Use game dynamics to disrupt the financial services marketplace, Matt Davis encouraged CUNA Marketing & Business Development Council Conference attendees Tuesday.
Davis is the founder of gameFI, a Madison, Wis.-based company that offers gamification solutions to financial institutions. He said credit union leaders can lead the way to a smarter, more responsible brand of financial services with three recommendations:
1. Be measurably (and meaningfully) “-st.” Are you the fastest, the easiest, or the smartest at what you do?
Figure out your competitive advantage in the marketplace. You need a measurable differentiator, he said.
“If you don’t have it, you better start to create it,” Davis said.
2. Optimize feedback loops. “People expect real time feedback about everything they do,” Davis said.
Collect, track, and use data and information from your members and employees. If you do it effectively you can change behaviors for the better.
The key is closing the loop so that the feedback is measurably impacting your products and services.
3. Have fun. “If you are not having fun, your members are not going to be having fun either,” Davis said.
Humans are wired to play games. Games provide rewards, show progress, create surprise, clarifies goals, and drive continued engagement.
The same feelings of connection and achievement that games engender in their users can be used to improve the performance and engagement of your employees and encourage your members to reach their financial goals.