5 Banks Leading the Way in Gamification
Earlier this week Bank Systems & Technology ran a feature detailing some of the some of the ins and outs of gamification in banking. As we noted in the story, non-U.S. banks are blazing the trails in banking gamification while U.S. banks have lingered behind. There are several reasons that U.S. banks may be moving slowly on this trend, but banks that are interested in the concept of gamification would do well to look at how institutions in other countries are using gaming. A study released in December 2012 by analyst firm Gartner detailed several examples of how banks overseas are deploying games in their digital channels to improve customer experience and educate customers about the products and services they offer. Here are snapshots of some of the banks cited in the study with highlights of how they are leveraging gamification.
Citi Singapore Clear Platinum Card Facebook Game
Citi Singapore 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. Gartner analyst Stessa Cohen, the report's author, advises banks to link their game to the increased of a product or service to create a clear measure of the game's benefit to the bank. "Getting people to participate in a game is one thing, but getting people to use products and services is an easy way to measure success," Cohen says.
ODBC Bank of Singapore - Playmoolah
Playmoolah is an online game designed for children to teach them financial literacy and the value of saving. Another Singapore bank, OCBC Bank, has partnered with Playmoolah to offer those who participate in the bank's Mighty Savers children's program to play the game and donate to charities. Children can earn badges and rewards for how much they save and donate. Gartner's Cohen points out that there are other non-bank sites that help parents keep track of chores and allowances for their kids to help teach financial literacy. Getting parents and children involved is an easy way to help draw the attention of younger customers, she adds.
CIMB Malaysia Youth Savers
CIMB Malaysia has also tried to attract younger customers by using games to teach financial literacy to youth. The bank has developed a number of online games to designed to engage children including a fake online stock exchange and CIMB Youth Savers, a financial literacy tool for children. Cohen notes in the Gartner study that children are a particularly important demographic for the Malaysian bank because 28% of the country's population is 15 years old or younger. The game's players earn points for reading articles about financial literacy for youth and can play out different life scenarios on a Facebook app, called Fast Forward, to see how specific life events will impact their finances.
Absa Bank League of Champions Facebook Game
Absa Bank, the largest retail bank in South Africa, is one of the many banks around the world that sponsors a sports franchise. In Absa's case that franchise is the popular Springboks rugby team. But while many banks are engaged with sports sponsorships Absa has turned its link to the team to help engage its customers through a gaming initiative on Facebook. Customers can join a Facebook community hosted by the bank and predict the outcomes of Springboks matches to win tickets to matches and other prizes.
Commonwealth Bank of Australia Investorville
Commonwealth Bank of Australia's Investorville simulates the ins and outs of owning a property. The game allows the bank's customers to simulate buying and owning a property. "It takes you through the life cycle of an investment property. You have to go through renovations and it can explain to first-time home buyers the consequences of their financial decisions," Gartner's Cohen says of the game. Players have to pay property taxes and go through different simulations on the impact of different types of mortgages and loans for their new hypothetical property. The game impresses on customers what it means to manage a property and how to navigate the potential pitfalls it involves, the study says.
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Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio