Gamification
Newsletter #3
What does “Gamification” mean ?
Gamification is the process of adding elements and mechanics of the gaming world into non-gaming environments, basically adding to processes that would otherwise be dull (if not annoying).
One of the basics of gamification, yet extremely discussed, are PBL mechanisms which stands for Points, Badges, Leaderboards (and not Peanut Butter Lasagna as you might well expect! Ok when we thought about it it sounded funnier).
How can you relate this concept to financial services?
You have certainly seen similar processes roll out in digital applications, especially in the financial services industry which is not quite well know to be an exciting world (yay!)
A couple examples?
All those rewards and stars you get along those scrolls, all the smooth and enticing processes – yep, that’s all stemming from the subtle (or not-so-subtle in the end) dynamics of gamification. Want to look at someone who’s really top notch? Check out Atom Bank, a UK challenger, or Lunar, from Denmark, whose work we love!
A Study on Gamification Techniques Adopted by Financial Institutions
We usually try to provide engaging reports and materials but this time around we spotted a short and effective scholarly analysis of gamification techniques adopted by financial institutions. Well, it’s worth a read especially since it comes from a huge and extremely interesting FinTech market, India.
What are the dangers of Gamification or Gamified Products?
Financial Services can be gamified of course, but the effects this has are very real. A carefree or unethical approach to gamification might have serious repercussions, especially on less educated users.
A recent example of this has been embodied by Robinhood, a trading app whose gamified interface purportedly led amateur investors to unexpected losses, with dire consequences. The intrinsic issue here is that games can very well be “wrong” and any FinTech tool can be construed to have vicious dynamics, this is an even better reason to fortify financial literacy and maintain serious scrutiny on what the market offers – the question remains the same, what are you gamifying this for?
FTS RADAR
Some more on gamification? We spotted an interesting startup called Neuroprofiler that just entered the prestigious F10 accelerator in Zurich – why interesting? They use gamification to better profile users according to their investment products preferences and use this data to enable better sales.
Way to go @Gerrit Sinderman!
We also want this (NEW)sletter to have a space for our partners and sponsors who supported the acceleration of fintech ecosystems worldwide
