People face challenges while using financial services apps. Mostly get annoyed or frustrated and easily give up while logging in due to long procedures that are plain and dull. And some people find it confusing and leave, never to return. However, keeping in consideration people’s psychology, fintech startups have found a smart way to attract people by adding gamification to apps. Now, logging in, saving, investing, or budgeting have become easier and widely accepted by users.
According to the studies have shown that using gamification in fintech saw a 50% increase in user engagement. This allows fintech startups to stand firm against the traditional banking system and make a place in the digital market.
For most people, finance is something serious and boring. Let’s face it, how many of you like to indulge yourself in finance? Normally, it’s a no. Everyone finds it boring and difficult to manage money, budgeting, and saving. However, to solve this problem, fintech startups are making the change by adding gamification to apps. With the new designs and gamification in fintech, companies are adding gamification and making finances fun to use for a change. Surprisingly, adding gamification increases usage of fintech apps, and people are loving it. According to a study in 2023, fintech apps that use gamification saw a 50% increase in user engagement.
Let us explore more about gamification in fintech and understand how it works and what makes it successful. We will also discuss how fintech startups and their ideas to use gamification in finance apps for increased user engagement can help.
Redesigning Finance: Introducing Gamification in Fintech
Finance has always been associated with words like complex, stressful, and dull. People don’t find finance catchy or interesting; they find it difficult to understand, and a lack of patience with confusing UI and UX doesn’t give them a chance to overcome their fears. Lack of trust and confidence leads to avoiding all the apps without giving them a second chance.
However, this perception has started to change, as today’s users, especially the younger generations, are more actively participating in finance for securing their financial futures. They are looking for tools that help them with budgeting, saving, and investing.
To meet this ongoing demand, many fintech startups are redesigning finance apps, adding gamification features. These elements, such as progressive bars, streaks or challenges, and visual progress trackers, make the process of managing money more enjoyable and user-friendly. A financial app that is useful and fun to use, is appreciated, and helps to stand out against traditional banking platforms. This builds confidence in the users and turns their trust into loyalty, making them refer the app to others, which contributes to business growth.
Why Fun Matters in Fintech?
Finance has always been associated with words like boring, difficult, stressed, and complicated. And thus, people avoid financial apps because they don’t seem interesting or catchy, and due to this, they even avoid managing their money properly. However, now times are changing, and so are the mindsets. People are looking forward to their future more sincerely and need apps that can help them. Companies are introducing gamification finance apps, motivating users to enjoy the experience. This helps to increase user engagement, builds trust, and they recommend the apps to others.
For fintech startups, this is a golden opportunity to use gamification in finance apps and make their stand firm and clear while competing with traditional banks. A fun and engaging way to use finance apps keeps the user coming back, and the profits are rising.
| A recent analysis by Finextra confirmed that companies that use gamification have reported up to 700% more new user engagement and a 45% increase in profit margins. |
Building Trust Through Gamification in Fintech Application
How do Fintech Apps Use Gamification to Gain Trust?
When we are discussing gamification and making users enjoy financial apps, here is the real question: How do fintech apps use gamification to gain trust? Adding game-like features to finance apps makes users feel more confident and in control of their money. Let us understand in detail:
Progress Bars:
These progress bars offer a complete picture of your financial status, showing how much you have saved or invested. They help to motivate users to achieve their financial goals. Some apps use progress bars as a fun method to encourage users to invest, save, or manage their money with a clear vision. Mint is one of the apps that uses progress bars for budgeting and saving. These bars improve user experience, and if they see accurate results, they start trusting and recommending others.
Challenges and Streaks
One of the smartest ways fintech apps are keeping users engaged is through challenges and streaks. It’s a powerful gamification tool that encourages users to log in or make banking transactions every day without breaking their streak. Keeping the streaks alive, users are given rewards that boost consistency and loyalty. Apps like Yolt use these features to motivate users to stick with their financial goals.
Fun Visuals and Illustrations
Many fintech apps are transforming from dull screens to attractive looks with bright colors, and dull charts to playful illustrations and interactive elements, making the user experience enjoyable and stress-free.
In-App feedback- When users complete an action, such as setting a goal or a fun animation or message, they can provide instant feedback. These small details make the app feel more responsible and personal.
The Psychology behind Gamification
At first, adding gamification in fintech apps might seem less worthy and doesn’t count as a credibility boost to the app. But the reality is far from the baseless arguments. When gamification is added, it enhances users’ sense of control and financial confidence. The psychology of users likes achievement, reward, and progress, making users feel more motivated and in control of their money.This helps to make the user experience better and trust the whole process, and do it over and over, and even recommend others.
Why Gamification Works in Building Trust?
You might think adding games or fun will make a financial app less trustworthy. However, that is not true; people appreciate fun in finance. When gamification in fintech is done right can make users feel more in control of their money. When confusing tasks like saving, investing, or budgeting are converted into small steps with fun activities, users are more likely to stay motivated, complete their tasks, and return. This helps to make the user experience better and trust the whole process, and do it over and over, and even recommend others.
Here are a few reasons why gamification in fintech works in building trust:
- Gamification in fintech apps adds user instant feedback, like showing a progress bar or unlocking a badge after reaching a milestone. This boosts confidence in users and encourages them to make further investments.
- Instead of feeling lost in numbers and charts, users feel guided and supported. The clear, helpful, and positive approach builds trust in the user’s mind.
- For Fintech startups, building trust is more important than anything else, especially when they are attracting early users. People are more likely to recommend it if they find it easy and enjoy saving money or budgeting.
Adding fun with a positive approach doesn’t make finance look silly; it helps to boost confidence in users, encourages them to invest, make a budget, or save money, building trust and loyalty, with an enjoyable user experience.
Designing Delightful Fintech Apps
If fintech startups want to attract users and make their firm stand out in the digital space, they need to be more than fun. They need to be designed in a way that will be easier to use with a clear approach in an enjoyable way, and the overall app must look attractive with bright colors and up-to-date UI.
Here are a few ways to make your fintech app delightful and trustworthy:
- Use Progress Bars: It will help users to see a clear picture of their goal and feel motivated.
- Introduce Rewards and Badges: Receiving rewards after reaching a milestone helps the users to get encouraged to do more financial transactions and gradually build trust over time.
- Create Streaks and Challenges: This helps to build consistency and responsibility towards financial goals.
- Add Social Features: Collaboration and recommendation with rewards help to gain customer attention and become a source to market your app.
- Enhance UI/UX Design: Delight users with illustrations, animations, fun micro-interactions, and make them stress-free, and offer a friendly experience while using financial apps. This will help them to gain confidence and return. They even recommend this feature to others with the trust they have in the app.
| Tip: You need to keep in mind that gamification fintech is a goal to make the user feel stress-free and have a user-friendly experience, without losing clarity. |
CASE STUDY: BharatPe’s Zillion Rewards-Driving Fintech Engagement Through Transparent UX and Gamification
Overview
BharatPe launched Zillion Rewards to enhance user experience and build trust and loyalty through an enjoyable and transparent reward system. In this, users earn a zillion coins for eligible transactions. These coins can be used at over 10million merchants and brands. Here, the goal is to encourage users to come again and again by making clear and exciting rewards that attract user attention.
Strategic Goals
Conistency: Building a consistent habit through guaranteed, easy-to-understand rewards.
Engagement: Use gamification to maintain daily or weekly user activity.
Exploration: Promote new features of BhartePe through bonus coins.
Insight: Help users track their reward journey and set transparent goals.
User Behavior and Surveys
YellowSlice conducted a focused survey on working professionals under 40, revealing:
- 85% users prefer direct cashback.
- 71.4% prefer travel and OTT offers.
- Only 28.6% of users care about turning their rewards into wallet money.
- 51% want offers to be more personalized to their preferences.
- Users gave rewards in apps like GPay or PhonePe a low rating of 1.5 out of 5, showing they are not satisfied with this.
What works well
- Instant Reward System- Coin is credited immediately after completing the challenge or a transaction. A clear coin balance UI increases control and trust.
- Extensive Redemption Ecosystem- With more than 10 million merchants, users feel their rewards are genuinely valuable. Includes
- Market Transparency- BhartePe gives clear and guaranteed rewards instead of random ones based on luck. Users always know what reward they’ll get and how to earn it, which makes them happier.
If you are a fintech startup looking to attract users to go digital and make your stand firm in the digital space, add gamification in finance apps with different features like progress bars and streaks. Make your UI more colorful with bright colors and add animations to make it more interesting. This will improve user experience and build trust and loyalty over time. Through smart gamification in fintech, transform the basic, dull, and unattractive financial apps into an enjoyable activity that helps to manage your money without any complications, having a clear visual of what you are investing or budgeting on, and building trust over time.
Need help designing a fun, engaging, and trustworthy fintech product? At YellowSlice, they have expert teams that will help you transform your app into a refreshing, fun, activity-based, and friendly experience. Contact us today!
FAQs about Game On: Fintech Startups Winning User Trust Through Fun Interfaces
1. What is Gamification in Fintech?
Gamification in fintech means adding game-like features such as reward points or challenges to financial apps to manage money, making it fun and stress-free to achieve financial goals.
2.How does gamification in a finance app help improve user experience?
Gamification in a financial app uses bright colors, friendly icons, smooth animation, and many more features that are clear, enjoyable, stress-free, and easy to use while saving your money.
3.How does gamification in fintech build trust?
Gamification builds trust by helping users stay consistent while reaching their goals, earning rewards, or tracking progress. They feel more confident and in control of their money, which builds trust over time.
