はじめに

急速に進化するデジタルバンキングにおいて、顧客エンゲージメントは成功への重
要な要素となっています。OKBはゲーミフィケーションを活用し、ユニークかつタ
イムリーな方法でユーザーを魅了している。Moneythorの機能を活用し、OKBは銀
行アプリ“LiFit”に新年のおみくじという斬新なアイデアを実装させました。この取り
組みは、ユーザーにポジティブに評価されただけでなく、エンゲージメント率の向
上にも寄与しました.

デジタルバンキングにおける顧客エンゲージメントの重要性

競争が激化する現在の金融業界においては、顧客エンゲージメントがこれまで以上
に重要になってきています。デジタルバンキングは、利便性とアクセシビリティを
向上し、人々の資産管理の方法を一変させました。その一方で、デジタルバンキン
グの台頭は、顧客の選択肢が増えたことを意味し、現状の銀行サービスに満足でき
ない場合、競合他社への乗換えが容易にさせることとなりました。

エンゲージメントの高い顧客は、銀行へのロイヤリティも高く、より多くの商品や
サービスを利用し、銀行にとって貴重なフィードバックを提供する可能性が高いと
考えられております。エンゲージメントの高さは、即ち継続率の向上・生涯価値の
向上・顧客との関係強化に直結します。

ゲーミフィケーション： エンゲージメント強化の鍵

ゲーミフィケーションは、銀行を含む様々な業界で強力なツールとして登場しまし
た。ありふれた活動をゲームで魅力的な体験に変えることによって、銀行は顧客と
の繋がりを深めることができます。今回のOKBのおみくじは、ゲーミフィケーショ
ンをデジタル・バンキング・プラットフォームに取り込むことで、ユーザーのエン
ゲージメントを高める効果的な一つの方法と考えられるのではないでしょうか。

新年を迎え、人々が将来について特に関心を持つ時期に、OKBはLiFitアプリでお
みくじ機能を提供しました。Moneythorのオールインワン・エンゲージメント・エ
ンジンを使って提供されたこの機能は、ユーザーがデジタルおみくじを振り、2024
年の個人的な運勢をスマホアプリ上で占うことを可能としました。新年が自分にと
ってどのような年になるかを占うという機会に興味を引くことで、この機能は内容
的にも時期的にも適切かつ魅力的なものだったと考えられます。

The post おみくじで銀行アプリに楽しさを提供: OKB のゲーミフィケーション・アプローチ appeared first on Moneythor.

In the fast-evolving landscape of digital banking, customer engagement has become a crucial factor for success. OKB, has harnessed the power of gamification to captivate its users in a unique and timely manner. Leveraging Moneythor’s capabilities, OKB introduced an innovative feature on their LiFit app that allows customers to predict their fortune for the upcoming year. This initiative not only resonated with their user base but also significantly boosted engagement rates.

The Importance of Customer Engagement in Digital Banking

In today’s competitive financial environment, customer engagement is more important than ever. Digital banking has transformed the way people manage their finances, offering convenience and accessibility. However, the rise of digital banking also means that customers have more options, making it easier for them to switch to a competitor if they are not satisfied with their current bank’s services.

Engaged customers are more likely to be loyal, use more products and services, and provide valuable feedback. High levels of engagement can lead to increased retention rates, higher lifetime value, and a stronger overall customer relationship.

Gamification: A Key to Enhanced Engagement

Gamification has emerged as a powerful tool in various industries, including banking. By transforming mundane activities into engaging experiences, banks can foster deeper connections with their customers. OKB’s initiative exemplifies how gamification can be effectively integrated into digital banking platforms to enhance user engagement.

At the turn of the new year, a time when people are particularly interested in what the future holds, OKB launched a fortune prediction feature on their LiFit app. This feature, developed using Moneythor’s all-in-one personalisation engine, allows users to shake a digital fortune slip and reveal a personalised prediction for 2024. Launched at the start of the new year, it tapped into the natural curiosity and optimism that accompanies this period. Users were intrigued by the opportunity to see what 2024 might hold for them, making the feature both relevant and enticing.

51.7% of customers who saw the pop-up notification chose to participate, a three times higher engagement rate than the typical response to other recommendations on the app.

Why It Worked

Several factors contributed to the success of OKB’s fortune slip feature:

1. Timeliness: Launching the feature at the beginning of the new year when users are naturally curious about their future created a timely and relevant context.
2. Personalisation: The feature offered a personalised experience, making users feel directly addressed and engaged.
3. Simplicity and fun: The simple, playful interaction of shaking a fortune slip provided a fun diversion, encouraging users to participate.

How can Moneythor help?

By enabling personalised, engaging interactions, Moneythor helps financial institutions like OKB deliver timely and relevant content to their users.

Moneythor’s engine serves as a bridge between financial institutions’ backend systems and their digital channels, facilitating the delivery of engaging and personalised experiences for end-users. By integrating the Moneythor solution, banks and FinTech firms can elevate their digital offerings with built-in gamification features, alongside providing personalised insights, actionable recommendations, and contextual nudges tailored to enhance user engagement.

The post Fortune and Fun: OKB’s Gamified Approach to Banking appeared first on Moneythor.

Drawing from real-world examples, Olivier will delve into the innovative strategies being implemented by Moneythor to leverage AI/ML technologies in order to reshape customer experiences for the banking industry.

Key Takeaways

1. There is a strong need for providing personalised experiences throughout the customer lifecycle – from acquisition to activation to engagement. These personalised experiences can lead to higher customer engagement, increased customer acquisition, and improved campaign conversion rates.
2. In the current state of play, we are starting to see AI/ML techniques being used to deliver personalised financial management content, gamified marketing campaigns and engaging in-app challenges.
3. The impact of AI on the future of personalisation lies in deeper personalised experiences tailored to match the tone of voice, content, and visual elements that resonate most with each individual and augmenting data assets to gain a deeper understanding of their content.
4. The addition of generative AI/LLM capabilities for code generation further simplifies the process of creating personalised experiences and makes bringing engaging content to life quicker.

Register here to watch the full Webinar.

The post AI/ML: The Future of Personalisation in Banking appeared first on Moneythor.

We have always pushed ourselves to not only keep up with but stay ahead of this change.

Today, we offer a fully-fledged all-in-one personalisation engine designed to engage customers throughout their end-to-end journey with their financial institutions, not just at one moment in time. Over the years, we have added support for many use cases beyond money management & transaction enrichment, such as contextual marketing capabilities, Open Banking, advanced loyalty management, complex referral programs and fully configurable gamification techniques. We stand out as the only provider in our space with such a broad offering.

One platform. Many use cases. Flexible to a bank’s internal needs.

Now, it’s time to look and sound the part.

And so, we are introducing our new brand, designed to showcase our dedication to continuously innovating the digital bank-customer relationship.

The New Moneythor

Our new look is sleek, clean and mature. We have chosen colours that are energetic but sophisticated and bring our message and story to life. We chose various shades of green as an expression of progress and growth.

We needed to bring movement into our design, after all, we are an engine, constantly moving forward and evolving. Our design needed to be representative of this. And so, you will see the flowing ribbon graphic throughout our assets and website as reference to this movement and evolution.

We have simplified our logo but equally have added a new layer to it. No longer just our brand name, but a succinct insight into all that our solutions can do.

The Engagement flywheel – Acquire. Activate. Engage.

As we evolved as a business, it became clear to us that customer journeys offered by banks were traditionally siloed. One part of the journey was personalised while the rest of the journey was not.

The problem is that customers don’t know that one of the bank’s business line signs them up, another manages their credit cards while others focus on their deposits, investment needs, financial wellbeing content & education, and more, all sitting on entirely different floors.

The concept of the engagement flywheel was born to align the different product-agnostic stages of the banking journey to ensure that remarkable customer experiences are delivered continuously, creating momentum and generating sustainable and profitable growth for financial institutions.

We believe that the small actions at each stage are what create the biggest reactions over time.

Acquisition is good. Activation is better. Engagement is best.

We are excited and looking forward to this next phase in our journey. So, the question is, are you interested in thinking bigger and bolder when it comes to digital engagement and personalisation for your banking customer journeys?

Check out our new website to find out more.

The post Bigger, Bolder, Sleeker. Meet the New Moneythor Brand. appeared first on Moneythor.

In the midst of a cost-of-living crisis and with rising interest and mortgage rates, New Zealand customers were in need of better support and more innovative tools to help them to manage their finances. It was against this economic backdrop that the team at Booster, the leading provider of KiwiSaver superannuation and consumer-friendly invest products, launched day-to-day spending and saving account, Savvy.

About Savvy

With a focus on assisting customers in better managing their finances, Savvy is a smart account and debit card that helps customers spend and save more effectively with personalised insights and savings tools.

The team at Booster noticed a gap in the market, realising that while technology is opening up so many new possibilities, our ways of saving and spending have pretty much stayed the same. And so they developed Savvy, to offer customers a fresh and powerful approach to handling their money.

Savvy accounts help customers to spend and save smarter by providing personalised insights, automated saving options, savings tools and competitive returns. Each account is tailored to the customer’s needs, forecasting, tracking, and nudging them towards better habits every day.

To bring Savvy to life, Booster deployed the Moneythor solution to deliver the real-time orchestration of interactive experiences, along with personalised and actionable recommendations, insights and nudges for its customers. The successful integration has resulted in a comprehensive set of capabilities offered in Savvy right from its launch, showcasing a level of breadth and depth rarely seen in the initial versions of other digital banks.

The following features are incorporated into Savvy:

Organise your finances by creating distinct stacks to separate your rent fund from your spending money, allowing you to establish personalised goals for each.

2. Boost

With Boost, every purchase made using your Savvy debit card contributes to your savings. Savvy can round up your purchases to the nearest 50 cents, $1, or $5, and transfer the difference to your chosen Stack. Each day, Savvy displays your boosted savings, providing you with a satisfying sense of your growing savings.

3. Sweep

If you find yourself with some remaining change just before your next payday, resist the urge to splurge and consider boosting your finances with Sweep. Savvy automatically checks your balance every payday. If there’s money left over from your previous pay cycle, Savvy can sweep it into your chosen Stack.

a) Sweep any additional funds directly into your designated Stack, getting you closer to your savings goal.

b) Each Sweep brings you closer to achieving your financial goals. Delight in the progress as your savings gradually add up.

4. Salary Split

Organise your money before it arrives. Direct your pay to the appropriate Stacks the moment it lands.

a) Effortlessly allocate and transfer funds to your chosen Stack with every payday

5. Forecast

Stay ahead with Savvy. It learns to predict bills and informs you of your available funds, keeping you consistently informed.

6. Cashflow

Always know where you stand. Savvy provides a snapshot of your spending habits on a daily, weekly, and monthly basis.

Conclusion

Savvy is introducing an entirely new approach to delivering digital money management to New Zealanders through a personalised and real-time engagement solution. With a truly customer-centric approach to money management, Savvy aims to assist customers in achieving their financial goals and enhancing financial well-being.

The post Delivering a Powerful Solution to Help New Zealand Customers Manage Their Finances appeared first on Moneythor.

Read our guide on how Open Banking has developed globally

Read more on how Open Banking can help banks serve the SME market

The post What is Open Banking? appeared first on Moneythor.

Financial wellbeing isn’t just about crunching numbers. It’s about feeling secure and in control of everyday finances.

Customers that are financially secure will have enough cash to settle bills on time and a game plan for unexpected expenses. It’s not just about helping customers to survive financially; it’s about providing them with the tools and knowledge to shape their future in line with their goals.

Read our guide on understanding and establishing financial wellbeing programmes

Read our guide on why financial wellbeing is important during a cost-of-living crisis and how banks can support customers during a crisis.

The post What is Financial Wellbeing? appeared first on Moneythor.

In the past, banks may have recognised the value of data, but struggled to implement programs that really made use of this.

A notable shift has occurred since then. This shift reflects an understanding of how more digitally engaged customers translate to increased profitability, and how data is key in building lasting customer engagement.

Moneythor CEO and Co-founder Olivier Berthier and FinTech Futures editor Paul Hindle discussed the importance of personalised banking services, the key challenges banks are facing when it comes to customer acquisition and what it is they can be doing differently on the What the FinTech? Podcast.

The post A Personalised Approach to Driving Customer Acquisition and Activation in Digital Banking appeared first on Moneythor.

At the same time, the focus on customer activation has grown, with 2024 seen as a year where this term becomes crucial for the success of digital banking ventures. Additionally, the integration of gamification techniques into banking experiences has evolved from a regional trend to a global necessity.

In this article, we explore these trends and their pivotal role in shaping the digital banking landscape in the coming year.

Customer Activation

For 2024, we predict that “activation” will take centre stage as one of the keywords of the year in digital banking. This year has already witnessed an increasing emphasis on activating banking customers, with both traditional banks and emerging digital players grappling with the challenge of ensuring that acquired customers translate into profitability.

Earlier this year, we conducted in-depth research on activation and explored the associated challenges and opportunities. 

Access the detailed report here

This exploration gave rise to the concept of Customer Activation Management (CAM), the strategic and process-driven approach to ensuring banking customer become activated and engaged users of truly personalised banking experiences.

To learn more about CAM, check out our guide here.

Gamification

At Moneythor, we have been developing capabilities and enabled experiences that blend loyalty and gamification techniques into digital banking journeys for several years. We’ve witnessed measurable results, such as increased engagement and activation, that these programs have delivered for many of our clients in Asia.
 
In 2023, we observed a growing demand across continents, with an expanding interest in these techniques in the Middle East and Africa, Europe, and the Americas. We anticipate that financial institutions worldwide will increasingly tap into gamified loyalty techniques in 2024, not just in their traditional card/spend programs, but also to power more rewarding savings/deposit journeys, as well as to enhance their Personal Financial Management (PFM) and financial wellness programs.

Read more about gamification in digital banking

Fraud and Scam Prevention

Although a persistent concern for several years, online fraud and scams have reached unprecedented levels worldwide. Notably, the responsibility for preventing them has expanded beyond CISO teams, now involving marketing, product, and customer experience teams at financial institutions of all sizes, often under the active guidance of regulators.

It is evident that effective fraud and scam prevention significantly relies on educating customers to detect, avoid, and report attempted or successful occurrences. In response, leading financial institutions have sought to implement personalised, actionable, and, in a growing number of cases, gamified educational experiences focused on prevention.

Read our detailed guide on this

Conclusion

Looking ahead to 2024, the digital banking sector is expected to grow and innovate, with fraud and scam prevention, gamification and customer activation management all contributing to this evolution. Staying on top of these changes will be crucial for financial institutions looking to position themselves favourably in the dynamic landscape of digital banking.

The post Top Banking Trends 2024 appeared first on Moneythor.

What is prospect theory?

Prospect theory is a psychological framework that explains how people make decisions involving risk and uncertainty (Kahneman, 1979). In a nutshell, it suggests that our decisions aren’t solely about the final outcome but rather about the possible gains and losses – we’re more afraid of potential losses than we are enthusiastic about potential gains.

For instance, imagine you have a choice between two investment opportunities: one with a guaranteed return of $500 and another with a 50% chance of gaining $1,000. Prospect theory suggests that most people would choose the guaranteed $500 in order to avoid the loss, even though there is a possibility of gaining a larger reward for taking a risk.

Why does it happen?

Prospect theory occurs due to cognitive biases that influence how people perceive and evaluate choices (Kahneman, 1979). Loss aversion is a central component, where people tend to overweigh potential losses compared to equivalent gains.

Furthermore, framing effects, which involve presenting information in different ways, can significantly impact decision-making. For instance, offering a discount with a “save $100” versus “10% off” can yield different results, even though the financial outcome can be identical. This is because the framing of information influences how people perceive the choice.

How can the prospect theory be applied to digital banking?

A core tenant of prospect theory is that the positive feeling associated with a gain tends to reduce over time. In order to maintain the positive feeling of gains for longer, financial institutions should break up gains into smaller parts and provide customers with a visual representation of each gain to maintain engagement throughout the journey. If providing behaviour-based incentives to customers, financial institutions should consider breaking them down into smaller bitesize rewards that are shared within a certain timeframe rather than all at once.

Considering that most people tend to avoid losses, financial institutions should consider how they frame the messaging around products and services they are offering. Instead of focusing on the gains, financial institutions can create messaging that promotes avoiding a potential loss. For example, rather than “gain 1% interest by switching to xx account”, consider this messaging “Don’t lose out on 1% interest by staying with your current bank account”.

The post Prospect Theory | Behavioural Science in Banking appeared first on Moneythor.