Banks bring gaming to the forefront

Financial firms are increasingly turning to a new game-centered approach to attract a younger demographic that may not be responding to traditional advertising efforts, Wall Street & Technology reports.

Financial firms are increasingly turning to a new game-centered approach to attract a younger demographic that may not be responding to traditional advertising efforts, Wall Street & Technology reports.

It's called gamifiation, and it's a new customer relations strategy that banks are implementing on their websites, social networking pages and mobile applications.

For example, the news source notes that one site, SaveUp.com, offers incentives such as an iPad2 in exchange for financial activity such as paying a credit card bill, depositing money or watching a promotional video about personal finance.

According to the Chicago Tribune, this method of contest-style principles improves customer loyalty and satisfaction and also encourages interaction among consumers.

Boston-based Deloitte Consulting named the initiative one of the top 10 technology trends for 2012, and banks are realizing that the tactic appeals not only to the expected younger male crowd, but also women in their late 30s.

"It's a more customer-friendly approach, and people are intrigued by it," Libby Cain, marketing vice president of Texas bank Extraco, told the news source.