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) 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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Gamification- Strategies, Techniques and Mechanics for Retail Brokerages

  1. 1. >Gamification:Strategies, Techniques, andMechanics for Retail Brokerages
  2. 2. >Speakers:Gaspard De DreuzyChief Innovation OfficerKapitallgaspard@kapitall.comMohammad RashidSenior Director, Capital MarketsTavant
  3. 3. Tavant Proprietary & ConfidentialAgenda> What is “Gamification” and Why Gamify?> Game Mechanics and Thoughts around Game Design> Demo of Kapitall Website> Key User Metrics> Gamification Design Process> Technical Considerations of a Gamified System> Gamification Patterns and Anti-Patterns> Future of Gamification3
  4. 4. Tavant Proprietary & ConfidentialWhat is “Gamification”?4>The application of game elements andgame design techniques to non-gamecontexts for the purpose of increasingengagement and having funGame MechanicsGame ComponentsGame DynamicsGame StructuresGame PatternsGame AbstractionsGame Learnings
  5. 5. Tavant Proprietary & ConfidentialWhy Gamify?> 170 Million Americans play games - 55% of the US population> Angry Birds downloaded 1 Billion times> Gartner: “by 2015, 40 percent of Global 1000 organizations will useGamification as the primary mechanism to transform business operations.”> A new “Generation of Users” growing up with electronic games5
  6. 6. Tavant Proprietary & ConfidentialGame Mechanics and thoughts around Game Design> Description of Game Structures— Full-screen graphics— Information overlays— User-directed control— Instant feedback— Acting upon objects6
  7. 7. Tavant Proprietary & ConfidentialKey User Metrics> Pure engagement:— i.e. # of visits, time spent on site— i.e. Active and returning users, retention> Social interactions:— i.e. # of contacts, messages sent/received> Game activity— i.e # of points scores, level progression— i.e. # paper trades, value of virtual assets> Brokerage activity— i.e. DARTs and assets— i.e. interactions with sales and customer support7
  8. 8. Tavant Proprietary & ConfidentialGamification – A word about the word> Engagification> Motivational Design> Fun-gineering8GamificationBehavioral EconomicsGame DesignUX DesignPsychologyBehaviorismCognitivismBlack Magic
  9. 9. Tavant Proprietary & ConfidentialGamification Design Framework (GDF)Courtesy of Prof. Kevin Werbach at Wharton School (the 6 D’s)>Define business objectives>Delineate target behaviors>Describe your players*>Design activity loops*>Don’t forget the “FUN”>Deploy the appropriate game abstractions>Track, Gather, Process, Analyze telemetry data>Iterate9
  10. 10. Tavant Proprietary & ConfidentialGDF – Player Types> To Start – Richard Bartle’s MUD Player Types> Hearts> Clubs> Diamonds> Spades10
  11. 11. Tavant Proprietary & ConfidentialGDF – Activity Loops> Engagement Loops and Progression Ladders11MotivationActionFeedback
  12. 12. Tavant Proprietary & ConfidentialTechnical Considerations12
  13. 13. Tavant Proprietary & ConfidentialGamification Anti-Patterns> Gamify the World> Sprinkle PBLs on your offerings and Game ON!> Crowd out intrinsic motivation by providing mega-rewards> Make the “Product” or “Offering” the center of your design> Pointsification rules! (Margaret Robertson)> Develop Exploitationware (Ian Bogost)> “High Fructose Corn Syrup” is good for you (Kathy Sierra)13
  14. 14. Tavant Proprietary & ConfidentialGamification Patterns> Think like a Game Designer— Hire a Game Designer> Think of your customers as Players not Puppets— What motivates your Players – Competence, Autonomy, Relatedness— Think of the “Player’s Journey” through your offering— The experience needs to evolve over time> Differentiate between “Behavioral” vs. “Cognitive” approaches – Doingvs. Feeling – Extrinsic vs. Intrinsic> Gather and Analyze telemetry data> Design for “Flow”> Make sure it is “Fun”> Play Games!14
  15. 15. Tavant Proprietary & ConfidentialFuture of Gamification> Pervasive Gamification— “Sight” – A Short Film by May-raz & Lazo> Out-of-Sight Gamification— vs.> Gamification as a word will likely disappear and becomeintegrated with the practice of User Experience Design withthe goal of engaging, rewarding and educating users15
  16. 16. Tavant Proprietary & ConfidentialReferences> Gamification Corp> Kevin Werbach, "For the Win: How Game Thinking Can Revolutionize Your Business“> Jesse Schell, “The Art of Game Design”> Raph Koster, “A Theory of Fun for Game Design”> Charles Mauro, “Why Angry Birds is so Successful and Popular: A CognitiveTeardown of the User Experience”> MDA: A Formal Approach to Game Design and Game Researchhttp://www.cs.northwestern.ed/~hunicke/pubs/MDA.pdf> Game Data Mining
  17. 17. Tavant Proprietary & ConfidentialReferences (contd.)> Ian Bogost, “Persuasive Games – Exploitationware”> Margaret Robertson, “Can’t Play, Won’t Play”> Mozilla Open Badges Framework> Michael Wu, “The Magic Potion of Game Dynamics”> “Sight” – A Short Film by Eran May-raz and Daniel Lazo
  18. 18. PEOPLE. PASSION. EXCELLENCE.>Go forth and Gamify!