Introduction
In the fast-evolving landscape of digital banking, customer engagement has become a crucial factor for success. OKB, has harnessed the power of gamification to captivate its users in a unique and timely manner. Leveraging Moneythor’s capabilities, OKB introduced an innovative feature on their LiFit app that allows customers to predict their fortune for the upcoming year. This initiative not only resonated with their user base but also significantly boosted engagement rates.
The Importance of Customer Engagement in Digital Banking
In today’s competitive financial environment, customer engagement is more important than ever. Digital banking has transformed the way people manage their finances, offering convenience and accessibility. However, the rise of digital banking also means that customers have more options, making it easier for them to switch to a competitor if they are not satisfied with their current bank’s services.
Engaged customers are more likely to be loyal, use more products and services, and provide valuable feedback. High levels of engagement can lead to increased retention rates, higher lifetime value, and a stronger overall customer relationship.
Gamification: A Key to Enhanced Engagement
Gamification has emerged as a powerful tool in various industries, including banking. By transforming mundane activities into engaging experiences, banks can foster deeper connections with their customers. OKB’s initiative exemplifies how gamification can be effectively integrated into digital banking platforms to enhance user engagement.
At the turn of the new year, a time when people are particularly interested in what the future holds, OKB launched a fortune prediction feature on their LiFit app. This feature, developed using Moneythor’s all-in-one personalisation engine, allows users to shake a digital fortune slip and reveal a personalised prediction for 2024. Launched at the start of the new year, it tapped into the natural curiosity and optimism that accompanies this period. Users were intrigued by the opportunity to see what 2024 might hold for them, making the feature both relevant and enticing.
51.7% of customers who saw the pop-up notification chose to participate, a three times higher engagement rate than the typical response to other recommendations on the app.
Why It Worked
Several factors contributed to the success of OKB’s fortune slip feature:
- Timeliness: Launching the feature at the beginning of the new year when users are naturally curious about their future created a timely and relevant context.
- Personalisation: The feature offered a personalised experience, making users feel directly addressed and engaged.
- Simplicity and fun: The simple, playful interaction of shaking a fortune slip provided a fun diversion, encouraging users to participate.
How can Moneythor help?
By enabling personalised, engaging interactions, Moneythor helps financial institutions like OKB deliver timely and relevant content to their users.
Moneythor’s engine serves as a bridge between financial institutions’ backend systems and their digital channels, facilitating the delivery of engaging and personalised experiences for end-users. By integrating the Moneythor solution, banks and FinTech firms can elevate their digital offerings with built-in gamification features, alongside providing personalised insights, actionable recommendations, and contextual nudges tailored to enhance user engagement.
