Using gamification to drive digital banking adoption
Nicole Titus, content writer at Launchfire, explains how the company helps banks to make it fun and rewarding for customers and employees to embrace new digital services.
What is the main challenge for banks when it comes to providing digital services?
One of the biggest challenges is getting customers to change their banking habits. Banks tend to assume that if they make their customers aware of how convenient digital banking is, then they will automatically start using these services. However, change isn’t convenient for customers – it’s often easier for them to carry on banking as they always have, rather than taking the time to learn how new services and technologies work. Consequently, financial institutions must build usage habits to drive customers to adopt digital banking.
What is Launchfire and how is it helping banks to overcome this challenge?
At Launchfire, we know that for people to alter their habits or become engaged with something, they have to care about it. This is why financial institutions usually work with us when they have invested a significant amount of money to introduce digital products and their traditional marketing and training tactics are not driving employee engagement or encouraging customers to change their habits. Our two-part system makes it fun and rewarding for customers and front-line staff to learn about, use and promote digital products, thereby making transformation a daily habit for them. This helps an organization and its customers change as quickly as executives need it to.
How does Launchfire help banks to drive customer adoption of new services?
We help financial institutions drive adoption of new services in two keys ways. First, we help banks to develop game-based marketing campaigns to encourage their external customers to adopt new services. Game-based campaigns are fun, so customers are more likely to engage with a bank’s marketing content in the first place, and they also allow the company to effectively build customer usage habits. One game-based promotion helped an organisation to increase digital product use by 13% – and more than 80% of users continued to engage with the game after the marketing campaign ended. This shows that banks can really turn customers into regular digital users over the course of a promotion.
In what ways can Launchfire help to drive employee engagement?
Our aim is to help financial institutions to turn front-line staff into digital product ambassadors by providing them with short game-based learning modules, product simulations and role-play scenarios. They can use these short daily learning experiences to quickly learn how new digital products and services work so they’re comfortable and confident when discussing them with customers. We’ve found that staff who use our platform are 91% more likely to recommend digital products.
Why is this two-pronged approach successful?
This unified approach to digital adoption is effective because it promotes digital across all channels, converting customers into digital banking users and immediately developing usage habits.
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