Gamification and nudges can make people more financially resilient.
Gamification and nudges can make people more financially resilient.
Gamification and nudges can make people more financially resilient.
By Lotte Schou-Zibell and Swati Chowdhary
September 5, 2023
Summary
Gamification and nudges can foster sustainable financial behaviours, enhance user experience, and motivate customer engagement and loyalty.
Here, financial service providers can use gamification and nudges.
Gamification and nudges can foster sustainable financial behaviors, enhance user experience, and motivate customer engagement and loyalty.
These techniques are becoming more prevalent in financial services as they make the desired behaviors more accessible, convenient, as well as enjoyable, and engaging.
The marriage of gamification and nudges is proving to be particularly effective as this is helping raise awareness about financial products and services among customers, creating desirable habits, giving them a sense of progression, and effectively addressing the engagement gap.
People who don't have the means to afford a financial advisor, or might not use formal banking, can use this feature to learn about setting financial goals and tracking progress.
If done correctly, gamification and nudges can promote sustainable financial behaviors, enhance customer engagement, and, ultimately, foster financial well-being.
Reference
Schou-Zibell, L. & Chowdhary. S. (2023, 5 September). Gamification and nudges can make people more financially resilient. The World Economic Forum. https://www.weforum.org/agenda/2023/09/gamification-nudges-sustainable-financial-behaviours/