Independent Banker - June 2022 - 58

earn pineapples as tokens of achievement.
Accumulate enough pineapples, and a gift card
awaits like a carrot at the end of the stick.
Li points out that this form of motivation
aligns with basic psychology. " Our users already
have a huge amount of intrinsic motivation:
They want to better themselves and their
fi nancial lives, " he says. " But when we add the
extrinsic-pineapples in our case-suddenly
things start to compound. It's like, 'I wanted
to do this anyway, and now somebody wants
to pay me for it?' It turns the whole thing into
a no-brainer. "
FUN FOR ALL AGES
As a Zogo client, $566 million-asset Tioga
State Bank in Spencer, N.Y., has seen just how
motivating this approach can be. With initial
plans to leverage the app to engage younger
customers, the community bank was surprised
to experience a demographically diverse and
wide range of participation. In fact, one of the
most decorated users is a 70-year-old customer
who has completed more than 400 modules. And
staff who helped pilot the app reported a positive
experience that taught them new personal
fi nance and budgeting information.
But, despite the positive feedback to the
game-based approach, Tioga State Bank wanted
to ensure that the fun and games translated to
knowledge. What it found is that real learning is
occurring in the Zogo environment, which was
the primary goal.
" With a topic like fi nancial literacy, we can't
say, 'Just play a game,' " says Brian DeBoyace,
senior vice president, regional manager and
business development offi cer for Tioga State
Bank. " It's not just about getting pineapples
and gift cards. There are some serious topics
that need to be discussed. There is fi nding that
balance between making it fun so they do it, but
... the whole idea is for them to learn. "
And learn they do. Zippia indicates that
gamifi cation can increase skill retention by 40%.
In addition, in one study in the International
Journal of Human-Computer Studies, students
educated with challenge-based gamifi cation
raised their performance by nearly 90%
compared with those who only received lectures.
Gamifi cation also off ers promise in
community bank diff erentiation. For example,
community bank has expanded into swim, cycle
and wheelchair tracking options.
" Whether you have $10 or $10 million, you
have to earn your rate, " says Cooney. " We make
no exceptions on that. Our leaderboard is an
incentive. People from all walks of life want to
win the gold this month. "
GAMIFICATION FOR EMPLOYEE ENGAGEMENT
That dose of healthy competition extends beyond
the customer realm into employee satisfaction.
TalentLMS's gamifi cation survey found that 83%
of employees who receive gamifi ed training feel
motivated in the work environment. But not all
employees are driven by the same factors, so for
gamifi cation to work, it needs to address a range
FitnessBank, a division of $788 million-asset
Affi nity Bank in Covington, Ga., started as a
gamifi ed idea born of a smart watch.
" I bought a device that kept track of steps,
and I found it very encouraging, " says Ed
Cooney, FitnessBank's chief fi tness offi cer.
" Instead of sitting, I found myself exercising
more and trying to meet a goal each day, and a
light bulb went off about combining that with a
fi nancial reward. "
From that concept, FitnessBank launched a
program that tracks steps and rewards customer
athletes with higher interest rates based on the
tier in which their daily steps fall. Hit a monthly
average of 12,500 steps a day? That qualifi es for
a 0.70% interest rate in today's environment,
and 5,000 steps result in a 0.25% rate. Diff ering
options exist for seniors, and the online-only
" IT'S NOT JUST ABOUT GETTING PINEAPPLES
AND GIFT CARDS. THERE ARE SOME SERIOUS
TOPICS THAT NEED TO BE DISCUSSED. THERE
IS FINDING THAT BALANCE BETWEEN MAKING
IT FUN SO THEY DO IT, BUT ... THE WHOLE
IDEA IS FOR THEM TO LEARN. "
- BRIAN DEBOYACE, TIOGA STATE BANK
58 Q ICBA Independent Banker Q June 2022
Independent Banker - June 2022

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