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.

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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”.

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At this critical juncture, boosting deposits has become a top priority for banks. It’s not just a smart move for now; it creates a strong foundation of stability and competitiveness for the future too.

In order to thrive in this new environment, successful banks will need to develop strategies aimed at attracting a broad spectrum of deposits with a particular focus on retail bank accounts and those associated with small business. This diversification of deposits can help financial institutions to navigate through challenging times, reducing the risk of relying too heavily on one source of funding.

In this article, we’ll explore why growing deposits is important in today’s environment and offer some practical strategies that banks can implement to achieve this goal.

Why are deposits so important for financial institutions?

1. Keeping the financial institution running

Deposits are a bank’s financial lifeline. They are crucial for ensuring that the financial institution has got enough cash on hand to cover customer withdrawals and other financial commitments.

2. Protecting the financial institution from economic uncertainty

More deposits mean a sturdier financial safety net for banks with a hefty deposit stash, banks are better prepared to handle tough economic times and deal with unexpected financial surprises.

3. Strengthening lending potential

The lending capacity of a financial institution is dependent on the amount of customer deposits the bank has. Deposits are the fuel that keeps the bank’s lending engine running smoothly. By increasing deposits, financial institutions have more liquidity to lend to retail customers and small businesses. In order to lend out more, financial institutions must secure more deposits.

How can banks increase deposits?

1. Make saving money easy

If banks want to see their deposits grow, nurturing a culture of savings through digital tools and financial literacy tips is key. Arming customers with tools like savings goals or pots, makes saving easier to do and simpler to track. Additionally, financial institutions can make saving more enjoyable by creating challenges and games and keep customers on track by offering personalised incentives when goals are hit.

2. Attract new customers

Another important option for increasing deposits is by acquiring new customers. Using personalised and contextual referral programs, banks can quickly increase the number of customers they have and hence, the number of deposits they draw in.

3. Increase customer loyalty

Boosting bank deposits can be impacted by the level of loyalty customers have to the financial institution. When customers are loyal to their bank, they’re more inclined to centralise their financial activities, including saving more money within that institution. Add to that, they are less likely to churn and move over to a competitor.

In today’s financial landscape, loyalty programs and rewards campaigns have evolved beyond mere promotional tools to attract newcomers. They’ve taken on a central role in financial institutions’ relationships with their customers. Delivering robust loyalty campaigns has become a must for financial institutions to retain and keep their valuable customers engaged in an ever increasingly competitive market.

How can Moneythor help?

Banks can elevate their digital offerings by providing their customers with the tools they need to achieve their savings goals and enhance their budgeting skills. Moneythor’s platform and orchestration engine makes it possible to offer personalised insights, actionable recommendations, and helpful nudges that empower customers to make sound financial decisions, boost customer engagement, reduce churn, and foster customer advocacy.

With Moneythor you can personalise campaigns and seamlessly deploy gamification features and interactive content within your digital banking channels.

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What is sunk cost fallacy?

Sunk cost fallacy is a cognitive bias that occurs when people continue investing in a project or decision even if it’s no longer viable or profitable. Why? Simply because they’ve already invested time, effort, and money into it and so abandoning the project or decision now, can feel like a waste of the already invested resources (Arkes & Blumer, 1985).

Imagine you bought a ticket for a movie, but halfway through, you realise that it’s terrible. You have two options: leave and do something else or stay and watch the movie until the end. By staying, you may be wasting more of your valuable resource, time. If you leave, you may feel like you are losing the time and money invested so far. This conflict relates to sunk cost fallacy and the same principle applies to financial decisions.

Why does it happen?

Sunk cost fallacy occurs because people naturally tend to avoid losses, even if it means continuing to invest in something that is no longer profitable. Additionally, people often attach emotional value to things they’ve invested in, making it harder for them to let go. This bias can lead to irrational financial decisions and keep people from achieving their financial goals.

Let’s say you bought shares of a company that have been consistently declining in value. Despite the downward trend, you continue to hold onto the shares because you have already invested a large sum of money and don’t want a loss. This way of thinking might cause you to overlook better chances to invest, which could eventually result in even more losses.

Another example could be continuing to pay for a subscription service that you no longer use or need, simply because you have already paid for it in advance and don’t want to “waste” the money you’ve already spent.

In what ways can banks use sunk cost fallacy to empower individuals to manage their money more effectively?

Financial institutions can help their customers beat the sunk cost fallacy by offering helpful financial guidance and tools. These tools can help them make rational decisions based on the present and future, rather than past investments. For example, banks can offer budgeting and savings tools that enable customers to track their expenses and create financial goals. This approach encourages customers to focus more on their future financial objectives rather than just what they’ve already put in (Tversky & Kahneman, 1991).

Moreover, banks can offer individualised financial tips and support to assist customers in recognising when they’re caught in the sunk cost fallacy and how to break free from it. This way, customers can make wiser money choices that match up with their larger financial plans.

Conclusion

Getting past the sunk cost fallacy can be a challenge, especially in money matters. But, by understanding what this bias is all about and how it works, financial institutions can lend a hand in guiding customers toward wiser financial choices that align with their long-term goals. With the right financial knowledge and tools, customers can shake off the sunk cost fallacy and work toward a more secure financial future.

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What is marketing automation?

Marketing automation tools are software platforms designed to automate and streamline marketing tasks, processes, and campaigns. These tools help businesses and marketers manage and nurture leads, engage with customers, and optimise their marketing efforts.

Marketing automation tools can streamline tasks like email marketing, CRM management, social media scheduling, workflow automation, and even limited personalisation. In many sectors, these tools efficiently handle various marketing interactions. However, the financial sector, especially retail & business banking and wealth management, requires supplementary tools to establish the impactful relationships essential for customer engagement.

Why do financial institutions require more than marketing automation?

 
Financial institutions demand a more data-driven and personalised approach for several reasons.

• Personalisation

Firstly, the nature of financial services is inherently personal; customers entrust their sensitive financial information and seek tailored advice. While marketing automation can segment audiences based on broad criteria, it often lacks the granularity needed to create highly tailored interactions that resonate with each customer in real-time. An industry-agnostic one-size-fits-all automated approach can’t meet the diverse needs of clients.

• Increased Competition

Secondly, the competitive landscape has intensified, with fintech disruptors entering the market, raising customer expectations for seamless, personalised experiences. To stand out, financial institutions must leverage advanced and real-time analytics to gain insights into customer behaviour, preferences, and life events, enabling them to offer timely, relevant solutions. Marketing automation tools typically rely on predefined rules and scheduled workflows, which may not respond to rapidly changing customer behaviours or market conditions in real-time. The static and simple nature of these systems limits their ability to adapt dynamically and deliver personalisation that matches the levels of competitors in the market.

• Access to Data

Lastly, unlike other industries, financial institutions have unparalleled access to a wealth of data. This data-rich environment stems from various sources such as transaction data, customer profiles and account information. Banks are in an ideal situation to have a deep understanding of customers’ financial behaviours, spending patterns, and saving habits. In order to deliver the experiences that customers expect, banks must harness the data available to deliver personalised recommendations, insights and nudges, and not only the generic digital activities which marketing automation tools are generally confined to.

Scalable real-time personalisation often demands quick decision-making and real-time analysis, which may exceed the capabilities of traditional marketing automation tools. Achieving this level of responsiveness requires in-depth knowledge of financial data points natively understood by agile systems that can process data rapidly and deliver instantaneous personalised financial & lifestyle experiences to customers.

How can financial institutions deliver the level of personalisation expected at scale?

 
Marketing automation tools can greatly enhance the experience that customers have with their banks. But to unlock true customer engagement, there is a level of personalisation required that most marketing automation tools cannot deliver.

Partnering with an industry-focused personalisation platform makes it simple and efficient to analyse, enrich and act upon core banking data to enable the delivery of actionable and contextually relevant recommendations, insights, and nudges across a variety of customer-facing channels, including in-app, push notifications, SMS, and email.

Financial institutions have the flexibility to engage with a personalisation engine provider exclusively or opt for a combination of both personalisation engine and marketing automation providers, depending on the specific requirements of the institution.

Marketing automation alone, while valuable across all industries, falls short when it comes to addressing the unique needs and challenges of financial institutions. The inherently personal nature of financial services, the intensifying competitive landscape, and the unmatched access to a wealth of data all underscore the necessity for a more data-driven and personalised approach.

To deliver the level of personalisation that customers expect at scale, financial institutions must look beyond traditional marketing automation tools. Partnering with specialised personalisation engine providers dedicated to digital banking use cases like Moneythor offers a way to bridge this gap efficiently.

The flexibility to choose between exclusive personalisation engine engagement or a combination with marketing automation providers ensures that each institution can tailor its approach to meet its unique requirements, ultimately enhancing customer engagement and delivering the personalised experiences that define the future of the financial industry.

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What is choice-supportive bias?

Choice-supportive bias is the tendency to justify past choices by selectively remembering the positive aspects of them and ignoring the negative ones. This bias can be a double-edged sword: while it can give us confidence in our choices, it can also prevent us from learning from mistakes and making better decisions in the future.

Why does choice-supportive bias happen?

Choice-supportive bias happens because our brains are wired to seek coherence in our beliefs and actions. When we make a choice, our brain wants to believe that it was the right one, so it selectively remembers the information that supports that belief. Additionally, admitting that we made a mistake can be difficult for our egos, so we tend to overlook the negative aspects of our choices in order to avoid feeling like we’ve made a bad decision (Thaler, 1985).

For example, a person may choose to keep a high-interest credit card with an annual fee because they believe it provides better rewards, despite evidence that a no-fee card with a lower interest rate might save them more money in the long run. They continue to support their decision to keep the high-interest card because they have already invested time and energy into the rewards program and feel a sense of loyalty to the brand.

How can choice-supportive bias be used to improve the financial wellbeing of customers?

While choice-supportive bias can seem like a bad thing, financial institutions can use this bias to encourage customers to make better financial decisions. One way they can do this is by highlighting the positive aspects of the choices that customers have made in the past, while also presenting alternative choices that may have been even better. For example, a bank might remind a customer that they made a good decision to start saving money, but also suggest that they could have saved even more by taking advantage of higher interest rates on certain accounts.

Another way to harness choice-supportive bias is by encouraging customers to reflect on their past choices and consider whether they align with their current financial goals. By prompting customers to think critically about their past decisions, banks can help them make more informed choices in the future (Simonson & Carmon, 1994). This process can be simplified by providing customers with a clear view of their expenses, budgets and goals within their digital banking channels. When customers can clearly see the decisions they have made and the impact that they have had on their financial plans, they will be able to learn and improve their financial situation.

Choice-supportive bias can be a powerful tool for financial institutions to help their customers achieve better financial outcomes. By understanding why and how this bias works, banks can design interventions that encourage customers to make better choices, without triggering defensive reactions. By leveraging the power of choice supportive bias, banks can help customers overcome the tendency to justify past decisions, and instead focus on making choices that align with their current financial goals (Johnson & Goldstein, 2003).

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Gift cards have long been popular as convenient and versatile presents for special occasions. However, their potential as a tool for driving engagement within the digital banking realm is only now becoming more clear.

What are the benefits of using gift cards to drive digital engagement?

1. 1. Enhancing customer acquisition: gift cards provide an incentive for attracting new customers to digital banking platforms. By offering a gift card as a welcome bonus complementing traditional cash-based incentives, financial institutions can entice potential users to join their platform and experience the benefits of their services in a differentiated way.

1. 1. Fostering loyalty and retention: in an increasingly competitive market, fostering customer loyalty and ensuring long-term retention is crucial. Gift cards serve as powerful tools to achieve these goals. Financial institutions can reward their existing customers with gift cards as a token of appreciation for their loyalty.

1. 1. Driving engagement through referral programs: gift cards can be leveraged effectively within referral programs to drive customer engagement. By offering referral bonuses in the form of gift cards, financial institutions incentivize their existing customers to refer friends and family through their digital banking services.

1. Personalisation and customisation: gift cards provide a unique opportunity for personalisation and customisation in the digital banking space. Financial institutions can tailor gift cards to align with the individual preferences and interests of their customers, making the experience more personalised and memorable. An increasingly popular approach in this context is to use gift cards to reward customers’ journey towards improving their financial wellbeing. For example, a customer having set up and achieved a savings goal to renovate their home would receive a gift card for a furniture retailer, while another customers with a goal to save for a holiday would receive a gift card for a popular hotel chain.

Gift cards have emerged as a powerful tool for driving engagement in digital banking. From attracting new customers to fostering loyalty and retention, and from incentivising referrals to enhancing personalisation, gift cards are an excellent complement to the way financial institutions interact with their customers.

By harnessing the potential of gift cards, digital banks can create a more engaging, rewarding, and memorable experience for their customers while staying ahead in an increasingly competitive landscape.

How can Moneythor help? The Moneythor loyalty module provides financial institutions with a modern tool for managing data-driven loyalty programs in real-time. Through integrations with voucher & gift card providers, financial institutions can access large online inventories of gift cards to be used across their proprietary loyalty campaigns in a fully tailored and scalable way.

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Economically, both $2000 sums are identical, however emotionally, they have different values to us which impacts how we spend, save and invest.

What is mental accounting bias?

Money is not just a means of exchange but also an emotional subject that affects our mental state. We often treat money differently based on how it’s categorised, where it comes from, or where it’s going. This tendency is known as mental accounting bias, and it can have a significant impact on our financial decisions (Thaler, 1999).

Mental accounting bias refers to the tendency for people to categorise and treat money differently depending on where it came from or how it will be used. For example, people may be more willing to spend money won in a lottery than money earned through work. Or they may be more likely to use money from a tax refund to splurge on a luxury purchase than money from their regular paycheck.

Why does it happen?

The reason for mental accounting bias is rooted in our psychology. We tend to view money as a scarce resource and want to use it in the most efficient way possible. By mentally categorizing money, we can better allocate it towards our needs and wants. This process simplifies our decision-making and reduces cognitive load.

Moreover, mental accounting can also be influenced by our emotions. We feel differently about money depending on its source and the emotional significance of the purchase. For instance, we may value money more if it’s earned through hard work, and we may be more willing to spend money on a special occasion such as a birthday or anniversary.

How can financial institutions use mental accounting bias to help customers manage their money better?

Financial institutions can use mental accounting bias to help their customers manage their money more effectively (Beshears & al., 2018). One way to do this is through personalized budgeting tools that categorize expenses based on their type, such as housing, transportation, and entertainment. This approach allows individuals to monitor their spending and make adjustments where necessary.

Another way to harness mental accounting bias is by promoting savings programs that offer specific incentives or benefits. For example, banks can offer savings accounts that earn higher interest rates or cashback rewards on specific categories of spending.

Furthermore, financial institutions can leverage mental accounting bias to encourage positive financial behaviors. By framing financial goals in a way that appeals to individuals’ emotional needs and desires, institutions can motivate them to take action towards achieving their goals. For instance, a bank may create a program that helps people save for a dream vacation by allowing them to set aside funds specifically for travel-related expenses.

Mental accounting bias is a natural tendency that can affect our financial decisions. By understanding this bias, financial institutions can design programs and tools that help individuals manage their money more effectively. Banks can use personalized budgeting tools, savings programs, and motivational programs to harness the effect of mental accounting bias to enable better personal financial management. By doing so, they can empower their customers to achieve their financial goals and improve their overall financial wellbeing.

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Big lofty goals can feel overwhelming and unachievable, particularly at the beginning. It is easy to quit at this point, when a goal feels greatly out of your reach. Like the running analogy, the same logic applies to getting started with financial planning and achieving financial goals. It is not uncommon to set big goals for our futures when it comes to finances; buy a house, have $1 million saved for retirement etc. While these goals are important and key to keeping us focused on our futures, when they seem too difficult to achieve, we are more likely to quit, before we even begin.

That’s where tiny habits come in handy…

What are tiny habits?

Tiny habits, first popularised by BJ Fogg, in his book of the same name, involve breaking down big goals into smaller more achievable actions that can lead to big wins.

Research has shown time and time again that we are more likely to reach our goals when they are broken down into smaller, more digestible actions. By integrating tiny habits, like going for a 10-minute run once a week, or saving $100 a month, into your routine, you can build momentum for bigger goals, set yourself up for success and improve the likelihood of hitting your end target.

How does Moneythor help build tiny habits?

Whether saving for a house deposit, a holiday or birthday gift, the Moneythor solution offers a range of savings goal features that can help users form tiny habits that help them to hit their big financial goal overtime.

1. Round Ups

Round ups are an effective way for reluctant savers to get started on their savings goals. The Moneythor engine has the ability to round up every transaction to the nearest dollar and deposit the outstanding amount into a savings account or pot of the customers’ choice. While the amount saved varies each time, it’s a hands-free approach that helps to get the saving process started.

2. If This, Then That (IFTTT)

For those customers who like to play by their own rules and build their own perosnalised habits, if this then that-style features are the answer. Allowing customers to set up rules that trigger based on their actions keeps them accountable and dedicated to hitting their goals. What this means in practice is that a user could set up an IFTTT rule that if they spend over $100 on restaurants a month, $15 will automatically go into their saving pot or account.

3. Goal Progress notifications

Repetition is the basis for the formation of all habits. Being reminded often of how you are doing and how close (or far) you are to a goal can keep momentum going and improve the chances of staying on track. The Moneythor engine can power progress notifications based on time, amount saved, monthly spending and more.

Overtime these tiny habits will become a part of normal daily routine and eventually lead a customer to successfully achieving their goal. If you want to find out more about how Moneythor is helping to change customer’s behaviour for the better, reach out to us below.

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Do you find yourself ignoring advice and recommendations even when they might be in your best interest? You might be experiencing autonomy bias. This cognitive bias makes us place too much value on our own opinions and preferences, leading us to ignore outside information that could help us make better decisions. In banking, autonomy bias is the tendency of individuals to overestimate their ability to control their own financial future and decisions, leading them to disregard potential external factors that could impact their financial well-being. This bias can cause people to take on more financial risk than they can handle and can lead to poor financial planning and decision-making.

Why does it happen?

Autonomy bias is the natural result of our want for independence in our rational decision making. We all want to feel in charge of our decisions and want to believe they are uninfluenced by others – it is human nature. Thus, when presented with choices we may become resistant to choices suggested by others, believing them to be an attempt at controlling us and our decisions. Financial decisions can be particularly challenging, as they often involve complex information and trade-offs. Autonomy bias can cause us to stick to our own limited understanding, even when it’s not in our best financial interest (Johnson & al., 2012).

Imagine a person who has a savings goal of $10,000 for the year. They set up a recurring transfer from their salary into a savings account and plan to leave the money untouched until the end of the year. However, unexpected expenses come up and they dip into the savings account throughout the year, spending more than they had planned.

Here, the person’s autonomy bias may have influenced their behaviour. They set up the recurring transfer and made a plan to save, but when unexpected expenses arose, they didn’t adjust their plan to fit the new circumstances. Instead, they continued to spend from the savings account as if nothing had changed.

In what ways can financial institutions utilise autonomy bias to facilitate improved personal financial management?

Financial institutions can harness this effect by reframing services as tools for empowerment. For example, instead of simply suggesting a savings account with a high interest rate, a bank could provide money management tools including a savings calculator that lets customers set their own goals and see how different savings options would affect their progress.

Or, instead of prescribing a specific investment portfolio, a bank could provide an investment platform that allows customers to build their own customised portfolio based on their goals, interests and priorities. By using interactive and personalised tools that present different choices equally, customers can feel as if they are more in charge of their own finances.

Conclusion

Autonomy bias in banking can be a double-edged sword when it comes to personal financial management. On one hand, it can cause us to ignore valuable advice and make suboptimal financial decisions. On the other hand, by harnessing the effect of autonomy bias, banks can empower customers to make more informed and personalised financial decisions (Thaler & Sunstein, 2008).

By giving customers the tools and information, they need to explore their options and make decisions that align with their values, banks can help their customers achieve their financial goals while feeling confident and in control. So, next time you’re making a financial decision, remember that autonomy is important, but so is seeking outside advice and exploring all your options.

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