Financial Services Says "Game On" to Gamification

Financial Services carries the stereotype of a very formal and risk-adverse industry. But the last couple of years have demonstrated that this industry, once thought to be stuck in their traditional ways, is making forward progress.  Investment firms, banks, and insurance companies are engaging with clients, advisors, and agents through interactive content and smart social media initiatives.

Gamification is one interactive platform that most industries are still trying to understand.  Gamification enhances customer engagement by collecting additional data, crowdsourcing ideas, and educating in a fun interactive way.  Some companies cite a 100% to 150% pickup in engagement metrics including unique views, page views, community activities, and time on site. 

But because gamification remains a mystery for most companies, my attention was certainly sparked when I read about the success Sun Life Financial has had with their gamification program.  Sun Life Financial wanted to drive increased participation in retirement savings programs.  To do this effectively, Sun Life recognized they needed to combine learning and action.  Since the launch in December 2013 , the game has attracted over 11,000 participants, who have complete more than 100,000 missions. In the first six months, 33% of employees who finished Level 1 increased their contributions and/or added a new product.

So, is this an anomaly?  Surprisingly, no.  After conducting research in the financial services space I uncovered many examples of effective gamification programs in the financial services space.  Below are 10 gamification programs delivering positive results for financial institutions.

1. Extraco Bank:  This U.S. bank achieved success with their educational gamification program.  They wanted to remove free checking accounts in 2011, and used an online gamified application to explain the new proposition to customers. To address customer concerns and increase retention rates, the game walked customers through the key reasons and benefits of the account changes. As a result, conversion rates jumped from 2% to 14%1 on the platform. (via InformationWeek)
2. PNC Bank:  When someone is banking online, they just “punch” the piggy bank whenever it pops up and money — in an amount of the user’s choosing — will transfer from their Spend account to their Growth account.  Users decide how often the pig pops up, or for more spontaneous types, PNC will surprise users by throwing it out there at random moments. (via The Financial Brand) 
3. Citi Singapore:  Citi has been using a social media game to increase use of its Citibank Clear Platinum Card and build a social media community among its card holders. Customers earn points by checking in to the Facebook game and by using their card. Points earned from check-ins and card usage are posted on the site so players can compete with each other to earn prizes with their points. (via Citi Group)
4. BBVA: The ‘BBVA Game’ is a customer rewards application aimed to increase engagement with the internet bank. Customers earn points by using e-banking, which can be redeemed for gifts or for prize draws. The initiative attracted over 100,000 registered users in its first six months. The resulted in an increased usage of online services, increased transactions, and stronger brand loyalty. (via InformationWeek)
5. Commonwealth Bank in Australia:  Commonwealth Bank has 2 gamification initiatives, CoinlandandInvestorville. While Coinland is used to raise financial literacy of children and Investorville is aimed at adults. This online simulator let players try their hand at property investing without risking your their equity. By choosing an investor-profile players learn about investment strategies, rental returns, and interest rates. (via Enterprise Gamification Consultancy) 
6. American Family Insurance:  The iAmFam application provides a game, very similar to The Sims, where customers learn about the importance of insurance.  By giving customers practical scenarios, it encourages them to think about where they may have gaps in their insurance coverage. This gives leads to the identification of potential product needs – and then to sales. (via InformationWeek)
7. Wells Fargo Home Mortgage:  To engage this audience, Wells Fargo Home Mortgage used a series of physical game-based activities to deliver messaging to realtors and extend time spent in the booth. By completing a survey that served as a lead retrieval form, attendees received the first of three tokens needed to qualify to play “Lucky Duck”.  They earned a second token by playing a fun, interactive iPad game and answering questions about Wells Fargo products and services. The last token was earned at a game show led by a professional presenter that used audience response systems to answer questions.  Nearly 50% of Wells Fargo’s target audience visited the booth and just as important, the time spent in the booth by attendees averaged 25-35 minutes. (via Live Marketing)
8. Fidelity:   Fidelity Labs– the R&D arm of Fidelity Investments – launched the first version of a new educational game for investors called “Beat the Benchmark”.  Fidelity Labs started building a game to engage college students where students chose stocks to “buy”.  By testing game components with their target audience, Fidelity Labs refined a game program that stresses long-term investing, educates on investing vs. gambling, and emphasizes the importance of strategy versus luck. (via Fidelity Labs) 
9. AXA: AXA released an online game, Pass it On, which uses a traditional video game "journey" as a metaphor for the journey of life and the opportunities to purchase insurance coverage for loved ones after death. Players create avatars and guide their virtual families to a better financial future by saving game currency, managing expenses, and making important decisions about life insurance, the company says. There are also sweepstakes and charitable components. (via InformationWeek)
10. Progressive:  Progressive has their superstore character “Flo” take The Sims Social users through a series of actions within the game that exemplified their brand but still maintained the integrity of the user experience. Players could complete tasks like “getting an insurance quote” on the computer in the virtual world and were rewarded with a Progressive themed Unicorn. (via iab)

  Gamification is certainly opening new doors for financial services engagement, especially with the coveted Gen-X and Millenials.  But it’s important to remember that gamification should serve pupose to the participant.  Providing an opportunity to self-educate is key.  Additionally,

Gartner analyst Stessa