Level Up Your Financial Fitness Why Banks Should Tap Into Gamification as a Deposit Strategy
Picture this: a fitness app, but for financial wellness. Even better, imagine a financial fitness app that drives deposit growth while growing the customer’s financial muscles. With gamification, it’s now possible.
As consumers increasingly seek out convenient ways to save money and achieve financial stability, the incorporation of gamification into mobile banking apps has emerged as a powerful tool.
The reason is simple. More than half of consumers admit to being addicted to their phones and today’s latest wearables. With mobile app usage accounting for a significant portion of individuals' daily activities, financial institutions can tap into users’ increased screen time but with a more meaningful purpose than, for instance, playing last year’s top downloaded game, Subway Surfers (yep, that’s a real thing).
Instead, they can leverage the same methods used by gaming apps but with the mission to help consumers become more financially independent. Not only does this align with community banks’ mission of bettering their customers’ financial lives, but it also creates stronger engagement.
By integrating gamification elements that encourage positive financial behaviors, customers become more engaged. This allows financial institutions to foster increased financial wellness while increasing deposits, like opening and funding a new savings account.
But what exactly is gamification?
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