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(Saviane)
ACTION LEARNING PROJECT
GLOBAL MASTER OF BUSINESS ADMINISTRATION
INVESTIGATING "GAMIFICATION" IN FINANCIAL SERVICES
Submitted By:-
Nilay Shah – GMAY13CMM021
Mentor:-
Irina Pismennaya
(Senior Manager (Academics))
S P JAIN SCHOOL OF GLOBAL MANAGEMENT
DUBAI – SINGAPORE - SYDNEY
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ACTION LEARNING PROJECT
ON
INVESTIGATING "GAMIFICATION" IN FINANCIAL SERVICES
Submitted in partial fulfilment of the requirement of
Global Master of Business Administration (GMBA)
Contemporary Marketing Management
SEMESTER 3
PERIOD OF STUDY – January 2014 to April 2014
Submitted By:-
Nilay Shah – GMAY13CMM021
Under the guidance of:-
Irina Pismennaya
(Senior Manager (Academics))
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Acknowledgement
I am gratified to S P Jain Global School of Management for giving me this wonderful
opportunity to carry out a research project with IDC Financial Insights Asia Pacific of
Investigating Gamification in Financial Services.
As this was a project based on primary research, there were challenges and learning during the
course of the project. This project has given me a picture of the Gamification industry, the
upcoming trends and adoption of Gamification in Financial Services.
I would also like to thank Michael Sek Pheng Yeo my corporate mentors from IDC Financial
Insights Asia Pacific for giving me an excellent opportunity to work on project with steep
learning. I am also grateful to him for providing me with assistance whenever required.
We are highly indebted to Mrs. Veena Jadhav and Ms. Irina Pismennaya for their supervision
as well as for providing their unconditional support in completing the project. Their kind co-
operation and encouragement helped me build up on the project at every stage.
I would also like to take this opportunity to thank Mr. Frank Manuel Saviane from Fast
Forward Advisors who have helped throughout this project to have a better understanding of
the topic as well as providing me with relevant material to study and analyse.
Sincerely:
Nilay Shah – GMAY13CMM021
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Declaration I hereby declare that the matter included in this Applied Learning Project (ALP) report entitled
“Investigating "GAMIFICATION" in Financial Services”, is the result of study and interviews
carried out by me. I further declare that this is my original work and has not been published
anywhere before.
This Project Work has been carried out for the sole purpose of submission in partial fulfilment
of Global Masters in Business Administration at S P Jain School of Global Management,
Sydney.
The above is true to the best of our knowledge and understanding. I have read, understood and
signed the code of Ethics.
Copyright Assignment FOR THE GOOD AND VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
the Project team (“Assignor”), hereby irrevocably transfers and assigns to S P Jain School of
Global Management (“Assignee”), located at Dubai, Singapore, Sydney, its successors and
assigns, in perpetuity, all right (whether now known or hereinafter invented), title, and interest,
throughout the world, including any copyrights and renewals or extensions thereto, in (project
title).
IN WITNESS THEREOF, Assignor has duly executed this agreement.
Date:
Project Team:
Nilay Shah – GMAY13CMM021 (Sign)
Project Mentor:
Name: Irina Pismennaya
Signature:
SP JAIN SCHOOL OF GLOBAL MANAGEMENT
DUBAI SYDNEY SINGAPORE
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Table of Contents Acknowledgement ........................................................................................................ 3
Declaration .................................................................................................................. 4
Copyright Assignment .................................................................................................. 4
Chapter I: Introduction ................................................................................................ 7
About the Company: ................................................................................................. 7
IDC Methodology: .................................................................................................. 8
Competitors of IDC: ............................................................................................... 8
Project Background: ................................................................................................. 9
Efficient implementation of Gamification in an Enterprise: ..................................... 10
Chapter II: Literature Review ..................................................................................... 12
A. Academic Literature ........................................................................................... 12
Maslow’s Hierarchy of Needs ............................................................................... 12
Self-Determination Theory ................................................................................... 14
Collaborative Engagement Foundations ............................................................... 14
B. Business Literature ............................................................................................ 14
Gamification Overview: ........................................................................................ 15
Impact of Gamification in increased website action: ............................................ 19
Game Element in Financial Services: ................................................................... 20
Chapter IV: Analysis and Interpretation ..................................................................... 26
Identification of Financial Services using Gamification: .......................................... 26
Identification of vendors providing Gamification solutions: ..................................... 26
Primary Research: .................................................................................................. 28
Key Takeaways from Expert Interview of Vendors: ............................................... 28
Key Takeaways from Expert Interview of Implementers/Consultants: .................. 31
Secondary Research: .............................................................................................. 33
Key Consideration for Gamification design: ......................................................... 33
Growth of Gamification in Financial Services: ..................................................... 35
Adoption of Gamification in Financial Services: ................................................... 36
Chapter V: Conclusion and Contribution to practice .................................................. 39
Recommendation: ................................................................................................... 39
Systems Analysis and Design: ............................................................................. 39
Framework for Gamified Design: ......................................................................... 40
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Conclusion and Key Learning: ................................................................................ 42
Appendix: .................................................................................................................. 44
Works Cited ............................................................................................................... 44
Expert Interview from other Report: ........................... Error! Bookmark not defined.
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Chapter I: Introduction
About the Company:
International Data Corporation is a market research, advisory and analytics company,
headquartered out of Framingham, Massachusetts, USA. IDC proffers a range of
services customized as per the customer requirements. IDC is a thought leader, who
provides market intelligence and advisory services mainly in the field of
telecommunications, consumer technology and information technology. The
assortments of services provided by IDC are as follows:
Market forecasting and intelligence about the future trends and the reasons
behind it, it also provides framework and outlook for existing and emerging
opportunities.
Answers for specific questions through interviews from the stalwarts of the
industry covering the topic in detail using their personal experience.
It offers consulting services, such as forecasting and segmenting, customer
understanding, competitor landscape, partner ecosystem, marketing and sales
effectiveness, influencing customers, IT investment, and thought leadership.
It performs in-person and virtual events providing deep insights and data that
help executives make informed decisions for investment decisions on purchase
of technology and business strategy.
Furthermore, IDC provides research reports, stating the present industry news and
analysis covering a large area from vendor profiles to market forecast and share; and
industry specific general trend reports including consulting services and customized
industry research on financial, energy, health, government, retail and manufacturing
industries.
In order to become one of the leading research companies on the globe it has adopted
a unique methodology, which helps them, differentiate against the plethora of other
research providers. Thus the IDC differentiated methodology is as follows:
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IDC Methodology:
IDC's Research: IDC adopts a "Glocal" research model while conducting
research across the globe. This means that they think and cover topic keeping
in mind the global trends and happenings in the industry, while at the same
time the act local to comprehend local nuances of any country.
Research Standards: IDC has conceptualized and developed a set of standard
guide for their research analysts. The standards state the methodology to be
used, the assumptions that can be made based on the surveys and the primary
data collected. The standards also mention the required sanity checks to
provide a tight framework for forecasts and execution of major definitions
across the globe.
IDC Objectivity: IDC is devoted to provide highest quality of research free of
bias or conflict of interest, where the premier standards of ethics are enforced.
Methodologies to Fit Market Segments: IDC believes in a philosophy of using
an appropriate methodology to various market segments, all of their research
carve up a core set of methodological essentials and approaches. The rudiments
usually consist of data truthfulness crosschecks, demand-side data, global data
compilation and analysis at global and local levels. These further includes
methodologies for the following:
o IDC's Demand-Side Market Contact
o IDC Markets cape
o IDC's Foundation Research
o Market Sizing and Forecasting Methodology
o Elements of IDC Market Models
o Forecast Assumptions
The Importance of Analysts: The strength of their analytical tools, research
standards and methods, are IDC's analysts thus they put a lot of emphasize on
the quality of their analyst as they believe in the quality of analyst is a direct
measure of the research he delivers.
Competitors of IDC:
Gartner, Inc.
Forrester Research, Inc.
Aberdeen Group, Inc.
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Project Background:
The potential that Gamification cover is vast, it can encourage the users the
extrinsic motivational tools, however, the definitive goal is to gain an intrinsic
motivation within the gamified element.
As social marketing and networking becomes the norm of day-to-day business,
it will become necessary for organizations to leverage on gamified systems in
order to transform more common Social Business Platforms.
Gamification brings a new way of thinking, designing and implementing
solutions by aligning game objectives with desired state of outcomes in the
enterprise. With further adoption of Gamification, it is likely required to embed
game elements into core enterprise systems across various businesses.
Gamification provides a great opportunity to increase the visibility of processes
in an enterprise, while changing the experience of interacting with customers,
colleagues and vendors. For example, with the use of Gamification, employees
will be rewarded and influenced to raise their operational efficiency and this can
result in higher employee motivation and retention.
Gamification will be a core part of system integrators' transformation programs
and top system integrators have already begun collaborating with leading
gamification vendors.
There is a common dilemma in business today, when it comes to Employees'
adopting the new technology. Businesses may recognize solutions to variety of
their problems, invest resources for its correct implementation, and it might
still result in low adoption rate. The change management in these companies is
a tough job mainly due to reluctance to change and the fear of the unknown.
However, with intervention from Gamification one can actually try and change
the trends and have a high adoption rate because the employees would have
lived a changed virtual scenario, which might get rid of the fear of the unknown.
The entire sphere of business is evolving with interlude of social media and
stakeholder management (customers, employees, vendors and shareholders), by the
means of this project we would like to understand the changing trends in financial
service industry and how will the invent of "GAMIFICATION" interrupt their businesses
and comprehend the impact of Gamification on stakeholder management.
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Efficient implementation of Gamification in an Enterprise:
The probability of implementing game elements correctly within a gamified system at
the first tries remains low, because of the poor design, mainly driven by lack of the
business and technology principles driving Gamification. Thus implementing
Gamification in a correct manner becomes highly imperative, in order to maximise the
effectiveness of the gamification investment.
Currently the enterprises have two option of entering into a Game based solution for
the problem, viz;
Develop and implement with internal resources to build a successful program.
Collaborate with Gamification specialists, consultants and vendors to
implement a solution.
Developing and implementing an internal solution can be an expensive endeavour,
however this can be worth the extra cost, if one might want to adopt more iterative
processes on the gamified system in present as well as the future to keep in sync with
the users. Thus, the following are the key ideas one should keep in mind while getting
into deep waters of developing and implementing "GAMIFICATION":
Everything should be Measurable: All the programs should be designed to
solve or revolutionised a particular metric, it can be in terms of
customer/employee satisfaction or leads per month. Having metrics to
measure, the impact of Gamification is always helpful to establish the success
or the failure of the exercise.
Providing Relevant Feedback: Speeding up the feedback mechanism is a
major method to improve the efficiency of the metrics that we looked in the
above point. The feedback mechanism will help us understand and speed up
the adoption process, helping to achieve the set goals in a quicker time.
The above points are relevant, if the enterprises are looking forward to implementing
and developing Gamification principles using internal resources. However, this will
change while employing external agencies as the above points will just be part as the
hygiene factors (the minimum attributes).
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Despite of how enterprise chooses an elucidation, the reality remains that industry-
leading companies and brands persist to use gamification to enhance the overall
effectiveness of their organizations.
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Chapter II: Literature Review
A. Academic Literature
Gamification is the use of game elements for non-game applications and uses, in order
to persuade people to espouse the applications and the uses. It also attempts to
persuade users to employ in wanted behaviours in relation with the uses.
People react differently to similar situations with a presence and absence of rewards,
in each action in relation with time and reward, there are various permutations with
the elements to get a desired outcome from the people involved. For e.g. in London in
order to encourage people to use stairs instead of elevators, piano sound and design
were used on the stairs so that every time a person who would use stairs would
actually hear music, this actually encouraged 66% of people now to use stairs instead
of the elevators. Thus, understanding of Maslow’s Hierarchy of Needs and rewarding
people based on these principles while applying them as game elements can surely
have a positive impact on the adoption rate. This will also aid the enterprise achieve
the ROI earlier, than expected.
Maslow’s Hierarchy of Needs
The enterprise's ROI will show how well the game elements connect the users with
Maslow’s Hierarchy of Needs. These can be achieved via various ways however; by
just adding those "addictive properties" can simply change the users approach
towards those Game elements. The best example for the same is Foursquare, though it
does not offer cash rewards but in kind rewards force millions of users to update their
whereabouts, without being scared about their privacy.
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Figure 1: Maslow's hierarchy of Need, Source: (CHerry, 1943)
The above Maslow's hierarchy of needs and the impact of gamification can be best
explained ny the below diagram:
Civilization designed to meet
and trigger the Needs and Rewards
Health Environment Energy Unfulfilling
work
Human Beings
Game Mechanics designed to meet
and trigger the needs and rewards
Fundamental Motivations: Survival- Procreation- Security-
Nesting
Gamification
Figure 2: Application of Maslow's hierarchy of Need in Gamification
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Self-Determination Theory
The self-determination theory (SDT) structured a engagement and motivation model
for understanding what, why and how human being's actions is instigated and
synchronized. The SDT identifies environmental and social situations that influence
individual's decision and engagement in actions. The SDT understands both the
psychological needs and cognition motivation behind everyone need for competence,
independence and relatedness. The level of motivation for an act id defined along a
range of intrinsic and extrinsic motivation that is measured by a seeming locus of
causality. The human need for independence and recognition of competence allows
the "forecast of the social situations and assignment features that augment versus
weaken the intrinsic motivation”.
Collaborative Engagement Foundations
In a study at place of work, Gears employed both the theory of Maslow's Hierarchy of
Needs, and the SDT, to recognize factors encouraging employee engagement
behaviours. Strong desires for control, autonomy, curiosity, and idealism were leading
to engagement behaviours such as accumulating; engagement foundations such as
changing, adding, and remarking on the Game elements. Influences were linked to
partaking and non- partaking behaviour beside the SDT variety ranging from extrinsic
control to intrinsic independence. Employed in a basic and equal manner, employees
contributed in the game when they supposed value, were not anxious about malicious
behaviour, they gradually found time to contribute.
B. Business Literature
Gamification and social media are changing the way people engage and expect to
engage with their friends and increasingly their employers and service providers.
Financial Services now have new ways to be relevant, engage customers and improve
sales. In order to research the topic in higher detail first lets understand what
Gamification is.
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Gamification Overview:
Gamification is use of game elements to arise competition or reward want from the
user to complete an action or set of actions. Not only rewards or the competitive spirit
that encourages them to use the application, following are the other factors that also
contribute to adoption of game elements:
1. Competition 2. Penalties and Incentives
3. Rewards 4. Goal Setting and Progression
5. Countdowns 6. Personalization
7. Scarcity 8. Team Work
The most important feature of adding Game elements in any process is that it
increases engagements levels across all the users. Following elements are required for
a successful adoption of Gamification:
Figure 3: Elements of Gamification, Source: (Wang, 2011)
Intrigue: Content and the story frequently signify the consumer tech side. The
company needs to develop germane content to keep users slot in. Content could
consist of help topics, user generated comments, relevant information, etc.
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Reward: Both non-monetary and monetary enticement can be arranged. Rewards
should equal the level of intricacy so users gain a sense of achievement. Non-
monetary rewards could incorporate exclusive information, recognition, or access.
Status: Leader boards symbolize the status in gamification world. A leader board
incentivizes status and provides an acknowledgment system as well as a way to rank
the users. A stout analytics platform must ally with the objectives of introducing
gamification in the company's processes and carry reward systems.
Community: Users want to reach out share, and connect to other “users”. Expecting
incorporation of Gamification on to mobile as well as other social platforms. Being
social is a key element of gamification.
Challenge: Users must get a sense of achievement and triumphs to remain
continuously engaging with the systems and the company. Thus, Gamification in the
system should attach the achievements of levels with increase in the level of difficulty.
Continual confrontation by the way of different challenges will secure back the users
to reward and intrigue them over time without them losing the level of interest.
The following image shows the various motivations for various types of users:
Figure 4: Elements of Gamification and corresponding personality trait
It is necessary to understand that Gamification itself is not a technology or a product;
it is a business strategy that is enabled by technology. Gamification involves creating
an atmosphere so pleasurable that people want to engage in it. Employees, customers,
or partners can be involved in Game elements, which will try to modify their
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predefined behaviours, in order to get them strongly involved in reaching the goals set
by an organization as a whole. In the book Reality Is Broken: Why Games Make Us
Better and How They Can Change the World, the author Jane McGonigal rightly says
the following:
"The truth is, in today's society, computer and video games are fulfilling
genuine human needs that the real world is currently unable to satisfy.
Games are providing rewards that reality is not. They are teaching and
inspiring and engaging us in ways that reality is not. They are bringing
us together in ways that reality is not."
A large number of business processes can be improved by using Game elements
within the business strategy. Some companies have already started to use
gamification modus operandi to influence all the stakeholders in positive or profitable
ways. The practices that may be largely adapted to gamification today are the ones
persistent on employee and customer satisfaction and engagement. Game elements
can help any company to improve participation and engagement for all stakeholders
(i.e. employees, customers, associates and vendors). Here a few areas, in which
Gamification can create immediate impact:
Collaboration and knowledge sharing
Ad network optimization ( engaging marketing and new product adoption)
Customer loyalty programs
Training
Incremental Sales and engagement
Gamification is also an excellent tool to increase employee participation and employee
engagement, it can also be used to improve their behaviour and help the company
create a motivated workforce.
For employees, gamification is an excellent tool to increase their participation and
engagement, improve their behaviour towards the organization, and create a more
motivated workforce. Some of the areas and processes that can be impacted include
sales productivity, performance and learning, participation and collaboration,
increasing the use of technology, and providing product input and feedback.
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For customer engagement, gamification also provides the capability to draw customers
into various activities that increase loyalty, and encourages behaviour that constructs
a more active customer and company engagement. The facets of the customer and
company engagement that may be transformed include loyalty, consumer contribution
and community management, growing customer engagement, product input and
feedback, commerce, and lead generation.
Examples for Use of Gamification in various
industries are as follows:
• Frequent Flyer Programs
• Nike + and the iPod
• Starbucks and Foursquare
• Loyalty Programs offered by various retail outlets and hospitality industry
At its core, Gamification is all about statistics. If two people play Monopoly everyday of
the week, it is soon going to be boring. But if one starts capturing and showing the
statistics - how many times each player won, how many dollars the winner had each
time, what properties were the most/least profitable - then the entire experience of the
Game Monopoly will change. People would play the game for a longer period, as now
with the introduction of new stats they would find it more interesting to play and their
decisions would change based on the new statistics. By capturing statistics,
communicating standings, and rewarding accomplishments, the drive for participation
is created. Wherein the initial excitement of the game will not be lost, but each
episode of playing the game becomes a part of a larger game, one that creates the
desire to play the game more often, in order to reach new goals and rewards. The
below figure shows the use of statistics in the game mechanics.
Figure 5: Basis of Loyalty Programs
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In the above figure, green dot signifies primary desire a particular game mechanism fulfils, and
the blue dot show the other area it affects.
Impact of Gamification in increased website action:
Gamification helps both the users as well as businesses to be in a win-win situation,
users get along spending time having friendly competition across the platforms on the
web, and at the same time, it helps businesses generate revenues as the users spend
more and more time on the platform/website interacting and sharing their activities
athwart various social networks.
To understand the impact of Gamification on engagement levels of the users, Gigya a
Gamification vendor, ran an experiment to check the impact of Game elements on
website user engagement, wherein data was pooled from thousands of implementation
from the year before. The results were startling which showed an increase of 29% in
user engagements with the website overall.
The table below shows the findings of the experiment in detail, wherein we understand
that gamification is not all about fun but also a sustainable revenue generating model.
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Game Element in Financial Services:
The most realistic option to amalgamate game elements into the banking system is by
using Personal Finance Manager (PFM) tool. Effectively, PFM tool are specialized in
analysing and reporting the reports required by the end users. They are usually easy
to comprehend and go a long way in helping users to manage their finances. The
elements help the user to set a budget, financial goals and have complete control over
their expenses and incomes. At this stage, a bank can actually reward the user for
working and sticking to the budgets set by him, and makes the users more inclines to
engage with the platform. The example currently adopted of this method is
www.mint.com, who has successfully implemented these game elements. However, for
successful adoption it is very important that the right tasks be allocated to the users
of the platform.
Game elements can be added in other channels as well, where a thorough IT
development is required. The best example for it can be a user can gain points just by
selecting an option of not taking a receipt after withdrawal at an ATM. With the
financial industry, the game elements are not just on websites, on the contrary, there
Figure 7: Impact of Gamification on Engagement on a website
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can be various channels wherein Game elements can be mixed seamlessly. Using a
multi-channel approach when using Gamification within the financial service industry
would be beneficial; though it would entail huge costs and the benefits would easily
outweigh the total system implementation costs. One can consider this cost of
investing into various channels a future cost because eventually it would need to move
into other channels considering the changing environment in today's world.
If banks want to use game elements typically found in loyalty programs, then they
have to do big data analyses, as it is necessary to analyse a large amount of data
regarding the behaviours, transactions and the demographics and psychographics of
users of the system. For example, if a bank can identify a high worth potential
customer, then it can push for certain services to that customer, if the overall sales of
that specific service are lagging. It will also help the bank to segment, target and
position the different services in a better way, which will enable higher customer
conversion ratios across various classes of customers and products. Just to add a
carrot to the stick a customer can be enticed with bonus points and task for accepting
the additional service offered.
Although, one can attempt to drive the consumer behaviour in a certain direction, and
achieve the engagement and interaction required, most, the business will also demand
a Return on the Investment, which has to be evaluated financially. So it becomes
imperative to get proper feedback from the user of Game elements and model the
process of Gamification system to achieve the overall business objective of the
organization. This is mainly because the game for the user is the business for the
platform provider, thus determining the organization wide goals with the top
management will help them incorporate Gamification as part of their core
organization's strategy. Consequently, it is vital to understand that the Gamification
objectives and the overall business objectives are not mutually exclusive but have a
common are of interest i.e. overall success of the organization.
However, the makers are also supposed to take extra precaution in introducing game
elements in all the aspects of financial services. The strategy can simply rebound as
finance is considered a serious thing
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Figure 9 & 10: Application of Gamification in Financial Services
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Chapter III: Problem & Methodology
Research Objectives:
Understand use of Gamification in Financial Services: Gamification is a relatively
new marketing and strategy tool available to the organizations. It is therefore
important to understand the core concepts of Gamification. It is also important to
understand the jargons and the technical terms for future use while conducting expert
interviews with industry stalwarts.
Identify the Financial Services that use Gamification and vendors providing
Gamification solutions: Financial service is a highly regulated industry, where it is
necessary to follow all the rules, thus identifying the Financial Service institution that
actually use Gamification is a difficult task, and connecting them will only help the
final outcome of finding KPI's be conclusive.
The vendors in Gamification industry are growing in numbers currently, thus it will
add value to research by understanding the process from their side and understand
their KPI's. Thus, making the research complete by examining both sides of the coin.
Objective 1:
•Understand use of Gamification in Financial Services.
Objective 2:
•Identify financial services that are using elements of Gamification in its operations.
Objective 3:
•Identify vendors that provide Gamification Solutions.
Objective 4:
•Analyse the key performance indicators used by financials services while adopting Gamifiaction.
Objective 5:
•Analyse key sucess factors for Gamification tool indentified by the vendors.
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Identify Research Objectives
Secondary Research
Make Discussion Guide and
Questionnaire
Primary Reseach
- Expert Interview
- Surveys
Data CollectionData AnalysisKey Findings and Reccomendation
Report Preparation
Analyse the KPI's for implementation of Gamification for the financial services
as well as the vendors providing Gamification solutions: This objective will help us
make framework for vendors as well as financial service institutes to employ a
successful Gamification implementation program.
Research Methodology:
Secondary Research:
Secondary Research will include the following:
White Papers
Journal Articles
Website Blogs
Website Articles
Research Papers
Report
Case
The secondary research will just add to the findings of the primary research,
secondary research in this case will act as a support element in the research as the
elements in the study will be clearly understood by expert opinion and there has been
very few research or study to understand the KPI's for Gamification in the financial
services industry. Thus, no direct research but findings of research in other sectors
that could be applied to financial services will be used to validate the hypothesis.
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Primary Research:
Primary research will mainly include Expert Opinion and Customer Surveys:
Expert Opinion:
Financial Service Providers who have adopted Gamification.
Financial Service Providers who have not adopted Gamification.
Vendors of Gamification to Financial Service Providers
Game Experts - Game Makers who are currently in making games but not
Gamification
The above expert interviews will help us understand various factors that affect a
successful implementation of a Gamification Project in an enterprise. Few interviews
will also help us understand the slow adoption curve for Gamification in financial
service industry. Interviewing Game maker/experts will help us understand the future
of Gamification industry and understand the future vendor space.
Customer Survey:
Customers already using Gamification platform
Customers not using but aspiring to use Gamification Platform
Customer survey will help understand the customer perception and views about
Gamification in the financial service industry.
Limitations of Research:
The research findings and recommendation will mostly be based on Primary
research; lack of expert interview can hamper the recommendation and finding
of the project.
Gamification is a new concept in business strategy thus limited premiere
published journals and secondary data on 'Gamification'.
The concept of Gamification might be unknown to Consumers, it being a new
concept, thus it may render the consumer survey' findings biased.
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Chapter IV: Analysis and Interpretation
Identification of Financial Services using Gamification:
Identification of vendors providing Gamification solutions:
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Discussion Guide for Financial Services:
Why Gamification is seen as the way ahead by your organization, wherein the
financial services industry has been slow to adopt it?
Walk us through the project implementation?
Did you use internal resources and staff for developing the gamification tool or
did you use a vendor? If implementation by a vendor than what is the process
and decision criterion for the final selection of the vendor.
What have been your KPIs for the projects?
Do you have a metric in place, which helps you measure the success or failure
of implementation?
Any further plans of adding Game Elements in other interfaces with the
customer
What could be the inhibitors to gamification not living up to the hype touted
today and falling out of favor later on?
Discussion Guide for Gamification Vendors:
Please walk us through the process you adopt after a client asks you to develop
Game Elements for its enterprise.
What are the key success factors according to you, for a successful adoption of
Gamification, which metrics you use to measure the success or failure.
What things should a vendor or enterprise avoid in order make sure that the
adoption of Gamification is not a failure.
What is the way forward for “Gamification”, with a more than 30% growth
expected in next 3 years what changes and innovations do you see in coming
years.
With the advent of smart phones and the majority of the population indulging
in games on the phone itself, do you think that Game Developers will step into
Gamification, with their previous experience in making games, and if they do
enter what changes do you think they will bring about?
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Primary Research:
Key Takeaways from Expert Interview of Vendors:
Mario Herger - CEO & Founder of Enterprise Gamification Consultancy
Gamification – the use of game elements and design techniques and mechanics
in non-game situation – has been an upcoming topic in the past 2 years.
Although there are many instances where gamification has been applied to
many diverse areas, and focused a lot by marketing, entertainment, education,
or branding, one area may still seemed too serious for some fun: the business of
managing money.
The major thing to understand here is that Gamification is about playing games,
it is about solving problems and engaging users to change their behaviours. The
implementations in recent years have shown very positive results and are
having a significant impact on the amount of engagement or work being done in
a happier environment.
Gamification in financial services industry is here to stay and the adoption rate
among bank is average. There are various instances wherein a user is part of a
gamified element but does not realize it. For e.g. while filling up a form the bar
that shows the percent of form completed, urges users to fill the form in detail.
This might not be a big behavioural change but it plays with the mind of the
user, ultimately fulfilling bank's want of getting the best possible information,
which has resulted in higher level of Gamification even though remotely.
The most relevant use of Gamification in financial services is about educating
the users by making him go through various tasks. The task can be as simple
as understanding the account statement to understanding high level of
derivatives and trading transaction.
The KPI's or metrics for project implementations are not fixed through the
various channels, but each project has its own KPI defined by the company for
its implementation and accordingly metrics are designed to understand the
success of the implementation.
The upcoming innovations in the industry are like Mashing Pintrest with a
person's financial goal that an average user has. Financial goals can be saving a
wedding, for your kids, retirement etc. The mash up shows graphical
representation of the user's financial goals. The best part is that you can tag a
29
picture along with a price on it so your every financial move shows how close or
away are you from the final goal.
Other futuristic example is the one used at Rabo Bank, Netherlands wherein
they have created a game to increase the engagement level of the users. Thus,
according to him in the coming years Gamification will be very common across
all the space especially financial services, where with current adoption rate the
focus would not only be customer relationship management but also changing
the users behavioural pattern.
He does not envisage that the Game manufacturers will enter into Gamification
because their expertise is graphics but in gamification, its just creation of Game
like elements where they do not spealize. Thus, it will be difficult for them to
enter this space, as the work done by gamification vendors and them is very
different.
30
Robert Zepeda- Founder/CEO at Playbasis.com
Gamification is application of Game elements in regular chores, to make that
chore more interesting which will compel user to engage more in the things that
he does not find it very interesting. Thus, there is no fixed process that a vendor
follows. It mainly depends on the implementation based, however just to
mention it first a project brief is understood form the companies then based on
the brief Playbasis provides a competitive bid. Once the company accepts the
bid Playbasis starts working on the skeleton of the game elements with various
ideas and later takes approval for the idea to be implemented. After the
approval Playbasis makes a gamification design then does a test run to dig out
all the bugs after the iterations, they take live the project with the final approval
of the client.
No fixed key success factors as there are no same solutions for two clients, thus
all the projects have their success factors and metrics to measure the success.
Gamification in future will not be only used for motivation and engagement nut
it will also be used for user education in a big way in coming years. For e.g.
Playbasis have made an application which is to educated users about the
environment and benefits of going green. It will also be used to increase the
level of knowledge a person has about any service so that he can have a feel
before actually using it.
Currently the variety of Financial services are using game elements in small
proportions, the elements are also not on the face thus many users do not
realise that they are actually playing games.
However, they feel that though financial service has been cautious to begin with
Gamification, it might one of the fastest growing markets for Gamification in
coming years. But there might be the difference is speed of adoption across
various verticals in Financial Services.
Playbasis does not see game developers encroaching the space of Gamification
because gamers have a different audience and different skill set where their
entire focus is on Graphics but with Gamification, there a psychology involved
which the developers would be unable to work on in detail. However, they see
that there might be strategic alliances where both the parties would help each
other in case of need, or a possible acquisition wherein the Game developing
company will also have an arm supporting Gamification.
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Key Takeaways from Expert Interview of Implementers/Consultants:
Frank Manuel Saviane- CEO and Founder of Fast Forward Advisors
Gamification is new field of Consumer Engagement and marketing, it has its
roots as early as 2006-07. The field does not have many experts as such that is
mainly because no universities were offering any study on Gamification but
that is set to change as few universities like Harvard, National University of
Singapore etc have started research as well as courses related to Gamification.
Frameworks in Gamification are fairly simple and new, wherein Gamification till
date has been mainly used in Customer Loyalty programs where the entire
focus has been on no. of years as a member or no. of transactions but that is
set to change now as Gamification is being used to change the behavioural
aspects as well.
Gamification as a industry is also nascent because there are not many start-
ups that have already mushroomed unlike internet and mobile application
start-ups which are currently present in great number. However, in this time
there can be consolidation expected by existing firms as well as new players are
expected to join looking at the attractiveness of the industry.
Gamification will be used in the industries wherein the switching cost is very
low like Telecom Industry or Brokerage. It is mainly being used to retain
current customers by providing them with better and enriching experience.
In the Financial Services space Banks are expected to be slow adopter mainly
because the need for banks to engage with customers is lower as compared to
the need of customers to engage with the bank. For example even to buy a loaf
of bread one needs bank but bank as an entity can do many of its functions
without the customer as well as they have a large customer base which will
make them slower to accept the need for change.
Other reason for slow adoption amongst bank would be there is no data or fixed
Return on Investment one can expect, thus it is difficult for the board of
directors to agree on investing such large amounts because there are identified
areas wherein bank would see a better and a fixed return on investments.
The other end of financial services like Brokers and Stock traders will be very
quick to adopt gamification because such services earn revenue with higher
transactions, which are driven by higher engagement. Thus to enhance their
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user engagement such services have a higher probability of implementing
Gamification in their day-to-day affairs.
Currently Gamification is more of a Buzzword in financial services industry,
wherein they are adopting just for the sake of adopting or waiting as they are
unaware about its true benefits.
They adoption will happen based on their readiness to change as well as
accepting the fact that their consumers have moved on to Gamification platform,
they cannot wait too long before implementing it to enhance the engagement
levels.
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Secondary Research:
Key Consideration for Gamification design:
Identify success criteria first: Before one starts to gamify any of the process or
interaction, it is necessary to understand what factor comprises success. It can be
measured on any scale based on the ultimate goal, the goal can be; Do I want to
increase participation or I want to increase the activity or create more business
If the criterion on which the success is going to be measured is not pre-defined then it
is difficult to judge whether the implementation has been a success or a failure. It is
harder to show hard-core results to any stakeholders of the business. The measure of
success or a failure can be morphed easily. Therefore, it is a better idea to mention the
success criteria from the beginning of implementation.
Consider Alternatives: The prospect of misuse in Gamification is very high, thus
having an alternative fit or solution will go a long way in defending the decision of
introducing gamification to all the stakeholders of the business. Thus, if the need
arises use the alternate solution can be made, and the case of Gamification can be
used as a learning curve.
Create a context: Setting a context actually helps individuals to create ideas and give
action to those ideas. If a user understands what's in it for him it will be easier for the
organization to convince him to engage with the platform. Also the users should know
why they are interacting with the platform. Thus, creating a context is important for
both the creators as well as the users.
Create a tie to business needs: Every training and other initiatives should be
connected with a need of the organization but gamification needs such association
more than other initiatives by the business. It is necessary to have justification of
implementing Gamification in the business, it makes no sense to implement
Gamification just for the sake of implementing it.
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Use science to advance the learning process: The scientific process of learning like
retrieval practice and spaced retrieval process should be used for adoption of
Gamification. Both these techniques actually push the retention rate and increase the
rate of activity for the users. Thus, it is important to use advance-learning techniques
to make the game elements more meaningful as well as attractive.
Make scoring and winning transparent: The scoring should be as vanilla as possible,
without including complex algorithms. The users should be able to associate the
scores linearly to the activities they perform. Also, have all the scenarios linked to the
score. In the case of wrong decisions or moves, the users should be penalized but at
the same time correct decisions should be rewarded accordingly. Transparent scoring
will encourage users to engage more and in the case try harder for every failure of
theirs.
Keep the rules simple: Intricacy is not a friend in forming gamification platform.
When innovating game elements, an inclination of the development group is to append
intricacy, which should be avoided. A tutorial should also be added so that the users
get familiar with handles of game elements, because it is not about who knows all the
rules but it about the level of engagement.
Keep leader boards undersized: The users would usually not like to compete against
the best of the world. Unless, they themselves are the best. It is important to keep
leader board small, and make the users aware of their friend's position. This will help
the users to beat their known ones increasing their engagement.
Showing a relative score can be a good option wherein you just know the position that
are near you, rather than knowing the entire leader board. However, the score of the
top scorer should be available if the user wishes it to access.
Use levels and badges appropriately: Level should be used to direct users through
the content and attach each stage to a precise objective (usually a terminal goal). The
users should know number of levels that are remaining until the stage is complete.
Badges show non-linear advancement made by the users. Badges can be used as
carrot at end of the stick to get users complete the objectives. Integrate social network
platforms with Gamification platform so that users can show their achievements,
boosting the ego and egging the users to continue using the platform.
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Test the gamification experience: Before launching the gamification platform at all
the customer/users it better to have the platform tested once by a focus group. It
might help to correct bugs, hacks or shortcuts if any. Thus, it is better to check it
thoroughly before launching it because shutting the platform and repairing can be a
costly affair.
Monitor user progress: Once the project on Gamification is launched, it is imperative
that the organization monitors the user progress in terms of adoption and re-use.
Thus, it is necessary to have a rich dashboard that allows organization have a close
eye on the progress of all the users.
Growth of Gamification in Financial Services:
The above diagram suggests that the organization who which to adapt Gamification
mainly to increase user engagement then followed by the objective to increase brand
loyalty. While, the adoption curve shows that there are many organizations wanting to
adopt gamification in their operations. However, the number actually completing the
Gamification adoption in the processes is currently low but it is expected to go up as
per the chart below
Figure 10 & 11:Current Uses of Gamification and Adoption Cycle for Gamification
Figure 12 & 13:Break Down by Industry and Spending Growth on Gamification
36
The above image clearly reflects the lack of investment adoption of Gamification in
Financial Service industry, however looking at the high-expected growth rate
Education and Financial Services seem to be part of the upcoming trend of adoption of
Gamification in its processes. It is also interesting to note that the increasing
investment by small financial service providers in Gamification as they feel that this is
one of the differentiating factor that they can use to tackle the big players of industry.
It is interesting to note that Gamification is not a fad in the financial services it here to
stay, nevertheless the path it treads is difficult to be estimated but an fascinating one
to follow.
Adoption of Gamification in Financial Services:
The adoption of gamification depends whether banks believe in the concept and
whether they are planning to invest time, money and intellect in it. Survey taken by
bankinnovation.net helps us understand the adoption of Gamification in the financial
services industry. The findings from 56 respondents are as follows:
As it can be clearly seen in, the above figure that Southern Europe has been pioneer in
adopting this technology, however American continent is lagging behind their
European counterparts when it comes to adoption of Gamification. Thus, this is an
interesting scenario where the majority vendors are based out of Silicon Valley but
have their major clients in Financial Services in Europe.
Figure 14: Adoption of Gamification according to the region and readiness to adopt
37
However to take this hypothesis forward it was interesting to look at the break-up of
adoption rate based on the average income level of all each countries. Where we can
see that higher the income level in that country higher the probability of adoption of
Gamification. IT can be due to plethora of reasons viz. poor internet and smart phone
penetration, or the higher use of traditional banking as compared to online and mobile
marketing.
In the below diagram we can see that mostly larger and medium sized banks are
getting hooked on to or desire to implement Game Elements for increasing their
engagement with the customers. The smaller banks are mainly shying away because
they are not sure about the final return that they will achieve implementing
Gamification. Their other consideration is also that to meet their expected return on
investment their return per customer has to be very high as compared to larger banks,
whose return per customer would be lower due to large base of customers.
Figure 16: Adoption of Gamification according to the size of the bank
Figure 15: Adoption of Gamification according to the average income in a region
38
Based on the responses above, it is clear that financial service especially banks are
aware of the phenomenon of Gamification and are also looking forward to employ it as
a part of its strategy. However, the Return on Investment (ROI) is still a area of
concern for them, as they do not anticipate to generate extra revenues from
Gamification. However, this conclusion contradicts the finding of those other other
banks who have already adopted Game Elements in their systems and it actually
generated higher business as well as helped them attain other intangible business
objectives.
39
Chapter V: Conclusion and Contribution to practice
Recommendation:
My understanding of gamification and game elements, defines the process as a system
that integrates game design elements in non-game situations to widen the user
experience. The outcome of gamification is not a absolute game, rather tenaciously
deployed game design elements in combination with psychological impetus theory, and
prevailing environmental conditions.
Systems Analysis and Design:
A result-oriented structure analysis and design process would be influential in
developing a better Gamification system. Various process models were used to achieve
the level of understanding of the Gamification domain where could design a framework
to build gameful interactions.
A “gamified” critical use specific goals & objectives, business rules, preconditions,
behavioural norms, and system interactions. The below table provides a picture to
eloquent business rules that should not be broken; social, personal, and corporate
standards that could be tested; and situation required for a flourishing conclusion.
Objectives measuring the human need for independence, capability, and relatedness
are to be put in place when designing Gamification elements. Behavioural standards
and prerequisites measuring sphere settings connected with participants behaviours
in open world. It is imaginable that the prerequisites might apply in any design for
game elements. Associations in the usual Course of Action are considered inherent
desires of users described by Reiss in choosing design for game elements.
Over time, the class illustration has become a de facto game-
board where users are referred to as players, errands as
actions, and the gamified environment as a playing field. A
deliberate deviation from structured thinking suggested a
change in attitude from business to game play, considering
inventive idea with the reality.
Figure 17: Class Figure for Logic Behind
Implementation of Gamification
40
Framework for Gamified Design:
The Role-Motivation-Interaction (RMI) Framework can be used to assist the designing
of game elements. Designers plan the “basic wants” of users described by Reiss in his
research. The appreciation, along with acknowledgement of user's psychological want
for independence, competency, and relatedness helped in the selection, customization,
and design of game elements. Deliberation on intrinsic needs and extrinsic motivators
formed prospect to create for meaningful choice. “Meaningful choice” in this situation
intends to motivate a sense of user inclusion and apparent benefit to the
circumstances, without negatively disturbing performance, and the relationships.
GAMIFICATION USE CASE
Goals: Primary purpose(s) of the experience.
1) Improve the problem situation,
2) Stimulate interest, increase communication, reduce frustration,
3) Create a gamified environment that would be taken seriously by employees.
Objectives: Derivable accomplishments offered in the experience.
1) Freedom and motivation to provide input into the process (autonomy),
2) Feel a sense of accomplishment towards the business goal (competence),
3) Feel a shared sense of purpose (relatedness),
4) Allow opportunity to participate without negatively impacting employees.
Business Rules: Constraints or policy that cannot be broken.
1) Managers make the final disposition.
Behavioral Norms: Personal, social, and corporate norms that can be challenged.1) Content ownership norm – ownership of corporate documentation belongs to
the author
Preconditions: Circumstances the domain that must be true before interactions
to enable positive outcome.
1) Participation is not required.
2) Participation should NOT be directly related to pay and performance.
3) Non-participants are NOT negatively impacted.
4) Participants recognize the value of the experience.
5) Participants are given time to participate.
6) Participants are not concerned about misconduct or abuse by others.
7) The established environment is egalitarian (open, democratic, free of
hierarchy and dictatorial control, etc.).
8) Managers support participation.
Actors: Performers involved in the problem domain.
1) Project Contributor
2) Project Manager
Normal Course of Action: Gameful interactions specified in the RMI Framework.
Integrating game design patterns with intrinsic desires.
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Token Distribution and Award (adjoining table) should be selected to fulfil the want for
Idealism Acceptance and Power by developers of Game elements. Representing n no. of
interest coupons, users satisfy their basic desires, as per Maslow's Hierarchy of Needs,
for Acceptance, a sense of equality and Idealism, and Power. Contribution is not
requisite for conserving independence when users connect with an idea to express
their various interests.
Uses get a sagacity of skill through usage of the tool and engagement in a projected
area, and relatedness through community inclusion. A badge or reward/award for
engaging with interest(s) ropes the yearning for capability, recognition, and mastery.
Thus, game elements should be designed with help of the above framework for a
positive and engaging experience for the users.
Figure 18: Flow chart showing logic behind implementation
42
Conclusion and Key Learning:
The above research clearly illustrates that Gamification is toll to engage, motivate and
educate its users. There are more than a few examples wherein Gamification has been
a success not only in terms of engagement but also have helped the companies
achieve their business objectives. The major reason for success of Gamification can be
mainly attributed to the most basic human desires and motivations.
Even though Gamification has been adopted by industries across the board, however
the financial services domain has been laggard in terms of adopting Gamification. The
adoption in Financial Services have been gradual mainly because they are still
evaluating the cost and benefits derived from Gamification. The few who are adopting
Gamification are also doing only testing water by adopting superficial level of
gamification to engage the users but have not treaded in deep waters where
Gamification changes the behaviour of the user.
On the other end we can see that users adopting more and more technology into their
daily lives, wherein they come in touch with Gamification across various industries
thus they even expect same from financial services. Thus, it not a long time before
even the financial services adopt gamification in their core systems. Whereby they will
gradually move from implementation of small ad-ons to 360o adoption of Gamification.
Implementation of Gamification in Financial Services will also depend on the local
culture, tradition and adoption of technology in a region. Thus, there might be
instances where a Gamification implementation is successful in one region but the
same solution might not work in other regions of the world. Thus, it is imperative for
Financial Services to implement and adopt Gamification as a part of their core strategy
that has to be further "Glocalized" as per the cultures and macro factors of a region.
Gamification mainly deals in ascertain an intrinsic association between the financial
services and the users. If this association is established via games, badges, point, or
visual elements it may differ from service to service and from region to region. The
main intention is to append an added buzz to vanilla financial transactions.
The services who are early adopters of Gamification will have a first mover advantage,
wherein their emotional connect with users will be higher and positive as compared to
43
services who fail to adopt a proper approach. Once a success formula is proven other
financial services will be forced to adopt gamification in their core business or else
they might face the wrath of the customers by they abandoning them or moving to
their competitor. The bottom line is that Gamification in financial services will find its
place in marketing mix of Financial Companies, but gradually. It will be adopted to
increase customer engagement, loyalty and education. However, it will move later into
a complete 360o adoption.
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