How Gamification Helps You Deal with Money Issues?

When it comes to money management, there are a variety of applications to help you keep track of your finances. There are budgeting applications, investing apps, rewards apps, saving apps, banking, and schooling apps; the list goes on. However, a current trend that is often noticed in many money apps is that they are beginning to feel more and more like games.

Gamification is being used by businesses to attract consumers to their apps. The concept is simple: if you stimulate people’s reward circuitry, they are more motivated to save money and work towards their goals. In addition, gamification is used in financial apps to teach people about personal finance, financial business, and money management in layman’s ways and language.

However, is it really capable of assisting you in achieving your financial objectives? 

Let’s take a peek.

  1. What is Gamification?
  2. Finance Apps and Platforms Using Gamification
  3. Is Gamification Helping in Financial Management?
  4. Is Gamifying your Finance a good idea?
  5. How to use Gamification in Financial Management?

What is Gamification?

Creating challenges, competitions, and awards around particular areas of your life, such as your carbon footprint or hydration level, is known as Gamification. Setting objectives, measuring progress, and reaching milestones are all part of the process, and rewards can range from cash to new capabilities for a digital avatar. To motivate users, gamified apps frequently use the “PLB” model— Points, Leaderboards, and Badges.

For many years, Gamification has been a popular trend in the tech sector. For example, in the financial world, Gamification is used in several apps and digital services to motivate users to save money, budget better, and enhance financial literacy. 

Finance Apps and Platforms using Gamification

There are a handful of applications available that can help you simplify any financial goal or notion. In addition, there will be a gamified option to make things easier and more entertaining, whether you want to become more financially educated, save for a wedding or more.

According to Fortune Business Insights, one of the largest industries for gamification is banking.

Axis Bank, established in India, is the first bank in the country, if not the globe, to employ augmented reality in its banking app. This bank chose to adopt augmented reality in banking after the global success of Pokémon GO.

With this, users can utilize their banking app to check around and discover what offers are available. Users may pay instantaneously and receive discounts on a variety of things using Pingpay.

Monobank is a Ukrainian online bank with a gamified app. The app includes an adorable cat emoji as well as entertaining gaming mechanics. To initiate a peer-to-peer money transfer you must shake your phone, it is that simple.

To create a great user experience, successful financial organizations adopt gamification patterns and come up with simple gamification ideas. Similarly, neo-banks for teenagers are adopting the same strategy.

In India, Akudo, a neo bank for teenagers, offers a customized and sleek debit card to youngsters. They also host exciting rewards under a gamified set-up when they are good at their personal finance. Moreover, every activity can also be done under parental control. 

In Akudo, their key idea is to teach kids not to be afraid of money, but to cherish it through the use of cutting-edge technology. There is an automated savings option with bite-sized contents. Children can now enjoy saving and managing money and getting rewarded for the same.

Paypal employs various strategies, but one of the most effective is a free and customizable landing page that allows anyone receiving money from friends or clients to collect funds through Paypal. This method ensures that freelancers are paid swiftly and that their experience is pleasant and stress-free.

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Is Gamification Helping in Financial Management?

Gamification can make conserving money enjoyable, but can it also assist consumers in achieving their objectives? It appears to be effective, according to some evidence.

Commonwealth, a nonprofit dedicated to assisting people in being financially secure, has researched and created games such as SavingsQuest, an online and mobile tool dubbed the “Fitbit for savings.”

A year after the project debuted, Walmart MoneyCard customers who were offered the possibility to win cash for saving money saved 35% more on average.

But, there’s no guarantee that gamification will aid in the creation or growth of an emergency fund for every consumer. However, it may push you to spend less and save more.

Is Gamifying your Finance a good idea?

You must be cautious and watchful when it comes to financial gamification. Playing games with your hard-earned money has real-world consequences. You can’t just turn the app off and try again if something goes wrong, especially if your finance app of choice is the Robinhood trading app.

The line between when, where, and how to experiment with gamifying investments and other assets may be blurry for certain people. After all, it is possible to become addicted to video games. 

You can do a few other things to make sure financial Gamification fits your lifestyle and long-term goals. 

  • First, look at any apps that need you to connect your bank account or provide financial information.
  • Make sure you understand how to use the service by watching tutorials. 
  • Next, read reviews, look at Better Business Bureau ratings, and see if financial journalists you trust have used the platforms directly.

How to use Gamification in Financial Management?

Not one strategy works for all. However, here is a handful of the most prevalent strategies  of how you could use them to achieve your own savings or investing goals:

Put yourself to the test: 

Consider utilising apps to create goals and track your savings if you’re not overly competitive but consider yourself “outcomes-focused.”

Compete with other people: 

If you’re naturally competitive, you can utilize these fintech apps to track your progress with friends and family. The apps that employ the PLB model may be able to assist you to spend more wisely.

Seek out monetary incentives: 

If you’re motivated by cash, programs that reward you for keeping money in your account could be an excellent way to make your money work.

Construct virtual worlds: 

Here are many apps that may lure you into making clever financial decisions to develop the tales of your virtual characters if you’re the sort who has spent endless hours fiddling in games.

FinTech, e-banking, neo-banking, and other financial organizations are looking for ways to differentiate themselves in an increasingly competitive environment. And gamification is adopted even by all scales of financial institutions 

Hence, if you’re behind on your savings or don’t have enough to cover an emergency, gamified protection might be worth a go. Check with your bank or credit union first to see if they offer any game-like apps or tools, and if they don’t, consider one of the options listed above. Even a slight increase in monthly savings could provide significant protection against unexpected bills. 

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