When many of us were young, we often heard the phrase “video games won’t help you later in life.”
As it turns out, for many people, that phrase turned out to not be true. The growing success of video games continues to show that some of us may have been misled by this commonly spouted parental phrase. From the growing popularity of eSports to gamification, video games have a hold on modern culture.
For those who may be unaware, gamification is the (now) common practice of adapting to a world where games are the biggest medium, at least from a technical example. Industries that have nothing to do with gaming are embracing the aesthetic, mechanics, and tropes of video game culture, in order to appeal to a broader demographic.
Fintech is an excellent example. Not many would correlate finance to gaming. Yet, a lot of businesses online and offline are taking a page right out of the gaming text book. The question is whether this approach is paying off? Can businesses learn anything from digital gaming interfaces? Is gamification a positive force on financial technology?
A Simple Interface Draws a Crowd
The reason that games are becoming a lot more popular now has a lot to do with simplicity. We aren’t necessarily talking about making games easier to beat. Rather, we are referring specifically to the interface. Even the iGaming industry has accepted this fact. Look at the ruletti NetBet page, and you will find that the website has gone out of its way to make it as simple as possible to players to get to the game that they are interested in.
Financial technology websites were once notoriously difficult to navigate. In fact, the internet itself was difficult to navigate for many newcomers who were not all that savvy in digital technology. Digital gaming platforms were among the first to simplify the interface, and create a game library that is very easy to navigate. Online businesses, particularly those relating to finance learned a lot about toning things down and simplifying them because of the digital gaming boom.
New Payment Methods Might Be Good
Any online business is aware of the influence that the internet has had on payments. For one thing, it has made credit and debit card payments much more popular than cash. But, the world wide web has also introduced new payment options to a wide consumer base, many of whom might be interested to test out different methods. The digital gaming industry was among the first to embrace these new payments. From video game e-shops, to iGaming, to simple game apps, varying payment methods were a hit.
On the other hand, plenty of online businesses outside of gaming were a bit apprehensive about these alternative methods. That is, until, many noticed the success that the gaming industry is having by embracing them. The most popular of these alternative payments is, of course, cryptocurrency, which today many see as a staple of finance. After all, the crypto market is the third biggest trading market, behind foreign exchange and stocks. But, it goes far beyond cryptocurrency. Digital wallets, e-vouchers, and online bank transfers are such a hit, that most people have tried them, at least once.
Game Elements in Financial Services
The most obvious example of gamification in Fintech is the introduction of game elements to various financial services. A lot of finance-adjacent websites have inserted video game-esque elements in their product, in hopes of engaging a broader range of customers. One of the most obvious examples would be achievements being introduced to various money management or banking apps. Ranks or achievements are a staple of video games, which has now become a big part of finances as well.
Some online finance consultation sites have even gone as far as introducing a progress bar. The way it works is rather simple; participants set a monthly or annual goal for themselves, and a progress bar shows how close they are to achieving it. Now, rather than looking at money management as a boring responsibility, many can view it as another achievement that they can overcome, much like they would if it were a task in a video game.
Gamification in Corporate Environments
Gamification has not just had an impact on the internet. Video game elements are also being used in land-based businesses and corporate environments. In fact, they are quite useful in the realm of corporate training, where branch managers are tasked with bringing up the next generation. Some companies have introduced leaderboards, fostering an environment of healthy competition. The new recruits operate on a point-based system, and the leaderboard changes depending on who is performing the best.
Badges, ranks, and awards are all part of the process as well. New recruits are given some sort of reward upon completing a challenge by themselves, or for doing a job well done while on a team. Because of this, workers are inspired to perform better, not just to improve their ranking on the leaderboard, but also, to show that they have what it takes to navigate the challenging corporate world. Not only that, but it also serves to make a corporate environment way more interesting and entertaining.
What the Future Holds?
The future of gamification in Fintech is all but certain. As the popularity of video games grow, more and more industries will naturally gravitate to adopting the elements that make gaming a hit. But, how will gaming, and therefore the rest of the world, change in the future? Well, that we can’t say for sure. But, there are plenty of experts who have some fun ideas about the future of the industry.
Virtual reality is one of the most popular ideas for how the future of gaming might look. The dream of a fully-realized digital world has not died yet, even if many are taking a break from it. Still, there are plenty of people who fantasize about being able to walk through a realistic virtual reality. VR may become a pretty powerful tool for Fintech companies as well, though certain not in the next decade.