Innovating Fintech Engagement: A Study on Gamification’s Role in Enhancing Customer Loyalty and Usage in Mobile Banking Applications

Abstract

In today’s digital banking landscape, financial institutions are exploring innovative strategies to engage customers and foster loyalty. Mobile banking applications have emerged as a critical interface between banks and their customers. However, with increased competition and changing consumer expectations, simply providing basic banking functionalities is no longer sufficient to retain and attract users.Gamification, the application of game-design elements and principles in non-game contexts, has surfaced as a promising approach to enhance user engagement across various sectors, including finance. This research explores the convergence of gamification and mobile banking, examining how game-inspired features influence customer behavior, engagement, and loyalty within financial apps. By analyzing the effectiveness of diverse gamification features across different user demographics, this research aims to provide insights for banks, fintech firms, and app developers implementing gamification in mobile banking strategies.The research also investigates how gamified elements can improve users’ financial literacy and decision-making skills, addressing the growing importance of financial education. Furthermore, it explores the relationship between gamified experiences and customer loyalty in the highly competitive banking industry.Through this comprehensive analysis, the study contributes to our understanding of gamification's role in financial services and offers practical recommendations for designing more engaging, effective, and user-centric mobile banking applications. The findings have the potential to inform strategic decisions in app development, marketing, and customer relationship management within the banking sector.