Gamification- Strategies, Techniques and Mechanics for Retail Brokerages
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This presentation explores the relevance of Gamification (techniques, mechanics and strategies) to the offerings from retail securities trading brokerage firms (e.g. Stocks, Options and Forex Trading) ...
This presentation explores the relevance of Gamification (techniques, mechanics and strategies) to the offerings from retail securities trading brokerage firms (e.g. Stocks, Options and Forex Trading) to their internet savvy customers. The main revenue sources of Retail Brokerage firms are commissions & fees from customer submitted orders and the interest accrued from cash assets held by customers in their brokerage accounts. In both cases, there is a reasonable expectation that a customer is consistently engaging the brokerage’s offerings as well as funding the account and growing his or her positions.
Therefore, in order for Retail Brokerages to increase their revenue stream they not only need to increase the number of new customer accounts in their firm’s portfolio but keep their existing customers happy as well as actively and consistently engaged on their trading platform. We attempt to compare the relative advantage of a platform that integrates Gamification with ones that do not in terms of customer stickiness and loyalty.
Gamification in essence attempts to do just that. By addressing specific fundamental human needs and desires such as “Status”, “Achievement”, “Reward”, “Competition” and “Self-expression”, these elements are traditionally incorporated in Games making such games highly addictive and immensely engaging and fun (consider that the total number of hours consumed by Angry Birds players world-wide is roughly 200 million minutes a DAY).
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