Moroku gamification of banking


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Banks are in a strong position to offer gamification. Banking is contemporaneously a very important yet very difficult task for many people. By using the most ancient form of learning, fun, to attract and engage customers, banks can help overcome customers’ inherent disinterest in the subject and guide them through the financial maze.

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  • In January 2012 we built Moroku. We build mobile apps and run them as a service for ourselves and our business partners. The name stems from the Maori word, Puroku, meaning gathering, which speaks to the very tribal nature of apps and how we think about our business
  • What – Gamification makes applications fun to drive uptakeProof – Analysts and Global 2000 companies are behind the approachWho – Moroku a specialist financial services gamification company with the product and skills to make it happen fast and economically – chosen by the worlds 5th largest Financial Services ISV (Misys) to build and take the product to 1800 banks world wide. Misys are responding to a need by their customers to address the millenials market, be more relevant and improve savings depositsHow – fast feasibility and design kick off to define the right game and build a prototype, followed by a 90 day build and deploy
  • That’s the boring numbers bit - Now lets talk about the fun bit – Play!Play is enormously powerful – for thousands of years it has been used as a learning mechanic, teaching species across the animal kingdom core life skillsIt becomes even more fun when we use it in business. As well as the ability to provide energy to brands, when we use it as a design principle many things are possible as play:is usually voluntary;is intrinsically motivating, that is, it is not dependent on external rewards;involves active engagementIf we can bring customers into the applications and keep them actively and voluntarily engaged, without the need the reward them with cash based incentives we begin to approach a nirvana state of marketingQuite specifically and incrementally for Safaricom and M-Pesa, illiteracy is a large issue. The current marketing programs and the application itself have a large dependency on literacy. This is of particular true of m-shwari which requires a reasonable degree of financial as well as language literacy. The base of m-Shwari , 1.2 M are probably literate - The rest could be highly illiteratePlay is the only tool that transcends literacy borders – and has enormous potential when designed into the application to shift both the number of customers and the number of transactions that customers conduct - ARPUThe internet is littered with references to the power of play One of my favourites is "A child's greatest achievements are possible in play, achievements that tomorrow will become her basic level of real action." Lev Vygotsky (1896-1934) which shows not only the learning link but also the link between learning and ACTION!
  • People want and expect to be better than everyone else – it drives themBanking is highly subject to Present BiasYou must give people In The Now Feedback. Points alone certainly don’t – it gives them …. pointsDo they know that they are heroes to you when they pay off their loans, make payments, succeed? Let’s make sure of itGet the customers purpose completely aligned with that of the bankGamification helps them gauge their relative performance and ……. drive them to actionRenew their childhood intrigue to pull the trigger Lets have some fun, get people connected to their progress and make everyone a hero … in the NOW!
  • WhyNarcissismPeople have been dehumanised in their relationships and crave recognition by their friends peers and brandsTuck in and recognise this and deliver it through socialised gamificationPeople are soooo hungry for this
  • Moroku gamification of banking

    1. 1. BANKING GAMIFICATION Make mobile money fun and rewarding to drive • • activity revenue
    2. 2. • CEO Colin Weir: Global banking start-up entrepreneurIn depth Financial Services Industry experience • Focus on banking and payments • Extensive Retail Banking Gamification project experience • • • • Design apps Build apps Integrate and deploy securely Selected by Misys as their gamification OEM • Cloud based service on Salesforce for rapid and large scale deployment • Global coverage
    3. 3. Overview • • • • • Combines the best marketing, motivational psychology and gaming strategies to drive consumer engagement Analysts and big brands all concur Perfect for banking where we are introducing new or complex ideas that lack volition and faculty Moroku is a specialist banking gamification provider Goal: To be 10% as fun and as engaging as the best video games!
    4. 4. "A child's greatest achievements are possible in play, achievements that tomorrow will become her basic level of real action." Lev Vygotsky (1896-1934)
    5. 5. What sort of things are Fun? • • • • • • • • • • • • • • Winning Problem Solving Exploring Chilling Teamwork Recognition Triumphing Collecting Surprise Imagination Sharing Role Playing Customisation Goofing Off
    6. 6. Take time to really investigate your customers needs Self Actualisation Self Esteem Social Desire Safety Physiology
    7. 7. Stimulus Behaviour Consequence Learning
    8. 8. Social Media • Facebook, Instagram, LinkedIn et al have become enormously successful • Why? – Maslow – Dehumanisation of CX
    9. 9. Gamification is .. • • • • • • • • Application of game theory to applications NOT making games IS embedding game design Purpose: Get more customers to do more and encourage their friends to join Capacity to teach and overcome fear An ongoing strategy Engagement, loyalty and branding. Uses • • Game Design - What’s the journey?, What are the rules? Where is the fun? Game Mechanics - Points, badges, prizes, rewards, etc.
    10. 10. Principle Onboarding Description Guiding people through the registration process Mechanic Points Description Activities accrue points Progress Reminding players of their progress towards goals Badges Milestones rewarded with badges Present Bias Providing immediate reward for Leaderactivities that otherwise reward in the boards future Points position players on a list Mastery Provide real financial skills not just conceptual or virtual Quizzes Questions build and test skill Balance The right balance of skill required to play the game Surprise Random behaviour rewards of points Surprise Keep people engaged by surprising them Countdown Proving the time left till an event
    11. 11. Analysts IND 70% of bankers feel gamification could be appropriate within online banking system – IND Group Gartner 70% of the Global 2000 will have at least one gamified application by 2014 Mind Commerce Gamification ranked 4th in Top Digital Marketing Trends for 2012 Ovum Bankers now have new ways to increase relevance of its products and services, engage customers and improve sales. Reuters Gamification represents a promising strategy for brands to increase customer activity, build loyalty, broaden reach and monetize assets
    12. 12. A word on rewards • This is not Pointsification • Nor is it another rewards or raffle program – there are plenty of those “Your chance to Win” • External rewards wear off • Its about • Savings and lending's. We must remember this. It is the primary reward! • But those results are in the future . To close the Present Bias we use • Feedback • Recognition • Competition • Connection • etc
    13. 13. A compelling business case for banking • Make “Fun to Use” your Design Mantra • Embed core KPIs in the application and game design • • • • Reduce risk by educating people on how the product works and motivating them to participate Capture share with fun and social contribution at the heart of the brand Increase transaction rates to drive overall revenue Improve average balance revenue Value Transact Share Risk