Gamification is the application of game elements to arise competition or reward among users to complete an action or set of actions. Gamification itself is not a technology or a product, it is a business strategy that is enabled by technology. Gamification involves creating an atmosphere so pleasurable that people want to engage in it. Employees, customers, or partners can be involved in Game elements, which will try to modify their predefined behaviours, in order to get them strongly involved in reaching the goals set by an organization as a whole.
A large number of business processes can be improved by using Game elements within the business strategy. Even though Gamification has been popular various industries, Financial Services is still falling behind in terms of adopting Gamification. Implementation of Gamification in Financial Services depends on the local culture, tradition and technology in a region. Thus, it is imperative for Financial Services to conduct Gamification as a part of their core strategy that has to be further “Glocalized” as per the cultures and macro factors of a region.
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