How Fi Money Is Gamifying The Future of Online Banking
Updated: Jul 1
What if banking was fun?
No, not the "endlessly spinning wheel" kind of fun. We’re talking about a banking app that makes managing money feel more like a game. Fi Bank has cracked the code to make saving, spending, and investing feel less like a chore and more like a game. How? Let's find out!
The Fi Money App: What Makes It Tick?
Fi Money is a gamified finance app popularly known as the neo-banking app designed for millennials and Gen Z. Fi Money's mission is clear: redefine what it means to bank in the digital age. They're doing it by turning the typically mundane tasks of saving and investing into something more exciting and interactive. Gamification in Banking is at the core of their strategy, and it's working. In this blog, let's dive into the strategies Fi uses to capture and engage its audience.
1) Gamified Savings with FIT Rules
By allowing users to set custom triggers for financial actions, FIT Rules bring a playful aspect to managing money. The gamification factor kicks in when users create rules tied to specific events or behaviors. For example, a user can set a rule to automatically save a small amount every time they shop online or spend on entertainment. These triggers make saving feel like a rewarding game rather than a financial chore.
Key Takeaways
By offering a sense of control and flexibility, FIT Rules encourage users to engage with their finances more frequently.
Each time a rule is triggered, it creates a sense of accomplishment for the users.
2) Rewards Galore
Fi Money doesn't just make saving easy; it makes it rewarding too. Yes! Users can earn rewards for saving. This rewards system is designed to encourage users to save and spend responsibly.
Whenever a user uses a UPI or debit card, they can earn Fi Coins. And these coins aren't just digital tokens; they can be redeemed for cashback, rewards, exclusive goodies, and more. It's a clever way to encourage users to spend responsibly while incentivizing saving.
For example, users on the Infinite plan get 2% cashback on all UPI spends, allowing them to earn up to INR 6,000 in a year just from rewards. That's a lot of extra pizza and ice cream! Fi Bank also offers card-based rewards. The app has partnered with popular brands like Myntra, and Zomato to provide these rewards, making it a win-win for users and the businesses involved!
Key Takeaways
By providing tangible incentives, users not only return to the app but actively seek out ways to maximize their rewards.
Users feel like they're part of a community that values their loyalty and rewards them for it. This approach improves loyalty and keeps users coming back for more.
3) Fi Money Plant
Fi Money Plant is a unique feature that adds a touch of fun and personalization to the banking experience. It’s a simple concept with a twist—every time a user makes a transaction, they get a chance to grow their very own virtual money plant. The plant blooms with two flowers, each representing a different reward option. Each flower holds a different reward, giving the user the power to choose what suits them best. It's a great way of how Fi is tapping into the human desire for choice and control. Users get to weigh their options and decide which reward fits their style
Key Takeaways
Giving users the option to choose from a variety of rewards creates a personalized experience, making them feel in control of their benefits.
Personalized Approaches like this make customers feel valued, leading to greater satisfaction and loyalty.
4) Referral Program: The Power of Word-of-Mouth
When users refer their friends, they're not just earning rewards; they're sharing an experience they find valuable. This creates a ripple effect, where more people are drawn to the app through trusted recommendations.
Tapping into this, Fi Bank has a unique way of expanding its community: a referral program that rewards users for inviting their friends to join. Users can earn up to ₹1,000 for each successful referral, with no limit on how many people they can refer. This not only helps Fi Bank grow but also encourages a sense of community among users. It's building a financial network where everyone benefits.
Key Takeaways
This referral program strategy taps into the power of word-of-mouth marketing, a strategy that's both cost-effective and impactful.
It creates a network effect, where users feel connected and are motivated to grow the community.
Also, users are enticed by the rewards factor. The more friends they invite, the more rewards they earn—a win-win for everyone.
5) Virtual Chatbot - AskFi: The Personal Finance Assistant
Humans appreciate personalized attention and support, especially when navigating complex financial matters. Based on this, Fi Bank introduced: AskFi, the app's personalized virtual assistant. It's like having a financial advisor in your pocket, ready to answer questions and provide insights, providing users with insights, assistance with transactions, and general account management. By offering a chatbot that can answer questions, provide insights, and even suggest ways to save, Fi Money creates a sense of reliability and trust.
AskFi is designed to help users with everything from transactions to account management. Need to know how much you've spent this month? AskFi has the answer. Want to set a budget for your shopping spree? AskFi can help with that too. It's a handy tool for users who want to stay on top of their finances without the headache.
Key Takeaways
Personalized chatbots make the app experience more convenient for the users. Instead of searching through endless menus or FAQs, users can ask questions and receive instant responses.
Users feel valued and are more likely to engage with the app regularly.
6) Cricket Meets Finance
One of Fi Money's most innovative moves was to bring cricket into the financial arena. Cricket is a beloved sport in India, with millions of fans tuning in to watch matches. By connecting financial goals to cricket events, Fi Money taps into the excitement and passion that users already have for the sport. By integrating real-time cricket data into the app, Fi Bank has created a gamified banking experience that resonates with sports fans.
The gamification element allows users to set financial triggers based on cricket milestones. For instance, users can create a rule to automatically save money every time their favorite player scores a boundary, hits a six, or even takes a wicket.
For example, if Virat Kohli scores a half-century, a user can set a rule to save a specific amount! This seamless integration of cricket and finance creates a sense of anticipation and turns routine banking into a captivating game.
Key Takeaways
This transformation of a mundane task into something engaging and enjoyable helps build a deeper connection between the user and the app
A playful way to automate savings brings in consistent interaction and loyalty among the users.
Final Thoughts
Fi Bank's approach to gamification in banking has redefined the way people think about banking. By making financial management fun and engaging, the app has attracted millions of users who are eager to save and invest.
In the future, younger generations are likely to seek out banking experiences that are both fun and interactive, aligning with the technology and gaming habits they've grown up with. As technology continues to advance, gamification can play a crucial role in meeting the demands of modern users. This shift towards a more engaging banking experience opens the door for more innovative approaches, combining financial literacy with elements of entertainment.
It has all the potential to drive more customer engagement, encourage financial responsibility, and make banking a more enjoyable part of everyday life.
For businesses looking to jump into this trend, Flyy is a one-stop platform that helps banks and financial institutions create a unique gamified experience for their customers. With Flyy, you can transform traditional banking into a dynamic and interactive journey in a whole new way! So, why wait? Get, Set, Flyy!
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