There are normally a number of different mechanics used in gamification which include points (normally the main method of currency in a gamified system, as they play on the human urge to collect resources), and rewards, when a user earns points which can be translated into a ‘currency’ for exchange of goods and services (whether real or virtual), and gives the user something to work towards. Gamification of Financial Services: Current Trends and Future Possibilities 6 Value shifts and gamification Financial Services firms (much like telecom industry carriers) have all the tell-tale signs of vulnerability due to downstream value shift towards the end consumer. When searching for new trends in financial software development, bank CTOs might have come across the term 'gamification'.It has already gained a well-deserved popularity in healthcare, education and even manufacturing. Gamification has been around for several years, and business marketers and communicators are starting to draw some conclusions about what works. Gamification In Financial Services The financial services industry is dealing with disruption on many levels: the impact of blockchain, the threat of cyber-crime, the pace of cloud adoption, the encroachment of FinTech startups, soaring customer expectations and an increasingly demanding regulatory environment. In the financial world. The response has been to apply standard elements of game playing as rewards for gaining financial acumen. Gamification in Banking and Financial Services. Financial Gamification. However, when it comes to banks, gamification is usually perceived with caution and skepticism. Banks and financial services can be their own worst enemy, or their best ally, when it comes to creating confidence in the industry. With all this in mind, it’s important to note that it is not preposterous to utilize actual games in the context of gamification. The reality is that while most people will readily accept that their financial knowledge and behavior could be improved, few are willing to spend the money and time needed to remedy that. Engineering a real financial wellbeing program for customers and improving workforce performance are critical when it comes to creating a profitable organization. Protected by regulatory barriers, and high switching costs, incumbent Financial services firms too are using gamification in various areas.

For instance, Britain’s Barclays bank was early to apply gamification when it created 56 Sage Street in 2010, an online game that used an interactive city as a backdrop for the purposes of … There’s now plenty of evidence in the field, in the financial services sector, of what makes sense and what maybe doesn’t. A good example in the banking industry is an online game that permits users to construct a financial empire.