Though mobile shopping habits are on the rise, there’s certainly a method to the madness, as global consumers are also using digital tools to monitor their spending and manage their finances.
survey revealed that certain mobile-banking activities, such as accessing account information and paying bills, are quite common. Nearly half of global respondents (47%) said they checked an account balance or a recent transaction on their mobile device in the past six months, and 42% say they paid bills using their mobile device. Participation in these activities will likely be even higher in the near future: 53% of global respondents say they’re highly likely to check a bank account balance or recent transaction, and 46% say they’re likely to pay bills on their mobile device in the next six months.
In light of these premises, even for those services for which the human component will remain central, for banks and financial institutions it is now essential to invest in technological solutions to serve customers, with the aim of making the interactions with the bank easier, more frequent and above all interactive.
In addition, banks and other financial institutions was subjected to strong pressure to improve their economic performance in the face of the crisis, requiring their employees to make an ever-greater effort.
In response to all this, banks and insurers are studying new approaches to increase revenue, cut costs and generate higher levels of employee productivity.
Moreover, banks and insurance companies are dealing with a new target, the so-called Millennials generation (those born after 1980). This generation represents an historic change, bringing new strong and powerful habits to the market that even change the attitude of this sector. Millennials are about 2.5 billion, and they are the main smartphones and social media users, due to their increasingly widespread and consolidated digital habits that have created a new way of relating to service providers.
And gamification – the use of mechanics and dynamics typical of the gaming world applied in non-gaming environments – emerged as an innovative and effective solution for the Financial Services world to face and win these new challenges.
It is the so-called “PLB Model” (Point – Leaderboards – Badges), based on precise mechanics powered by points, objectives, levels, rankings, missions, challenges, notifications and obstacles, structured to engage customers and employees in a real experience, in which motivation, participation and the “fun” factor are essential.