SPECIALIST INSIGHT
transactions their customers are making . In turn , this means the KYC ( Know your customer ) process will not be as robust as it could , reducing decisions such as loans approvals to intelligent guesses and increasing the risk exposure for the bank .
How can advanced technologies , including those in gamification , be utilised to develop personalised financial literacy programmes for children and teens , ensuring they receive tailored education based on their unique learning needs and behaviours ?
Hyper-personalisation is the name of the game when it comes to engaging younger customers in financial literacy programmes . Setting out to offer gamification is all well and good , but if it is not relevant to the customer , engagement and learning will be limited . To get it right , banks need to develop an understanding of the person they are trying to educate , and the journey they are on . For example , one customer might have parents from a professional background , yet want to embark on a more creative career path for themselves . Another customer might be coming from a family that has only recently arrived in the UK and want to understand how they can become an entrepreneur . Both people have very different backgrounds and aspirations – and in turn , need to be given the right incentives to engage them .
If they do use gamification as part of their strategy , banks must avoid falling into the trap of thinking that it simply equates to rewarding customers with badges and points for what they perceive to be ‘ correct ’ behaviours . They must find out the right incentives to offer – for instance , it could be that the bank encourages customers to take part in community engagement programmes and events that lead to giving , and in turn receive a boost to their credit score .
From a technology perspective , using a combination of machine learning , generative AI and social media channels , banks can deliver gamification experiences that truly match to specific personalities
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