The Fun Is Spreading! How Gamiﬁcation Is Changing Industries
When asked the question “What industries do you think gamiﬁcation would be most impactful?” Many people would not answer the banking industry ﬁrst. Instead, responding with the human resources department of an organisation or perhaps a marketing ﬁrm hoping to engage customers in a unique way.
The banking industry is constantly looking at business innovation and in particular, one bank is changing the way people view investing. The Commonwealth Bank of Australia has been proactive with the application of the concept gamiﬁcation. In 2011 Commonwealth Bank released ***Investorville***which was a virtual world that gamiﬁed a property investment simulation; all based on actual property data. Investment can be daunting, but by gamifying the process the players could experience investing in rental properties with none of the risks associated with using personal ﬁnances to buy property. The success of this gamiﬁed process was in the way The Commonwealth Bank of Australia was able to break down misconceptions and demonstrate how practical property investment can be not just for those from a ﬁnancial background.
Looking at the results it is clear to see this was a successful experiment with 613 actual loans tracked directly as a result of having played Investorville. That ﬁgure translates to approximately 413% ROI (a conservative ﬁgure). While the online simulation is no longer available the evidence of the simulation’s success is evidence that the processes applied can still be very much valid.
Gamiﬁcation, when executed correctly, does more than just change the perception of a task or process. It has the potential to increase employee engagement and reduce turnover. There is the opportunity to build a powerful business tool. One that not just motivates ongoing engagement but provide business insights, return on investment and scalability for a ﬁrm. A survey conducted by TalentLMS, indicated that 62% of the participants would be motivated to learn if leaderboards were involved and they had the opportunity to compete with other co-workers. 89% of those surveyed stated that a point system would boost their engagement. Working Mouse understands both why gamiﬁcation is important and how to implement it into business activities. In terms of looking to the future, gamiﬁcation will play an integral part in increasing engagement not just in consumers but employees as well.