Difficulty level — medium
Find the richest client among your clients. Create a wealth rating system allowing you to gamify the use of financial services. The rating will be based on the client's assessment, and all his/her further actions will be displayed through gamification elements: leveling up, availability of new client benefits. For example, these can be renting a car without a deposit, discounts for booking hotel rooms, etc. That is, the client will self-improve by using the products and services of your bank. Ant Financial, Alipay, Alibaba use credit rating as the basis of gamification; they replace complex notions with game elements. This way users do not feel uncomfortable. For example, when Sesame Credit was first launched, people were proud to share their results on WeChat and Weibo.
Attachment to the brand will strengthen
The client will focus on engagement with your brand out of the understanding that he/she will see a rating increase, as well as bonuses and rewards for using your products.
The frequency of using your products will improve
The client will understand that using your products brings extra benefits and bonuses, so he/she will purchase more of your products.
The use of your products will be of higher quality
The client will know that the reasonable use of your products (no delayed payments and early withdrawals from the deposit, etc.) upgrades his/her rating.
Key Performance Indicators
Measure the Net Promoter Score (NPS). The metric shows the participants' willingness to recommend your products to other clients. The higher the employees' level of satisfaction is, the higher the NPS is. If NPS is above 7, everything is done correctly.
The number of products purchased
If the rating system works properly and attracts the client, the purchased products will grow in number.
How to apply the Potion
Analyze your clients
Determine the characteristics you will use for calculating the financial rating and this metric's impact rate on the overall results. This step is of utmost importance since it determines the initial rating the client will receive. It also provides the basis for further collaboration between the client and your company. It is advisable to make a list of key products (influencing the rating to a greater extent) and supplementary products (helping the client maintain the achievements when core metrics are decreasing). Calculate the frequency of these products' use, the emergence of risks, your costs. Based on this, rank your clients.
Launch a promotion and track the indicators
It is essential to correctly and clearly communicate the rules to the client so that his/her expectations conform the reality. The client should know what has to be done to keep his/her rating position up. Remember to track the core indicators of this tool as well.
Develop a rating
Implement the financial rating in the client application after the clients' analysis. This will be the most attractive option both for you and the client since all the data will be found in one mobile or web application. Be sure to consider the ways to develop your clients in the process of rating growth within the application — whether it should be a level system with points for development or an achievement system with badges and stickers. Access to the restricted content in the application can also serve as a reward for rating growth. You should also grant users bonuses, access to restricted services, or better terms for products.