The Two Forces Driving Change
This transition isn’t just an abstract idea; it’s a practical reality already being put into action. This strategic shift can be powered by two transformative forces:
- AI data-driven insights, which support engagement
- Gamification, which encourages loyalty
Turning Data into Engagement
Financial institutions have access to a wide range of relevant customer data, including incoming and outgoing transactions and the type of financial products they use. From monthly utility payments and daily coffee purchases to recurring subscriptions and large deposits, banks can have a comprehensive view of their customers’ financial lives.
By leveraging AI-powered tools, financial institutions can analyze transactional data more efficiently and uncover the insights needed to understand each customer’s unique financial needs.
For instance, advanced AI systems can enable banks to:
- Identify a customer’s recurring expenses and automatically suggest a smarter budgeting plan
- Detect a savings pattern that indicates a future goal and offer proactive ways to invest
- Forecast the end-of-month account balance or predict a problem that would require a credit line
This approach helps institutions anticipate needs and provide real-time, personalized guidance.
Boosting Engagement Through Gamification
Insights alone don’t drive behavior change; engagement does. Behavioral gamification uses psychological principles to make financial management feel rewarding rather than a chore.
Unlike a standard financial tool that merely provides information, gamified experiences encourage active participation through meaningful rewards and social connections.
Imagine, for instance, a “digital pet adventure” where a family’s financial habits determine the pet’s well-being, or a shared leaderboard that encourages a friendly competition among family members to hit savings goals. These are not just fun features; they are powerful tools that can drive behavioral change.
