Playbasis And Gamification in Financial Servicesby Fintechnews Singapore October 5, 2016
Playbasis builds mobile-first engagement solutions aimed at enabling businesses to attract, connect and retain customers through gamification. The company delivers a cloud-based technology platform which makes it easy for businesses to launch modern applications that are fun, engaging and rewarding targeted notably at millennials.
Headquartered in Singapore with wholly owned subsidiary Playbasis Co Ltd located in Bangkok, Playbasis was founded in 2012 with the mission to make gamification technology accessible to businesses.
Its technology aims at helping businesses increase user engagement, retention, and loyalty through the use of data-driven game mechanics and behavioral triggers. The company generates revenue through a B2B, software-as-a-service subscription business model where customers only pay for the services they use.
Playbasis offers a number of products: Playbook, a mobile app that provides businesses with engaging marketing experience and a custom gamification application; Plugins, or extensions for existing mobile experience and adding games and rewards into applications; Presence, an platform for augmented reality games and applications; and Portal, a smart landing page optimized for conversions.
Gamification in the financial services industry
Exponential technology advances, greater consumer power and increased competition mean an imperative for businesses for digital innovation and engagement.
One of the results of the ongoing digitalization of our economy is the increased gamification of many industry including financial services. For instance, the purchase of gaming company Grasp by north-east British challenger bank Atom has led to the integration of new “playful” features within Atom’s mobile app such as face and voice authentication and video content to introduce some of the app’s features.
Gamification is the application of typical elements of game playing to other areas of activity to influence consumer behaviors.
There has been a high growth of gamification solutions in various industry verticals due to increasing need for gamification solutions and applications in enterprise and consumer brands.
As gamification solutions are gaining pace in the current scenario of engagement and loyalty ecosystem, the gamification industry is expected to reach US$11 billion by 2020, according to MarketandMarkets.
Financial services firms too are using gamification in various areas. For instance, Britain’s Barclays bank was early to apply gamification when it created 56 Sage Street in 2010, an online game that used an interactive city as a backdrop for the purposes of teaching money management to young adults.
Another application is for financial planning. Bulgarian Bank DSK launched DSK Gameo in 2012, which uses gamification techniques to help customers to set saving goals.
ICICI has launched the ICICI Bank Games, a platform which provides information about the bank’s products and services in a fund and interactive way.
Canadian Tire, a Canadian retail company which sells a wide range of automotive, sports and leisure and home products, launched in 2015 a new mobile app that combines the benefits of secure mobile payments with special offers and rewards with an interactive gaming experience.
Alongside Playbasis, other gamification companies include SaveUp, an online reward platform for saving money which allows users to earn SaveUp credits for every dollar saved or debt reduced. These credits can be used to play for prizes ranging from travel, cars to cash prizes; AchieveMint, a subsidiary of Evidation Health which provides a patient engagement platform that provides incentives to patients who take healthy actions across a variety of mobile apps; GameEffective, an enterprise-based gamification software platform that provides solutions for sales, customer service and on-boarding; and Mindspace, a creative agency focused on gamification.
Watch Playbasis’s intro video:
Featured image: Gamification concept by Tashatuvango, via Shutterstock.com.