The global fintech market is on a steady rise. In 2022, it was valued at around USD 257.26 billion. Fast forward to 2030, and experts project it to hit a whopping USD 882.30 billion, growing at a consistent rate of 17% annually from 2023 onwards (In our view, however, these are optimistic forecasts).
Knowing that basic data, have you ever wondered how fintech companies manage to keep people coming back for more?
It's all about their engagement strategies.
Let's take a closer look at six fintech organizations that have truly mastered the art of customer engagement in the financial field using gamification techniques!
First up, MoneyLion, which offers everything from quick cash solutions to comprehensive borrowing options and innovative banking. To keep users engaged, MoneyLion introduces gamified shopping rewards, premium access subscriptions, and various peer rewards – all aimed at making financial management as rewarding as it's functional.
Nubank is a top neobank in Latin America, offering user-friendly digital accounts, diverse credit card options, and investment opportunities. They hook customers with a unique tiered status system and a ‘build limit’ feature that gamifies how users increase their credit limits through regular use.
In the US, Robinhood democratizes financial trading with a focus on cryptocurrency and streamlined bank transfers. They spice things up with crypto rewards, enticing referral bonuses, and frequent user rewards, turning investing into a more interactive and rewarding experience.
Across the pond, Revolut mixes daily banking with portfolio management and lifestyle perks. Their standout feature? A membership model that unlocks exclusive benefits, cashback, and various achievements, transforming the mundane task of banking into a fun and engaging game.
N26 tailors their banking solutions with multiple account tiers, from a no-frills digital account to a feature-rich premium account with a metal card. They encourage users to get paid memberships that elevate their status and enrich the banking experience.
Lastly, Acorns combines investing, banking, and earning with educational tools designed to boost financial literacy. They promote customer loyalty through cashback incentives, a rewarding membership scheme, and bonuses for referrals, making financial growth beneficial and educational.
These fintech companies truly show how integrating gamification can transform the financial service experience into something that feels more like a community and less like a chore.
Ready to achieve success in loyalty and step up your financial game?
Dive into these platforms and see how fun and beneficial managing finance can be!
Key takeaways
- A variety of services can significantly increase engagement. Fintech companies like MoneyLion and Nubank offer financial services – from everyday banking to investments – to keep users engaged by providing all their financial needs under one roof.
- Incorporating gamification motivates users to participate more actively. Game-like elements such as rewards for achievements, tiered status, and competitive features like Robinhood’s crypto rewards engage customers more deeply and frequently with the platforms.
- Customization and personalization improve user satisfaction. Platforms that offer tiered services or customizable features, such as N26's multiple account options and Revolut's lifestyle perks, allow users to tailor their financial experience to meet personal needs, enhancing their overall satisfaction and loyalty.
- Providing financial education adds significant value. Fintechs like Acorns integrate learning and financial literacy into their services, helping users make informed decisions and building trust and loyalty by empowering them with knowledge.
- Rewards and membership benefits are key to building loyalty. All included examples show that a subscription model and rewards program are essential for developing a loyal user base. These benefits often extend beyond traditional banking rewards, offering perks like cashback on investments and exclusive member benefits that traditional banks might not provide.
- Building a sense of community and status can enhance user retention. Several fintech solutions use status tiers and referral programs to foster a sense of community and belonging among users, improving retention and leveraging word-of-mouth to attract new customers.
Let's browse examples of B2C fintech apps that cleverly use basic principles of loyalty and gamification mechanics.
1. MoneyLion
MoneyLion, a private fintech company founded in 2013, stands out in the sector with their comprehensive approach to personal finance. Their target market comprises the 70% of American consumers who mostly live paycheck to paycheck, as stated by Nasdaq. MoneyLion aims to optimize consumers' money management and savings while boosting their credit, catering to first-time investors, as their website states. Consequently, their customer base is vast, according to their own metrics, positioning MoneyLion as a pivotal player in financial democratization and literacy.
MoneyLion makes money through their loan business, lead generation from users on their site, and a monthly subscription service. Individuals who use MoneyLion's services begin as visitors, choosing to either use the platform for free or to buy their premium consumer services through premium membership and loan applications.
Services offered
1. Quick cash solutions
MoneyLion's Instacash feature offers up to $250 of zero-interest cash advances with no mandatory fees, using a simple application process that doesn't impact the user's credit score. This service is ideal for covering unforeseen expenses and smoothing out the financial volatility between paychecks.
2. Comprehensive borrowing options
MoneyLion offers credit builder loans and unsecured personal loans that help users establish or improve their credit scores. These loans are structured with fixed interest rates and repayment schedules to simplify budgeting. There are also auto and student loan refinancing services aimed at reducing borrowers' interest rates on existing loans, which can lower monthly payments and total interest paid over the life of the loan, potentially saving thousands of dollars.
3. Innovative ways of banking
The RoarMoneySM account provides features such as two-day early paycheck access via direct deposit, which can help alleviate cash flow constraints. The account also offers detailed financial tracking tools and custom spending insights to help users budget more effectively and avoid overdraft fees.
4. Rewards and cashback
The MoneyLion WOW cashback program offers up to 12% cashback on everyday purchases made through their merchant network. The said program is integrated with the MoneyLion app, enabling users to automatically earn rewards on eligible purchases, which can be redeemed within the platform or used to reduce loan balances.
5. Investment opportunities
MoneyLion offers managed investment portfolios that are tailored to user preferences and risk tolerance, ranging from conservative to aggressive strategies. The platform also includes options for investing in cryptocurrencies, with the ability to buy, sell, and hold coins directly within the app.
6. Savings mechanisms
Users can use MoneyLion's automatic savings feature, which allows them to set predetermined amounts to be transferred regularly from checking to savings accounts. This feature helps users effortlessly build their savings over time, supporting financial targets like emergency funds or significant purchases.
Used loyalty and gamification mechanics
1. Rewards for completing achievements
MoneyLion offers achievement-based rewards, where users can unlock new financial tiers and benefits by completing tasks, similar to leveling up in a game. Such an option undoubtedly encourages continual engagement with the app. For example, users can temporarily increase their Instacash limit by completing actions in the MoneyLion fintech app or participating in promotions.
2. Gamified shopping rewards
The "Shake 'N' Bank" feature turns shopping into a fun game. After making a purchase, users can shake their phones to possibly win random cash rewards, adding an exciting twist to their shopping experience.
3. Subscription-based premium access
For a monthly fee, the premium subscription offers exclusive benefits such as higher withdrawal limits, lower loan rates, and more cashback opportunities, enhancing the overall value of the service.
4. Peer rewards
With Peer Boosts, users can uplift each other financially, creating a supportive community without any monetary expenses. The mentioned feature enhances customer retention and satisfaction and allows for the elevation of 5 friends' Instacash limits every month at no cost. Additionally, friends can reciprocate the boost, temporarily raising each other's limits.
5. Cashback
When users shop at their favorite online stores through MoneyLion, they receive a percentage of their purchase back as cashback – money goes directly into their accounts and can be used for future purchases or withdrawals, encouraging them to keep using the platform for daily transactions.
6. Paid membership with extra benefits
By subscribing to a paid membership, users gain exclusive access to enhanced product features, including higher cashback rates, no fees on ATM withdrawals, and priority customer support. The membership tier is geared toward the most active users who seek comprehensive financial services – it provides significant added value, encouraging users to upgrade their membership as they increase their financial engagement with the platform.
2. Nubank
Nubank is a neobank (meaning it’s 100% digital), founded in 2013, and is a leading neobank in Latin America. They exemplify the success of fully digital banks.
Unlike traditional banks, Nubank operates exclusively online with no physical branches, which allows them to serve a massive customer base efficiently and with reduced operational costs. Currently, Nubank boasted over 90 million registered users from both B2B and B2C areas in 2023. Their operations, however, are currently limited to Brazil, Colombia, and Mexico.
Nubank aims to revolutionize the banking experience across Latin America by making financial transactions seamless and accessible. Customers with a digital account can send and receive money in real-time to any bank without any fees. The described feature enhances convenience and encourages more frequent and diverse financial interactions.
Services offered
1. Digital accounts
Nubank's digital accounts are central to their offerings. These accounts facilitate essential banking operations such as making payments, transferring funds, and checking account balances. Listed operations can be performed online through a platform that emphasizes user-friendliness and operational efficiency, enabling customers to manage their finances effortlessly.
2. Credit cards
Nubank's credit card lineup includes standard options suitable for the average consumer, as well as specialized products like the Nubank Ultraviolet. The premium card is targeted specifically at high-income customers, offering expanded benefits such as higher rewards rates and priority access to services unavailable with standard cards.
3. Loans
Nubank offers a range of loan services to meet various financial requirements. Their personal loans are ideal for individuals looking to cover significant expenses like home improvements or education costs. On the other hand, Nubank provides business loans that help companies grow their operations or handle everyday expenses more effectively.
4. Corporate accounts
Tailored to businesses' needs, Nubank's corporate accounts offer features that support the management of high-volume transactions and improve security measures critical to business operations. These accounts are essential for firms looking for robust financial tools to handle extensive monetary activities.
5. PJ credit card
The PJ credit card, geared towards businesses, simplifies the management of corporate expenses. It provides features such as enhanced spending tracking, automated financial reports, and rewards programs that can help reduce the costs associated with business operations.
6. Nubank Life
This product line includes various life insurance options to provide financial security to clients and their families in unforeseen circumstances. Nubank Vida ensures clients have financial protection to support their loved ones.
7. Investments
Nubank also offers a range of investment opportunities that allow clients to invest in various financial instruments. These products cater to investors at all experience levels, providing avenues to grow personal savings and achieve long-term financial/savings goals through strategic investment choices.
Used loyalty and gamification mechanics
1. Status tier
One of the standout features is the status tier system, which leverages automatic card analysis. Such a system identifies high-income customers and offers access to the Nubank Ultraviolet, an exclusive tier supplying enriched services and benefits. The tiered approach motivates customers to increase their financial activity with Nubank and creates a sense of exclusivity and privilege.
2. Build limit function
This feature allows customers to gradually increase their credit limit through responsible usage, effectively influencing credit health management. It encourages customers to adopt healthy financial habits by linking their financial behavior directly to credit opportunities.
Also, Nubank, leveraging AWS, rapidly launched a mobile credit card platform in only seven months. The platform, accessed through iOS and Android apps, offers customers no-fee, low-interest credit cards coupled with an easy management interface.
Using AWS technology such as Amazon EC2, S3, RDS, and CloudFront, Nubank could scale efficiently, handle large data volumes, and ensure high availability and security. AWS also boosted quick feature updates and enhancements, which are crucial for staying competitive in the dynamic fintech landscape. Read more detailed information on AWS's case study page.
3. Robinhood
Robinhood Markets Inc., a pioneering entity in the fintech industry, epitomizes innovation by melding technology with finance to offer a seamless online trading experience without commission fees.
Robinhood successfully democratized access to the stock market, facilitating a user-friendly platform that's accessible through web and mobile interfaces. Investors have access to tools to trade stocks, exchange-traded funds (ETFs), options, and American depositary receipts (ADRs), alongside the opportunity to venture into burgeoning cryptocurrencies.
Services offered
1. Cryptocurrency trading
Robinhood has expanded their horizon beyond traditional stock trading, stepping into the cryptocurrency sphere. It currently allows users to trade over 25 different cryptocurrencies, including industry leaders such as Bitcoin (BTC) and Ethereum (ETH), with promises of more additions on the horizon. The service above addresses the growing interest in digital currencies, offering a secure and straightforward platform for both new entrants and seasoned traders in the cryptocurrency market.
2. Seamless bank transfers
Understanding the criticality of smooth financial transactions, Robinhood Crypto supports both SEPA Instant Credit and SEPA Credit transfers. This feature is particularly advantageous for users whose banks facilitate SEPA Instant transfers, allowing them to swiftly deposit funds into their accounts and commence their crypto trading activities without delay.
Used loyalty and gamification mechanics
1. Crypto back
Robinhood offers a unique take on cashback rewards called "crypto back." Users can earn a percentage of their transaction back in Bitcoin (BTC) when they make trades. As a result, trading is more rewarding and encourages users to trade more frequently.
2. Rewards
To draw new users, Robinhood Crypto has introduced a substantial sign-up bonus. New users who create and get approved for a Robinhood Crypto account could receive up to 1 Bitcoin (BTC) as a welcome gift. This attractive bonus makes the platform more appealing to potential customers.
3. Referrals
Robinhood developed a strong referral program to tap into word-of-mouth marketing. Users are highly motivated to invite friends to join the platform with the incentive of earning up to 1 Bitcoin (BTC) for each friend who signs up and is approved. This approach helps grow Robinhood's user base and strengthens the platform's community feel as users gain rewards for expanding their network.