With various lending tech companies out there, battling in the game to win customers, their engagement, and loyalty, it's the need of the hour to switch to unique ideas. But how does one get all their rolling in a jiffy? All those gamification use cases? This is where Flyy, a gamified SaaS tool, comes in. We have helped companies like Kotak, CASHe, and more boost their customer acquisition, retention, and engagement. Using our platform, you can launch gamified campaigns like refer and earn, daily check-in, leaderboard, spin the wheel, and more our plug-and-play SDK.

1. Why Gamification in LendingTech
Must Improve

2. We are pleased to offer you a loan up to…
How many such calls and SMSs do you get in a day? Or should I rather ask, how many such
communications do you ignore in a day?
It’s annoying, isn’t it? Having to deal with such an information overload of loan offers at
varying interest rates, credit card applications and guess what?
As I’m writing this, I just received another personal loan call from a bank! Seriously, such
companies feel like sharks fighting amongst themselves in the sea of our attention span.
But why is it that we continue to dodge their attacks? Or even if we end up going ahead with
their offers,why is it that we leave? Because

3. 1. LendingTech ProcessesAre
Complex

4. Or at least considered complex and I’m speaking for the
customers. While digitization has surely provided some relief
to it, people still see it as a lot of work amidst their busy lives.
I also found out that long application times, multiple steps,
and verification requirements cause 70% of credit and 42% of
loan applicants to abandon applications mid-way.
This was one of the reasons why I didn’t complete my Video
KYC process for the ICICI credit card due to multiple to and
fro. I’ve shared my experience in detail here.

5. 2. What’s In It for the Customer?

6. Trust me, you as a lending tech company are one among the many that reach out to your
potential customers on an everyday basis.
So no matter how good your offerings are, in the end, they always end up finding it all the
same unless they are motivated to choose you.
That’s right! Until customers don’t personally see a goal to go with your company, they don’t
care and if they do, they will change their minds.
I experienced exactly this with ICICI bank when I saw that I could avail of a good discount on
my Amazon purchase if I used an ICICI bank credit card.
Seeing this, I decided to apply for a credit card with a new energy. My energy this time was
so lively that I didn’t need any bank agent.

7. I visited the credit card website myself, chose a card
of my preference, applied, completed the entire
application, and received my card.
Surprising shift, right? From a person who was least
interested in applying for a credit card back when
the bank agent reached out to a person who did it all
by herself.
What do you think was different this time? Extrinsic
motivation.

8. Extrinsic Motivation in LendingTech

9. My behavior of applying for a credit card was motivated by the fact that I’d get a discount
offer if I used it while shopping. This discount acted like a reward that pushed me towards
completing my credit card application. But you must also note that the reward that I was
getting was meaningful to me since I wanted to purchase an Amazon product at a
discounted price. Now if you pay close attention, you will realize that you as a lending tech
company can use a similar strategy to improve your customer acquisition, engagement, and
retention rate.
That’s right. You can gamify user experience by offering tangible rewards for completing
tasks such as loans or credit card applications.
Your user may not enjoy the application process but would still be motivated to do it
because of the outcome - reward and that’s exactly what LendUp, SoFi, and Nubank
experience with their gamification.
Let’s take a look at 3 gamification examples in lending tech.

10. 1. LendUp Credit Card Ladder
Gamification

11. What is the first thing that matters the most when it comes to loans? Credit score. People
with good credit scores get tons of offers but what about the ones with bad credit scores?
LendUp took care of that by offering payday loans, installment loans, and credit cards to
people with bad credit.
With "The emerging middle class," as its target, this 2012 launched US-based lending tech
company gives people with bad credit another chance by offering same-day loans.
They made it a success by gamifying loan borrowing with a tiered point system gamification
called ‘LendUp Ladder’.
LendUp Ladder let users borrow a flat loan amount, gain points for on-time repayment and
get higher loan amounts at lower rates.

12. The concept was simple
1.Start at Silver level and get up $250
of loan amount.
2.Repay on time and earn points to
climb to the Gold level and get a
higher loan amount
3.Repeat the same process and keep
climbing to higher levels like Platinum
and Prime to apply for higher loan
amounts and types. Users could also
become eligible for perks like
repayment behavior report to credit
bureau.

13. Applying for a loan was just one of the
ways to gain points. Points could also be
gained by doing actions such as
1.Getting loans from LendUp
2 . Watching financial health education
courses for free
3.Referring friends
4.Sharing testimonials

14. LendUp Gamification Success

15. Gamifying lending process became so successful for LendUp that in December 2015,
LendUp grew their customer base by 36% percent and did several 100 million dollars in
loan volume a year.
They also got over 2 million views on their financial education courses around money
management, credit profile, and more, views by customers. In January 2020, LendUp
ended up disbursing over $2 billion in consumer financing through its digital lending
platform.

16. 2. Standard Chartered Shake & Win
Campaign

17. Successful gamification campaigns are ones that can connect with people’s emotions and
encourage them to participate from within.
Standard Chartered Bank Malaysia knew this too well and introduced a Shake and Win
campaign during the new year from December 2017 to February 2018, to increase credit
card transactions.

18. Why did they choose the new year? Because of the famous Chinese tradition in Malaysia
called Ang Pow.
During Chinese New Year in Malaysia, married adults present Ang Pow (red packets
containing an auspicious number of crisp new banknotes) to children, teenagers, and
unmarried adults.
Standard Chartered Bank Malaysia Berhad (SMBMB) invited customers to shake an Ang Pao
and win prizes such as
Daily grand prize worth RM4,800
1 year of prizes on groceries, petrol, shopping, and bill payments (up to RM19,200)
Daily cashback up to RM99
The bank designed its gamification in a smart way to increase its credit card transactions.

19. Here’s how.
Customers had to register on the SCBMB website
and spend a minimum of RM100 in a single retail
transaction using their credit cards within the
campaign period
Upon this, they’d receive a link to play Shake and
Win via SMS
Customers would have to swipe left and right and
shake the Ang Pow bag to win prizes.
The campaign was a success and the bank enjoyed
an impressive rise in customers’ credit card spending.

20. 3. Dupaco Credit Union Check-In
Rewards

21. Since childhood, I’ve been a huge fan of the popular
Doraemon cartoon and when I came across Dupaco’s
gamification, I couldn’t help but remember a special cat
episode called ‘Come Come Cat’.
Yes, in that episode, Doraemon makes a restaurant
owner adopt a stranded cat by turning her into a lucky
cat that can attract customers to the restaurant.
Dupaco Credit Union, a non-profit financial cooperative
that helps members save money with lower loan rates,
financial education, etc, did something similar when
they used Foursquare to increase branch visits.

22. Foursquare is a gamified GPS-based platform that rewards users with badges, stickers, and
points for checking into new places. It grew to 10 million users in 2009.
The union used this location-based social media app to reward customers for visiting 12 of
their branches in Iowa, Illinois, and Wisconsin.
They rewarded visitors based on their number of visits by using game elements like prizes,
titles, and leaderboards.
1.For the first-time check-in, customers got a free Koozie (can holders).
2.With every check into the Foursquare system, participants became eligible for a
weekly draw to win a $50 gas card.
3.For the first 10 visitors every Wednesday of September, the bank gave special freebies.
4.Customers who checked in enough would get 'Mayor' of the location title and have
their names featured on Dupaco’s electronic billboards and branch signage.

23. This check-in-based rewards campaign got such good engagement that 26 times check-in
by one of the visitors to her favorite branch in 60 days.

24. Ready to Win the Game of Loans?

25. With various lending tech companies out there, battling in the game to win customers, their
engagement, and loyalty, it's the need of the hour to switch to unique ideas.
But how does one get all their rolling in a jiffy? All those gamification use cases? This is
where Flyy, a gamified SaaS tool, comes in.
We have helped companies like Kotak, CASHe, and more boost their customer acquisition,
retention, and engagement.
Using our platform, you can launch gamified campaigns like refer and earn, daily check-in,
leaderboard, spin the wheel, and more our plug-and-play SDK.

26. THANK YOU
W W W . T H E F L Y Y . C O M
Please contact for more information
www.theflyy.com
080-470-91459, hello@theflyy.com