Level up your FinTech: How to incorporate gamification's best practices?

“Well, winning is way more fun than earning,” remarked my friend.

I had asked why she felt so joyous upon winning Rs. 500/- on a GooglePay scratchcard even though she was a well-salaried employee. I don’t blame her. It was a huge deal back then!

But this just shows how gamification in FinTech apps can be a real buzz. Whether scoring points or cold hard cash, people love that feeling of victory when they finish tasks or play games.

Think back to when GooglePay was just starting out. I remember a friend who kept bugging me to install the app through his referral link, as he would get an assured cashback. However, I did not believe it as a first-time user of these transaction apps and thought it would probably be just virtual useless rewards.

Props to my friend, I did install the app later and found it worth the hype: seamless & easy to use.

Now, GooglePay has a whopping 150 million users worldwide. This is an excellent example of successful user acquisition: referral programs coupled with a simple, user-friendly interface that lead to huge success.

But how did they pull it off? Well, as a FinTech company, GooglePay spiced things up with some basic game elements to:

• Get folks excited about doing transactions, no matter how small.

• Keep users coming back for more.

• Bring in even more users through referrals and rewards.

And all of this helped them boost their user base and make more revenue in the long run, even though some of their later gamification elements didn’t work well. There's a lot to learn from the successful FinTech apps like GooglePay that implemented some of the best gamified referral program. By following their lead and getting creative with gamification, your FinTech venture could also reach similar heights of success.

For FinTech companies looking to make their products more engaging and interactive, check out some of our top gamification tips outlined here.

Best Practices for Gamification in FinTech

Gamify according to your goals and audience

For instance, look at Duolingo. They've used gamification to make language learning a fun adventure. Whether you're brushing up on your Spanish or diving into a new language, they've got daily challenges, streaks, and rewards that keep you coming back.

It's like a game you can't stop playing, and that's exactly what they want. It matches perfectly with their target audience of language learners who want a blast while picking up new skills.

Keep it relevant to what you offer

Take Mint as an example.

Mint's all about helping you manage your money, and they've got some game features that make sense. You can set financial goals, track your spending, and budget your cash. It's like a game plan for your finances, motivating you to reach your money milestones. It's relevant and practical and makes managing your money more like a game.

Easy start, Gentle push

Acorns knows how to get people into investing without making it a headache. They encourage you to start by investing your spare change, which is super manageable.

It's like dipping your toes into the investment world. They leveraged human behavioral psychology and made it easy to take the first step and then slowly nudged you as a user to invest more when you're comfy.

Clarity is key

With Credit Karma, you get straightforward feedback on your credit scores and financial reports. No jargon or complicated numbers. It's like your financial report card, updated regularly to keep you in the loop. They're all about giving you the necessary info in a way that makes sense.

Rewards that really matter

Qapital helps you save for stuff that matters to you, like that dream vacation or a down payment on a house. And when you hit your money goals, they don't just give you a pat on the back. They throw in real rewards, like cash bonuses or other cool incentives. It's like a high-five for being responsible with your money.

Lessons learned from implementing gamification in Fintech

Lesson 1: Gamification is not a one-size-fits-all solution

Gamification isn't a magic potion that works the same for every fintech product. Think of it like a good ol' pair of jeans – it might fit great on your friend but not as comfy on you. You've got to tailor it to your specific audience and goals. What motivates one group of users might not work for another. So, keep it flexible and adapt as needed.

Lesson 2: Monitor and adjust your gamification strategy

Just like you'd tweak your fantasy football lineup when things aren't going your way, you've got to monitor your gamification strategy. Keep an eye on what's working and what's not. If users aren't responding to a particular game element or it's not driving the results you want, don't be afraid to switch things up. Gamification should be a living, breathing part of your fintech product.

Lesson 3: Integration with user experience is key

Gamification isn't like sprinkles on top of your ice cream; it should be mixed in. It's got to blend seamlessly with your overall user experience. Imagine you're building a burger, and gamification is the juicy patty – it's got to be there in every bite. From signing up to budgeting to investing, gamify these steps to make the user journey fun and engaging.

Lesson 4: Start small, No need to go big all at once

Rome wasn't built in a day, and your entire fintech product doesn't need to be gamified in one shot. Start small, like dipping your toes in the pool before you cannonball. Pick a specific area or task, like the onboarding process or budgeting features. Focus on making these parts engaging before tackling the whole enchilada.

Lesson 5: Get user feedback early with a prototype

Think of gamification like baking cookies. Before you serve them up, you've got to taste the dough. Create a prototype of your game elements and let your users have a bite. Find out what they love and what leaves a bad taste in their mouths. This early feedback is like gold – it helps you refine your gamification strategy to make it even more enjoyable for your users.

Lesson 6: Consider using a gamification platform

Gamification isn't something you have to build from scratch. It's like getting pre-made dough for those cookies. There are plug-and-play gamification platforms that can be your sous chef in this gamification kitchen. These platforms offer tools and templates to help you spice up your fintech product with gamification. So, don't hesitate to get a little help from the pros.

What's the deal if we don't stick to these lessons?

Picture this: The app that lost its way with gamification

So, there was this app that wanted to jazz up personal finance management by adding a dose of gamification. Sounds like a cool idea, right? But here's where things went a bit haywire. They got a bit too carried away with the gaming stuff and ended up leaving users scratching their heads instead of enjoying their financial journey.

For instance, they threw in a virtual currency system, but it was like trying to fit a square peg in a round hole. Users couldn't quite figure out how these virtual coins tied in with their real financial goals. It was a classic case of confusion.

The app's games were a blast, no doubt about it, but they sort of took the spotlight away from the app's main mission – helping folks manage their money like pros. This misalignment between gamification and the user experience had people feeling like they'd wandered into a maze. They were overwhelmed and frustrated, and the app's original purpose got lost in the shuffle.

The big lesson here is that gamification can be a party, but it should always dance hand in hand with the core user experience. When it becomes a wild dance that distracts users or complicates things, it can turn a cool app into a useless one.

What are the common pitfalls to avoid?

1. Neglecting the financial focus: When the game overshadows finance in a financial app, users can lose sight of their financial goals.

2. Making the game too difficult or too easy: Games should strike a balance; if they're too hard, users get frustrated, and if they're too easy, they become unengaging.

3. Using gamification to manipulate users: Gamification should motivate, not manipulate. Deceptive practices can harm trust and the user experience.

4. Not measuring the results: Failing to assess the impact of gamification hinders improvement and user engagement.

Key takeaways for Fintech companies

In conclusion, it's crystal clear that gamification is a powerful tool for FinTech companies, but it's not a one-size-fits-all solution. Gamification shouldn’t just stop with customer loyalty programs. Fintech companies should approach it with a diverse set of strategies aligned with different user goals:

Acquisition

Acquisition is all about getting new users on board and making the most of gamified referral programs and rewards to attract sign-ups. Just like that friend who wouldn't stop pestering you to install an app because there was an assured cashback in it for both of you.

To understand this, check out how we helped Momspresso acquire new users by leveraging the existing user base with the help of referrals using our Acquisition module. They experienced a whopping tenfold increase in DAU with the right Gamification elements in our product.

Retention

Keeping users engaged in the long run requires a different approach. Think of daily check-ins, rewards for on-time accomplishments, and incentives for completing the set goals. It's like your app becoming a helpful financial companion, rewarding you for achieving targets.

Engagement

For those who are already on board, consistent motivation is key. Implement elements like quiz contests and leaderboards to keep them active and competing with others. It's like turning financial management into an engaging game where everyone wants to come out on top.

The road to gamification success involves incorporating best practices and learning from the previous lessons.

So, in FinTech, remember that gamification isn't just about the thrill of the win; it's a way to help users achieve their financial objectives while having a great time doing it.

If you're ready to embark on this gamified journey to meet your business objectives, remember: At theflyy, we're here to help you harness the power of gamification and ensure that your FinTech venture reaches new heights. Don't miss out on the opportunity to make your financial services engaging and rewarding for your users.

Get in touch with us today.