The model has empirically been tested and proven to be superior compared to other models in other systems and is therefore used related to GWEN. The impact of gamification in this model will become one of the most important enhancers of online banking levels of acceptance in the upcoming years.
The definitions of performance expectancy show that individuals will
use the banking services if they believe it will have positive outcomes. Studies confirm that consumers who find banking easier to use become more willing to do transactions (Lin, 2011). To include social features and favorable set of conditions such as online tutorials or demos in the gamification service contribute to a greater likelihood to accept the banking in applications. The methodology summarizes as follow
Habits reflect the multiple results of previous experiences regarding to Venkatesh (2012) and the frequency of past behaviours is considered to be one of the most important factors that affect present bahaviours and that is the reason why users tend to adopt tasks and routines into the mobile banking system. Therefore the methodology summarize as follows:
Research confirms that UTAUT2 is one of the most complete theoretical models used in the context of information systems in the financial industry. Understanding the key outcomes of this model is crucial to design, refine and implement banking services that yield high consumer acceptance. Understanding the main factors affecting user acceptance concerned with performance and effort expectancy banks will be able to evolve and aligning functionalities with real customer’s needs.
There are not that many substitutes for Gamification to drive engagement and create an enjoyable user journey. To mention one is the webchat with integrated chatbots. This allows mobile banking applications to boost digital engagement an optimal user experience by offering quick and personalized interactions.
Gamification and user engagement
Applying game mechanics to motivate and drive engagement in the nongame context will change banking user bahaviour, improving service acceptance and use. New generations are entering the field and the question so important to ask is why most of the mobile banking services still remain so serious? Why can’t users have an excellent customer experience, fun, and enjoyment in their customer journey path in the banks?
Users get engaged through competition, teamwork, intrigue, curiosity, and problem-solving helping in infusing a feeling of ownership of performance and results. Points for actions, badges for rewards and leaderboard for competition, cash prizes, discounts and other free perks to engage service management. This to give positive feedback and reinforce loyalty.
Some gamification customer stories and studies from Fintech
In the last few years, the financial industry has witnessed an accelerated and consistent growth of banks and financial institutions that decided to apply game mechanics and game design techniques to their systems and services. There are several successful examples in South America. One example is Banco Bilbao Vizcaya Argentina, where they let customers earn points by using the bank ́s transactional site and redeem them for products and services. Saveup.com allows users to perform financial activities to earn credits and money prizes.
Another good example is “Punch the pig” that allows users to transfer money to a growth account by punching a pig whenever it pops up. Or Barclays 56 sage street application which is an interactive virtual city where players learn money management skills. This has encouraged other financial institutions to do the same, adopt gamification and game mechanics into the user journey path.
GWEN as a Solution in Fintech
A pilot project has been made for SEB in their mobile banking application where module package including modules as Level, Achievements, Shop and Mission. The overall purpose was to make the user journey path more engaging and fun in the SEB mobile banking services with features like SEB Rewards with Value Points and earned SEB coins, Loyalty Program with loyalty level and My Journey.