Banking is about to be gamified. Just like any other industry this sector will be undergoing a shift towards digitalization and we’re not just talking websites and apps. Although the banking industry suffers and old, dated brand identity it’s suited more than ever for gamification. Given it’s ability to change behaviour gamification is an excellent way of enhancing our knowledge on our financial state.
Millennials and their demand for more transparency
We are in need of a deep transformation of our financial education. Not only in classrooms but in our everyday life this new generation will sooner or later demand to take full control on their financial situation.
Millennials are already the largest generation in history and impacting all industries by demanding more transparency and a better customer experience. Values like a balanced work-life relation or a deeper knowledge of their financial situation are consequences of low interest rates, high market volatility, reduced income mobility and ageing populations.
VR enters the banking world
While banks and other financial institutions are already using VR to make their workplaces more customer-friendly, there is still room for more improvement and more possibilities to apply VR and gamification. One thing is augmenting the physical space with VR, another is unlocking the potential to improve the customer experience by offering them the possibility to do their own banking. Financial content is not the most accessible content for learning from textbooks or even seminars which definitely makes it apt for an immersive VR experience.
This way of interacting with customers goes beyond providing augmented content, it turns the tables on banks and puts the customer in the banker’s shoes.
So what to expect? We’re heading into a more self-service, automated era. Up until now we couldn’t replace the physical banks by complete virtual ones. By using VR, we can. Studies have shown it takes less time to trust a virtual assistant than any online chatbot or customer service, opening up the possibilities for brick and mortar to offer their service 24/7 to clients with a wide range of questions and problems.
This not only means a higher revenue for banking given large transactions and investments can be done virtually everywhere and anywhere, but also new business models and transaction fees.
But besides that, VR in combination with gamification is especially apt for training. Imagine visualizing our retirement planning from the day you start up until the end result or imagine experiencing investments from within the investment itself, being able to see its development ourselves. So not the old, dated way of banking staff trying to convince a customer to buy a service or investment but through gamification in a way one teaches him or herself how to make healthy financial decisions.
Gamification augments financial literacy and empowers customers to demand a completely new way of customer experience. It can be a medium to change behaviour starting from schools through applications in our daily lives.