Gamification Now in Play for Financial Services
For banks and credit unions looking for compelling ways to increase adoption and use of financial services, it's game on. Gamification, which involves applying the principles of electronic games to other products and services, is increasingly being used to drive engagement among consumers.
The most recent version of CheckFree® RXP® from Fiserv uses gamification techniques to help encourage consumer onboarding and adoption of electronic bill payment, as detailed in this interactive infographic.
The Point talked with Justin Jackson, a product manager in the Electronic Payments business at Fiserv, about how gamification can increase consumer adoption and use of financial services.
How do gaming techniques motivate and engage consumers?
Early in the lifecycle – when a consumer is trying to get started with a new product or service – is when gamification has its biggest impact. Game play techniques, such as filling a progress bar, onboarding with a tutorial, and providing positive feedback and rewards, make it easier and faster for a new user to understand processes and helps build motivation to keep going. The intent is to quickly build comfort, trust and confidence while alleviating the anxiety that often comes from trying something new.
Why is gamification an important concept for financial institutions?
Consumers aren't bankers, and we can't forget that. It's important that users are able to quickly engage with a new service and immediately start applying it to their lives. If a new product is hard to understand or the first tasks are difficult to complete, chances are they will be frustrated and lack the motivation to fully incorporate the new product into their lives.
Why are these techniques being applied to online bill pay?
Fiserv research shows that consumers have a variety of misconceptions about online bill pay, and many are reluctant to change their current method of paying bills. By incorporating a few gaming principles and design elements, we can introduce consumers to electronic bill pay in a more engaging and streamlined way. This, of course, doesn't mean that we've turned the service into a game. Instead, we've added research-based best practices to get consumers interested in an electronic environment and encourage continued usage. That's the rationale behind some of the new elements in the latest release of CheckFree RXP from Fiserv.
What are some specific examples of how gamification can impact the online bill pay experience?
If you look at the latest version of CheckFree RXP, you'll see a prominent progress bar has been added to visibly lead new users through the process of setting up a first payee and making a first payment. The progress bar clearly shows new users that the end is in sight, while instilling confidence and a sense of accomplishment. Research shows that when consumers feel confident during their first experience with a product, they are more likely to become fully engaged with that product and explore all of its features.
Other new components designed to drive engagement include the introduction of smaller elements of content just when they are needed, and a delayed introduction of more advanced product features until after a new user becomes more familiar with the basic online bill payment process.
To learn more, watch the video below in which Justin Jackson discusses how gaming techniques have been incorporated into the newest release of CheckFree RXP.