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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!
Let's browse examples of B2C fintech apps that cleverly use basic principles of loyalty and gamification mechanics.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Revolut is a leading neobank and fintech innovator, providing a wide range of financial services for both individual retail customers and businesses. Their offerings streamline financial management through advanced technology, offering convenience and control.
For individuals, Revolut simplifies money management with features like instant payments, currency exchanges without fees, and tools for budgeting and savings. Businesses benefit from services tailored to improve efficiency and drive growth, such as streamlined international payments, expense management, and data analytics.
Revolut's use of cutting-edge technology, including AI, machine learning, and blockchain, ensures quick, secure, and scalable solutions, enhancing the user experience and instilling confidence in the platform.
Users opting for different membership levels, like Premium or Metal, enjoy additional benefits. These tiers offer perks such as better deals and extra features. So, if a user is really into what Revolut offers, upgrading to a higher plan gives them more bang for their buck, like fancy travel insurance and higher interest rates on savings. It's like joining a club where the more one invests, the more they get back.
With certain cards, like the Pro card or the credit card options, every transaction earns users some money back. It's like receiving a little thank you for using Revolut, especially for frequent users of those cards.
Revolut makes it easy to split bills and pay for things together with friends. Plus, they throw in other special features just for members. It's not just about managing money – it's about making it fun and social, too.
Engages users by setting financial goals and rewarding achievements, such as reaching savings targets or making regular investments. Revolut uses badges to mark milestones and may unlock new benefits, creating a playful and motivating approach to managing finances akin to a video game, making saving money enjoyable and engaging.
Revolut promotes user growth through a referral program that benefits both the referrer and the new user. They reward users for spreading the word. If users get someone new to sign up, both the user and their friend get something out of it. It's a win-win and helps grow the Revolut family.
N26 is a digital bank that offers a bank account with no hidden fees. With a German banking license, a technology that sets standards, and without an expensive branch network, N26 is significantly changing banking in the 21st century to digitize and simplify it.
N26 is a digital bank that operates with a German banking license. They promise bank accounts and cards with no hidden fees, 24/7 support, crypto trading, and an app full of spending insights.
At the core of N26's offerings is the free digital bank account. This account eliminates maintenance fees, providing a cost-effective option for users seeking basic banking services. It's perfect for people who prioritize straightforward, no-cost banking for their daily transactions.
For customers looking to gain greater control over their finances, N26 offers an upgraded account equipped with advanced tools for managing spending and savings. Such an option is ideal for individuals focused on financial health, offering insights and features to help users budget and save more effectively.
Recognizing the unique needs of travelers and individuals with dynamic lifestyles, N26 provides a specialized account to accommodate the nuances of travel and everyday expenses. This includes favorable rates on foreign transactions and withdrawals, making it an indispensable tool for those on the go.
At the pinnacle of N26’s offerings is the Premium account, which comes with a suite of exclusive benefits and a prestigious metal card. This account especially appeals to discerning customers seeking a superior banking experience, offering perks such as enhanced cashback, priority customer service, and access to exclusive deals and offers.
N26 introduces a compelling loyalty model through their paid membership program. Such a model encourages user engagement by offering tiered status levels, with each ascending tier unlocking a richer set of benefits and rewards. Having this gamified system in place not only incentivizes continued use of N26 services but also fosters a sense of community and exclusivity among their members.
Acorns have positioned themselves as a pioneering financial services platform, bundling a broad array of financial products, tools, and educational content into competitively priced subscription plans. These plans are available at $3, $5, and $9 per month, with each tier offering progressively more comprehensive service packages that meet the varying financial needs of different demographics.
Acorns simplifies the investment process for users, whether they're newbies or seasoned investors. It automatically invests spare change from everyday purchases by rounding up to the nearest dollar. Users can also schedule regular contributions to their investment accounts. With expert guidance, Acorns provides tools to manage investments based on users' risk tolerance and financial goals.
Acorns' banking services seamlessly integrate into users' lives. With features like a debit card that rounds up transactions for investments, no minimum balance requirements, and fee-free access to thousands of ATMs nationwide, users can easily manage their money and save effortlessly.
Acorns offers users additional ways to boost their income beyond traditional banking and investing. Users can earn cash back from various retailers and brands, automatically investing the returns into their Acorns account – everyday purchases become investment opportunities. The Earn extension further streamlines the process by applying cashback deals as users shop online, maximizing earnings and aligning smoothly with their spending habits.
Acorns believes in the power of education when it comes to managing money. They offer lots of easy-to-understand resources, like articles and tutorials, to help people learn about personal finance and investing. With these tools, users can make better decisions about their money and feel more confident about their financial future.
The cashback program encourages users to utilize the Acorns platform for daily transactions. People shop at partnered brands and receive bonus investments directly into their Acorns investment accounts. This mechanism merges spending habits with financial growth strategies, encouraging users to invest while they shop.
Acorns offers three membership plans: Personal, Personal Plus, and Premium. Each plan caters to different user needs. The Personal plan provides fundamental investment and banking services, while each higher tier adds more features, such as aggressive investment options and family plans for financial wellness.
The referral system benefits both the referrer and the newly referred users, creating a network effect that strengthens the platform's user base. It gives existing users a simple way to lower their subscription costs or boost their investment accounts while spreading awareness of Acorns' comprehensive financial services.
Ugami's loyalty program, centered around Ugipoints, offers a compelling model of in-app currency that exemplifies innovative engagement strategies in fintech. Ugipoints act as a reward currency within the Ugami ecosystem, earned through various activities facilitated by the Ugami debit card and app.
Users earn Ugipoints for every transaction made with the Ugami card, including regular purchases like groceries and dining and specific gaming-related purchases and activities within the app.
The flexibility of Ugipoints extends beyond simple transactions. Users can earn points and redeem them for a wide range of gaming-related goods, including in-game currency, digital goods, and other virtual perks, alongside physical items like gaming hardware or merchandise. These redeemable options are specifically dedicated to gamers, making Ugipoints a tailored currency that enhances user experience and integrates complex financial concepts with digital gaming lifestyles.
Even more, Ugipoints can be seen as a more versatile alternative to traditional rewards programs. Unlike programs that offer rewards such as cashback or airline miles, Ugipoints provides dynamic rewards that can be adapted and expanded based on user activity and spending patterns, including gaming achievements or participation in special promotions within the app.
In essence, Ugipoints illustrates how gamified financial products can successfully blend the appeal of gaming with practical benefits, creating a robust loyalty program that attracts gamers and encourages sustained engagement through a virtual currency ecosystem. However, some model implications exist for broader fintech applications, potentially influencing how loyalty programs can be structured in other sectors to foster similar customer engagement and loyalty.
Read the complete case study of how Ugami used Ugipoints to activate users and increase their spending.
In summary, after reading, you gained insight into how fintech companies and their fintech apps can enhance loyalty and rewards programs. It's about prioritizing customer loyalty to maintain user engagement and retention no matter the loyalty technology platforms involved. The emphasis is on adopting API-first loyalty mechanics, which streamline development and enable easy integration of gamification features for companies like yours.
Backed by case studies from six fintech leaders, the piece highlights the effectiveness of innovative reward systems and interactive challenges. Implementing these strategies can enhance user experience and significantly elevate the value of the fintech services you offer. Also, fintech banks like Revolut hold a banking license in Europe, which means they offer the same deposit security guarantees as traditional brick-and-mortar banks, ensuring deposits of up to €100,000.
So, why wait to revolutionize your customer loyalty approach?
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