August 19, 2020
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Three main factors are driving digital transformation in the financial services sector – smart devices that are enabling an interconnected world, millennials and other tech-savvy employees and consumers, and ever-changing demands for consistent and personalized experiences with brands. Combine these factors with the need to continually build trust with employees and customers, and it becomes evident that financial services firms are at a crossroads.
There are several enabling technologies that can help financial services firms re-imagine the way they do business to elevate both employee and customer engagement, which translates to dramatically improved retention, cost reductions and increased profits. One of these technologies is Gamification.
Using gamification for financial services can benefit firms in a variety of ways. It can help meet different needs for different types of organizations and addresses the challenge of hiring and retaining in today’s marketplace.
Banks and other lenders
Mobile banking has transformed the way that consumers interact with banks. They can now manage their money wherever and whenever they want. In addition, traditional bank organizations are increasingly challenged by more agile and flexible offerings from new entrants. Ongoing training for employees, keeping customers engaged and loyal, and continuing to build and strengthen consumer trust has never been more important.
By incorporating gamification into their digital engagement strategy, banks and other lenders can improve the digital experience for employees, and ultimately, for consumers. Using gamification for financial services can emotionally engage players and motivate them to work toward their goals – whether they are centered around working more efficiently, improving enterprise system usage, or showing empathy for consumers.
Dynamic regulatory requirements and new, more agile competitors that use technology to reduce operating expenses and drill into vast amounts of data to fine-tune offerings have resulted in new challenges for traditional insurance providers. According to research by Deloitte, “Non-insurance is the new insurance.” Insurance consumers today are looking for products with added value, such as financial planning, car maintenance and home security. They are also looking for more streamlined processes for applications and claims, more innovative products and flexible options.
Gamification can help insurance companies keep pace with consumers. It can more effectively train and coach agents regarding new enterprise systems, as well as new products, and help teach them how to determine which ones are best for helping consumers reach their goals. For customers, incorporating gamification for financial services into customer-facing strategies can make the entire process of interacting with insurance providers more engaging and fun. This will help build trust and garner loyalty and advocacy.
The Millennial challenge
The financial services sector has been grappling with attracting and retaining the right talent for years. This critical resource shortage will likely continue unless they address the Millennial challenge head on as this generation enters the workforce. Understanding the unique characteristics of this group will help financial services firms update their recruitment, management, training and development practices in order to bring more millennials on board and keep them engaged and motivated to stay.
Millennials, who have been using technology since an early age, have come to expect instant access to information. They grew up with laptops, smartphones and high-speed broadband and are able to quickly grasp enterprise applications. They value opportunities to learn new information and develop new skills and they crave continuous feedback.
Gamification provides real-time data and instant feedback, challenges them to master new information and skills, and provides rewards and recognition for their efforts. For finserv firms, gamification fintech solutions are the perfect tool to attract, motivate, engage and retain millennial professionals.
Gamification is about having fun with a purpose. It can lead to better job satisfaction, improved performance, and employee retention. Download our ebook for the full story on “Financial Services and Gamification: Building Trust and Revenue.”