Gamification in Banking Industry: Examples and Best Practices

2 August 2022

Liubomyr Sirskyi

Content Manager

Thousands of companies are going out of their way now to grab the customer’s attention and provide a quality user experience. As a result, it’s difficult to surprise anyone with classic mobile apps and chatbots. Gamification is a powerful tool to stand out from competitors. Game mechanics have long been used in education, IT and marketing. But have you thought about gamifying the banking environment? It became a hot topic not so long ago because people are rather sceptical on this point. Here are some insights on the concept of game mechanics in financial activities and the most prominent gamification examples.

The Concept of Gamification in Business

Consumers today are picky enough in terms of goods and services. At the same time, thousands of companies try to convince customers that their product is the best. But if they expect to succeed, they must take new approaches. Gamification is one of them. It uses game mechanics to instil desired behaviours, add bright colours to even the most conservative fields and make working with applications much more straightforward.

And statistics show that gamification is a serious approach with a multi-billion turnover. The global market value was $11.94 billion in 2021 (according to Fortune Business Insights) and is expected to reach $37 billion by 2027. While some businesses are still considering gamifying aspects of their apps, other companies that use gamification have already reached different goals. 

The Impact of Gamification on Banking Services

For most people, banking is a solid field that does not tolerate fun. But financial institutions want to implement fascinating features that motivate clients to use banking products more actively. Therefore, banks decide to apply game elements that can improve customer engagement, change their app activity and revolutionise the decision-making process.

But gamification in business does not mean a literal transformation of a banking application into a game. It is rather emphasising the traditional features with game mechanics, which is vital for neobanks that operate only in the digital environment and have few communication channels to reach their clients.

Generally, the implementation of gaming psychology affects various aspects of the banking sphere, from marketing and sales to human resources management. Financial institutions launch mobile or web apps that teach users to perform transactions, pay taxes and playfully save money. For this, they get access to the unique features of the application:

  • Cashback
  • Upgrading the card level
  • Participation in online auctions
  • Exclusive achievement system

Digital-only banks (or neobanks) present an innovative customer service approach that makes the global financial system more client-oriented. The secret is providing users with an all-in-one solution. Read more about the neobank development in 2022 here

Advantages of Gamification

Gamification of banks and other financial institutions provide multiple benefits for organisations and their customers, from attracting more financing to enhanced client engagement. Let’s look at top gamification advantages.  

New Clients

Gaming mechanics are excellent communication and interaction tools. You can attract your potential audience with a functional banking application that can be entertaining in addition to classic features. 

Introduction to New Services

Gamified apps help financial institutions inform their clients about the latest services and updates quickly. 

Improved Customer Engagement

The banking application with game elements makes customers use bank services more actively. 

Valuable Data

The mobile solution allows you to review analytic data about the current bank audience and their behaviour. It may help you develop strategies for further improvements. 

Financial Literacy

Plus, gamified banking apps act as a financial education instrument. Most people do not always understand the nuts and bolts of debt, investment and banking activities. Gaming mechanics improve financial literacy and help customers to rethink their financial decision-making. 

Digital Transformation

These days, each banking institution aims to move with FinTech trends. Gamification can be a jumping-off point that starts the digital transformation process for every interested party, from the bank’s board of directors to employees and clients. 

Practical Gamification Examples From Banks and Financial Companies

We have learned all the gamification advantages. And now, let’s review the best gamification examples in the banking industry. 

Referral Program

Each bank wants to have an extensive base of reliable borrowers. However, the new approach aims to broaden the customer base by motivating your target audience to open accounts and use financial products. In most cases, businesses attract new clients by giving them something valuable for fulfilling specific conditions. For instance, Payoneer offers a sign-up bonus of $25 to an Affiliate and every user who registers via the referral link. 

Source: Payoneer

Better User Experience

Banks can use a gamification tool as an effective way to convey new information. In this context, the case of the American Extraco Banks is indicative. This financial institution had developed a browser-based quiz game to inform users about its new services. People answered questions from a virtual assistant who offered tips on how to spend less money and earn more. 

Source: Vilmate

As a result of the program, it turned out that the “game” motivated 14% of users to start using online banking (instead of 2%, as before).

Taking Place in the Sun

When modern banks aim to attract tech-savvy customers, they may overtake competitors. The most notable example of gamification in Ukraine was the Catmania launched by Monobank. In 2019, almost a third of its 1.8 million customers collected “cats”. People get badges with a white cat in various roles (Buddha, bodybuilder, runner, etc.). 

Source: Vilmate

But the Ukrainian digital bank went even further and launched secret in-app games in 2020. The developers hid the game behind an account balance update. When you pull the screen with a bank statement down, a rocket flies out from there. You click on this animation while it appears on the screen, and the game starts. Its essence is straightforward: you need to catch and rescue cats and guide the rocket past asteroids and coronavirus.


Customer’s Loyalty

Gamified experience and the help of virtual assistants can enhance customer loyalty. Besides, even the traditional and cumbersome services can become more attractive and straightforward. It was confirmed by the Dutch Rabobank, which gamified getting a mortgage loan. 

Source: IJsfontein

In simple words, a complex and confusing procedure is divided into steps. After filling in all income information, the user moves to the following levels until the application is completed. Such an efficient approach can significantly reduce the client’s stress and minimise the error probability. Ultimately, customers will recommend the bank to their friends and relatives.


Financial institutions spend millions on implementing game mechanics. The reason is simple: they see that a gamification app is not just about badges and minigames; it is also about an excellent user experience, a broad customer base and valuable analytics. 

Without a doubt, you may face some trouble when using gaming psychology to enhance your business activity. Such an approach requires changing the entire structure of banking services. But if stakeholders want to make the most of the financial industry digitisation, they should do it properly. 

At Rocketech, we implement advanced approaches to developing marketable software. Our dedicated teams have extensive expertise in various domains, so they will do their best to help you launch a functional solution for your business. If you are ready to skyrocket your project, contact us now!

Get a bi-weekly email with the most popular stories

Carefully curated content for resourceful Devs, CTOs, and PMs. No spam.

Talk to us!

Send us a message and we'll get in touch with you as soon as we can.
United States+1