Can Gamification Revolutionize Digital Card Issuance? A Step by Step Analysis
Who applies for digital cards?
Think about high-end customers, youngsters, and office professionals who do not have the time or the patience to go to a physical bank or service location to apply, fill out forms, and wait to verify their identity. That’s who!
And their attention span is just dwindling with the present 30-second social media age. If you explain the process, the users will be like:
If your card offers incredible rewards and perks that align perfectly with your customers' lifestyles but has an issue process that does not hold them engaged enough, it is a problem.
The steps involved with digital card issuance - collecting accurate personal information, getting copies of ID, proof of address, income statements, verifying identity, security questions, and finally, the waiting time: each one of these has the potential to make the customer lose interest in a fraction of a second.
In today’s fast-paced realm of banking, a smooth and engaging card issuance process is crucial for both customers and issuers. Yet, a typical application interface can often leave customers feeling disengaged and unmotivated, leading to missed opportunities for your businesses.
So what to do? We present you with Gamification in Digital Banking. Gamification introduces fun, challenge, and reward elements, incentivizing users to stay invested and motivated until their digital card is successfully issued. With this article, you can figure out how to leverage these elements in the digital card issuance process and convert customers seamlessly.
When is Gamification Required for Issuers?
As a card issuer, keeping customers engaged throughout the entire digital issuance process is crucial for success. From initial acquisition to activation and ongoing usage, there are multiple touchpoints where gamification can play a pivotal role in enhancing the customer experience and driving your desired outcomes. By strategically implementing gamification techniques at these key stages, you can create a seamless, rewarding journey that incentivizes customers to complete each milestone and fosters long-term loyalty.
What are these steps? Let’s take a look!
Customer acquisition - Introducing the card
The most critical step of the card issue process is attracting and onboarding new customers. Gamification of Digital Card Issuance can create an engaging and memorable first impression, enticing potential cardholders to explore the product offerings through interactive experiences or challenges.
Digital card issue & activation
The core card issuance process often involves multiple steps: registration, document submission, identity verification, and activation. Gamifying these stages can significantly improve completion rates by making the experience more enjoyable and rewarding for users.
Engagement of customers - Continuing for the next month
Retaining customers beyond the initial card issuance is essential for long-term success. Gamification can foster ongoing engagement by providing incentives, rewards, and challenges that encourage continued usage and loyalty.
Increase the card usage & spend
Ultimately, you are aiming to drive card usage and spending. Gamification techniques can incentivize desired behaviors, such as making purchases, activating automatic payments, or reaching spending milestones through rewarding experiences and friendly competitions. One good example of this is how Avail Finance used quizzes, offers, and rewards continuously with the help of the gamification kit of Flyy, encouraging users to earn points with each transaction.
Gamification Ideas in Digital Card Issuance Process Steps
The digital card issuance process encompasses several key stages that customers must navigate. Each of these phases presents its own set of potential pain points and disengagement risks for users. To optimize your process, it is important to understand the customer's perspective and challenges at every step and strategically implement gamification techniques to alleviate frustrations and create a cohesive, rewarding experience for them throughout the journey.
Once you understand this, Debit or Credit Card Gamification can be seamlessly integrated into the various stages of the digital card issuance process. Here are some ideas to consider:
Registration Stage
Introduce users to the card issuance process through a step-by-step quest, where they earn points or badges for completing each step, such as providing personal information or verifying their identity.
Another way to gamify the registration process and make it interactive is to ask a lot of questions to understand what the user is looking for and provide solutions accordingly. One good example of this is Navexa, an investment portfolio tracker. Their onboarding process involved completing a set of tasks within a given timeframe that would allow users to extend their free trial period. This gave the onboarding process a sense of urgency while keeping it fun and engaging for the users.
Documentation Submission
Award points for finding and submitting each required document, with bonuses for completing the entire set within a certain time frame.
Incorporate a progress bar or visual representation of the rewards/incentives users can earn as they submit the necessary documents.
Identity Verification
Implement an "Identity Puzzle" challenge, where users correctly assemble pieces of their identity documents (e.g., passport, driver's license) to pass the verification process.
Waiting Period
To keep users engaged during the waiting period, offer daily check-in rewards, such as virtual coins, bonus points, or exclusive card benefits upon activation.
Provide access to mini-games or activities within the app while users wait for their card to be issued. Incorporate leaderboard competitions or special prizes for high scorers.
A good example of an app that utilized fun elements for the waiting period is Onecard. It uses a gamified waitlist where you earn spins on a wheel by inviting friends. Each spin can grant you card customizations or early access or move you up the waitlist for a chance to get a credit card. Even if you join late, you can still move up by spinning the wheel.
Card Activation
Create a virtual "unboxing" experience or an animated sequence that rewards users for reaching this milestone, celebrating their achievement.
Introduce "Activation Challenges," such as making their first purchase or setting up automatic payments to unlock additional perks or bonuses.
Challenges and Considerations
Implementing gamification in digital card issuance comes with its fair share of challenges and considerations that businesses must address to ensure a successful and compliant implementation.
Maintaining User Engagement
While gamification aims to enhance engagement, businesses must strike the right balance between entertaining elements and functional objectives. Overemphasizing game mechanics or rewarding trivial actions could undermine the core purpose, leading to user frustration.
Data Privacy and Security
Gamified processes may involve collecting and processing sensitive user data. Businesses must ensure robust data protection measures are in place to maintain user trust and comply with relevant regulations.
Integration with Existing Systems
Integrating gamification elements into existing digital card issuance platforms and processes can be challenging, especially for businesses with legacy systems or complex architectures. Careful planning and technical expertise are essential to avoid disruptions or compatibility issues.
Balancing Gamification with Security Measures
As digital card issuance involves sensitive financial information, businesses must prioritize security measures while implementing gamification. Striking the right balance between user-friendly gamification and stringent security measures is crucial for a secure and engaging experience.
Ensuring Inclusivity and Accessibility
Gamified processes should be designed with inclusivity and accessibility in mind. Businesses must consider diverse user needs, such as language preferences, cultural sensitivities, and accessibility requirements for users with disabilities.
Regulatory Considerations and Compliance Requirements
Digital card issuance is subject to various regulatory frameworks and compliance requirements. Businesses must ensure that their gamified processes align with these regulations, particularly those related to financial services, data protection, and consumer protection.
Embracing User Experience: The All-Time Strategy for Success
In culmination, gamification presents an exciting avenue for your organization to transform the traditionally mundane digital card issuance process into an engaging, enjoyable experience that captivates your customers. By strategically incorporating well-designed game elements, you can make the process immersive for the users throughout the application journey.
However, striking the precise balance between entertainment and pragmatism is paramount. Gamification should elevate the process, not overshadow or unnecessarily complicate it. When implemented judiciously and with a profound understanding of your users' preferences, gamification can streamline operations, boost customer acquisition and retention rates, and foster enduring brand loyalty and affinity.
The future of digital card issuance hinges on your willingness to embrace innovative approaches that prioritize exceptional user experiences. By harnessing the motivational power of gamification, you can revolutionize this critical touchpoint, distinguishing itself in an increasingly competitive landscape while delivering unparalleled value to your valued customers.
Ready to experience the potential of gamification and propel your digital card issuance efforts to new heights of success? Explore with us at Flyy!
