Mayralee Martinez
Aug 23 3 min read

Unlock Your Financial Potential: Gamification for Financial Wellness


Imagine a fitness app for your finances. Even better, picture a financial fitness app that helps your customers achieve their financial goals and drives deposit growth for your institution. Thanks to gamification in our Personified Platform, this dream can now be your reality.

 

As customers increasingly seek convenient ways to save money and achieve financial stability, gamification has become a powerful tool in mobile banking apps. More than half of people admit to being addicted to their phones, and mobile app usage is a significant part of their daily activities. Instead of spending time on mindless games, why not encourage your customers to become more financially independent by leveraging gamification in your mobile application?

Gamification involves incorporating gaming elements like points and badges into a platform to motivate users and drive engagement. It taps into our natural desire to achieve objectives and seek recognition, making it a perfect fit for financial wellness.

Financial wellness is crucial, especially given the ongoing economic challenges. With inflation on the rise and savings declining, many Americans are struggling. Financial institutions are uniquely positioned to help, but traditional personal financial management (PFM) tools often need more actionable guidance and personalized support.

The solution? Gamification integrated into financial fitness. Banks and credit unions can position themselves as financial coaches by offering meaningful guidance and personalized goal-setting.  Like fitness apps encourage small steps toward better health, Finotta’s Personified Platform is a financial fitness app that nudges your customers toward healthier financial choices. Instead of being told how much you spent over the past month, Imagine receiving a notification that you're just $10 away from meeting your monthly savings goal of $100 – wouldn't that encourage you to make better financial decisions?

 

The benefits are clear. When combined with financial fitness, gamification leads to increased customer engagement and deposit growth Finotta has shown adoption rates of up to 57% among mobile users and a 20-fold increase in savings account opportunities compared to physical banking locations.

To unlock the full potential of gamification, companies across all industries have embraced its techniques, experiencing conversion rates as high as 700%. FIs can capitalize on this by integrating gamification into their digital banking platforms to enhance customer engagement and drive sustainable deposit growth.

The results speak for themselves. For example, one bank recently leveraged gamification to increase engagement among its digital banking users, leading to new savings account opportunities. An astonishing 93% of the customers who opened a new savings account funded it, benefiting the bank's bottom and top lines.

Financial wellness apps incorporating gamification have revolutionized how individuals approach their finances. Just like fitness apps turn users into strong athletes, these financial fitness apps empower customers to improve their financial health.

 

By leveraging gamification, banks can drive deposit growth, increase customer engagement, and cater to the demands of tech-savvy consumers. Embracing this approach creates a win-win situation, benefiting financial institutions and customers.

In this new era of financial wellness, gamification is more than just a trend; it's a driving force behind positive shifts in consumer behavior and economic outcomes. So, make sure to take advantage of this! Embrace gamification and join banks and fintech companies in this exciting approach towards financial empowerment and success.

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