with the overall product experience because it increases the frequency that users would reuse the product.
- Increased stickiness: If implemented correctly, gamification features help encourage repeat visits without being overly intrusive or annoying (no pop-ups every time someone opens their banking app). Users are more likely to remember the benefits they earned from using your service, making them feel good about sticking around longer than if they didn’t get rewards or incentives.
Diverse Elements and Mechanics
Many different types of gamification elements and mechanics are available for mobile apps. Some examples include:
- Badges: These are rewards users can earn after completing certain tasks within a certain tіmе frаme (logging in daily). Badges can also be given as rewards for completing more complex tasks with multiple steps (making three deposits into your account).
- Leaderboards: These are another way to show progress over time by displaying how many other users have achieved certain goals (how many days in a row you logged in).
Leveraging Gamification and Biometrics for Enhanced Security
Gamification can drive adoption by leveraging biometric authentication technology. That will let you increase security while improving user experience. Biometric authentication can serve as a login method or an additional layer of security when making transfers or accessing sensitive information.
To harness the benefits of gamification, banks can effectively incorporate it into mobile banking applications, enabling users to authenticate using their fingerprints instead of entering a password each time they access their accounts. Doing so allows banks to ensure that only authorized persons have access while making life easier for customers since they no longer need to remember long strings of letter-and-number combinations.
Gamification is a great way to engage users, drive adoption, and increase engagement. It can also serve as an additional layer of security when combined with biometric authentication technology. The benefits of adding gamification elements and mechanics to mobile banking apps include engagement and stickiness, increased conversion, higher user retention, and increased user lifetime value.