Misys goes for banking gamification tech

Misys goes for banking gamification tech

Misys is introducing gamification capabilities into its FusionBanking Essence Digital platform with Moroku’s GameSystem (also known as Gameo).

Misys says the solution will enable banks “to help banks educate the next generation on better money management”. It will also inject some fun into personal financial management (PFM), Misys hopes.

“The case for gamification in helping banks to attract, engage and retain customers is compelling,” the vendor states.

“Gamification can deliver a significant boost to customer experience. FusionBanking Essence Digital brings points, leaderboards and rewards to standard banking activity, to educate and also support savings and spend management.”

Previously available as a standalone component, GameSystem/Gameo has now been integrated into the Misys platform and can be delivered via the Misys FinCloud or deployed onsite.

Oh Gameo, Gameo, wherefore art thou Gameo

Misys has been pitching Moroku’s Gameo for a few years now. In 2013, it landed the first taker, DSK Bank in Bulgaria, the country’s largest retail bank and a subsidiary of the OTP Bank group.

At DSK, the tool – dubbed DSK Gameo – is an online savings app that, by using the principle of gaming, encourages customers to make regular savings. It enables them to track their progress against fellow savers and get rewards from the bank for using the applications and making payments into the account.

A customer opens up an online savings account and sets a goal to save a certain amount of money in a specific period of time and for a specific goal (a holiday, a car etc). The bank then encourages the customer to use the application as much as possible, e.g. to take regular quizzes (which are rewarded with various incentives). This enables the bank to gather data to then offer customers relevant products and services (if a client is saving for car, the bank might want to offer him/her a car loan).

According to Yuri Genov, head of IT development at the bank, DSK Bank had traditionally catered for the “over 40” category of the population, but was keen to diversify its reach.

The bank evaluated various offerings in the market, including that of its core banking software provider, FIS (the bank is a long-standing user of Bankway), but felt that Misys’ solution was the most advanced.

Gameo, DSK Bank hopes, appeals to the younger, “digital native” generation, and builds up their loyalty so that they may stay with the bank.