Gamify Your Way to a Financial High Score

A very close friend of mine sent me a cool article from Forbes a few days ago about motivating your staff through Gamification.

Gamification, according to the article is: “taking techniques that make games engaging and addictive and applying them to things that are not games.” In particular it’s about providing rapid non-financial recognition and rewards to reinforce positive behaviors.


Chances are that, on you smartphone and/or tablet right now, are several social media and game apps where you can earn badges.  Those essentially meaningless little icons that you've played hours to earn and collect.  

I have about 15 badges on Foursquare right now, including JetSetter for being in so many darn airports (not all badges are fun to earn!) and Fresh Brew for being in so many different coffee houses (some badges enable addictions).


While the phrase "gamification" annoys me, the concept intrigues me.  

The Forbes article does a great job of defining how you can use gamification to onboard employees into your corporate culture and reward them for reaching performance goals.

There 3 Simple Steps Are:

1. For each employee, figure out what behaviors have the most impact.
2. Make sure those employees know what is expected and have the tools, resources and support required to do what they need to do.
3. Recognize and reward behavioral steps along the way as well as end results.

See the Forbes article here



The Forbes article re-inspired me and motivated me to reach into my "Giant Bag of Big Ideas Never Fulfilled" from 2010 - before "gamification" was even a word.

Some examples of internal gamification badges you could create for your staff are:

Do Gooder: Employee with 20 + hours of community volunteerism

Savior: Employee who finds way to lower customers payments

Ada Boy: Employee who receives positive customer comments

But you can also use gamification to increase loyalty and deepen share of wallet.

If you want to affect Gen X and younger, here's an idea...

Could you imagine motivating your customers to deepen their relationship with you through phone app-style rewards?  What if each customer had a PURL (personalized URL) that tracked their relationship with you?  You could then send email to reinforce positive activity and promote "special badges" on your social media - challenging customers to earn more badges (106 customers earned the "Tree Hugger" badge this week, click here to see how to earn yours).

POSSIBLE BANKING BADGES

Easy Rider: Motorcycle Loan

Car & Driver: Any auto loan

Gonna Need a Bigger Garage: 3^rd active auto loan

Tree Hugger:eStatements

EZ Access:Checking

Charrrrge It!: Credit Card

Trifecta:Checking, Debit and Online Banking opened

Far Far Away:Vacation Savings

Tis The Season:Christmas Savings

Rockafeller:$150,000 in total deposits

It’s mine, all mine:Any paid off loan

Professor: Attend education seminar

Entrepreneur:Small Business Loan

This Could go Platinum: Any CD

Banking in Jammies:Online Banking

Mmm: Money Market

Writer’s Cramp: 30 signature-based debit card transactions in 1 month

Single-handed Stimulus:50 plus debit card transaction in 1 month

Loyalist: 4 or more total products

No More Rent:First time mortgage

Home Sweet Home:Any Mortgage

Nest Egg: IRA

Pass It On:Referrals

The challenge, of course, is measurement and tracking of the badges.  But, realistically, most of the above criteria are built on simple triggers or reports from your core, MCIF or CRM system.  The more immediate the reward notification, the better - so monthly updated files aren't ideal.  But don't let the tech-geek in you kill a potentially good idea.  If you think it will work with your base, make it happen.

We bring these marketing philosophies to credit unions and community banks nationwide, and would love to bring them to your institution too. Contact us to see how.

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5 Steps to Engaging Gen Y

Many financial institutions have acknowledged the fact that Gen Y is a unique audience with untraditional communication preferences and they will have a long-term impact on the success of their financial institution.

A 2009 Grunwal Associates National Study predicted Gen Y will outnumber Babyboomers that in 2010 – well, it’s here! And if you have not started a plan to attract Gen Y customers, then give us a call to get started today! However, if you already have a Gen Y Marketing Plan that you are implementing, consider these tips to keep content fresh and customers engaged...

1.) Educate.
 Educate your Gen Y audience with general financial education, product functionality, financial tools, and other news and events. Keeping content fresh is key. Provide content in various contents to expand reach and deepen relationships.

2.) Expand Communication Channels.
 The more interaction your customers have with your financial institution, the deeper you make your connection to them. Communicate with your customers via social media, targeted newsletters, emails, podcasts, videos and blog, online chat etc. to make Gen Y customers more engaged.

3.) Encourage Interaction.
 Your communication schedule should consist of information messages, tools, tips, events, and news…each can elicit interaction. Also encourage interaction by offering contests, scholarships or challenges or starting a Gen Y Advisory Board.

4.) Tailor Products. Review your product line to ensure you have a complete package to offer Gen Y customers to fulfill their loan, deposit, and access needs. When communicating to them, focus on the product benefit rather than a typical product feature description.

5.) Provide Functionality. Financial Planning and Budgeting Tools, Website Enhancements, iPhone Apps and Financial Management Software are just a few ways you can bring functionality to Gen Y customers. Gen Y has high expectations for technology, and they expect for useful information to be at their fingertips. If you aren’t providing it – someone else will.

Keeping Gen Y engaged is key to successfully capturing this market segment. Make the most of your Gen Y communications!

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