Games are for all ages. And yet, when we think games, we instantly think something light, something fun. Nowadays, the concept of gaming is being used exuberantly in businesses. It works by using game thinking and game mechanics to raise engagement levels of learners, ultimately making them active participants.

The concept of gamification is not new. Game-like concepts were first introduced by Microsoft to motivate their employees and make repetitive tasks more interesting.

Gamification – the growing buzz

Today, various gaming elements are utilized by companies to engage users and prompt people into action. Introducing gamification in different ways can lead to better engagement.

Gamification in mortgage

Rules, compliance, and changing guidelines are all part of the mortgage business. Apart from that, there are overwhelming guidelines for the mortgage application process and periods of default.

If you are a mortgage professional, you’ll know the humongous effort required to fill long boring forms and explain technicalities to the customers. Mortgage companies simply cannot avoid them.

Some mortgage companies have caught the whiff of monotony and have started building gamification elements into many tasks.

While there are lots of gamification concepts in the world, it’s important to remember that gamification should be introduced as an inspiration to complete a process.

How mortgage companies can achieve results through gamification

Most customers who visit mortgage-banking websites are jittered by the overwhelming complexity of information. Mortgage companies find it a big challenge to get customers walking into the bank. They are hesitant to fix appointments with experts. They feel they can manage without paying for expert advice. Only a small portion of customers arrive to initiate discussions on their financial security.

What’s the way out?

Mortgage companies should look for a way to make their websites fun and interesting. It may be done by using gaming elements in mortgage topics. It increases the time they spend on the website and drives them towards fixing an appointment willingly.

While introducing gamification on the website, you should start by segmenting visitors into different groups, based on needs. Once you form the categories, they will help you create games specific to segments.

Here are a few pointers to keep in mind while developing gamification in the mortgage business.

Align the gaming concept with the business objective

Before you introduce a gaming concept, it’s important to understand the objective of the activity.

Is it to get prospective customers to sign up for an appointment?
Is it to make them aware of the benefits through expert consultation?
Is it to give free advice?

Prior knowledge will help you create the right gaming concepts.

Create a smooth flow

Avoid asking your customers too many questions. Never keep it cumbersome if you want them to trust you. The central idea of gamification is to make things more interesting and effortless.

Simplify profile creation

When it comes to maintaining gamer profiles, remember to keep it easy for users to maintain them. The plan should involve easy access to the account, simple ways to edit the details, and one-click access to the gaming interface. 

Tap the mobile market

The mobile space is a growing world of active customers. When you create a desktop version of mortgage banking gamification, make one version for mobile users too.

Conclusion…

Yes, gamification is a trend which has gripped the mortgage industry. While gamification can inspire and motivate prospects to take on dull and uninteresting tasks, challenges do exist. According to a Gartner report, more than 80 percent of gamification projects will fail. It means that the projects will fail to achieve specific outcomes in spite of using interesting gaming concepts. As a good practice, remember to create gaming concepts which are particular to contexts. Besides, keep it simple and avoid losing focus on the objective of your gamification. That should put you in the 20 percent. 

Author Bio

Preethi vagadia is currently a Senior Business architect with the Service operations practice at a well-known IT Industry in Bangalore. She has worked in several process improvement projects involving multi-national teams for global customers. She has over 8 years of experience in Mortgage Technology and has successfully executed several projects in Logistics management, Logistics Integration, Reverse logistics, Warranty software and Programmatic Solutions.