Four Ways Gamification Boosts Results in the Finance Industry

Many of the world's leading banking and finance firms use sales performance management tools like gamification and data visualization to drive activity on key targets. Here's why…

Four Ways Gamification Boosts Results in the Finance Industry

The finance industry is one of the most competitive industries on the planet. Responsible for cash flow and assets, it's the beating heart of any economy. The clear link between the strength of the financial system and a country's total economic growth means that when the work is stressful, it's really stressful. Bombarded with rules, regulations, and new technologies, it is an ever-shifting landscape of clear winners and losers. No wonder it can be challenging, frustrating, and even thankless for those working on the front lines.

Like many other industries, the number of activities completed on key goals directly indicates business success within finance. That's why driving performance on the right KPIs in a fun and engaging way can make all the difference in the working environment.

Sales performance management tools such as gamification have led to a constant positive increase in goal attainment rates, workplace motivation, company culture, and retention for many of the world's leading financial services organizations.

Here are four benefits of implementing sales gamification elements into your finance organization:

Goal Setting and Attainment

A critical element to the success of gamification is ensuring that goals tie into larger, more serious business objectives. For managers to successfully implement gamification to hit those larger goals, visualizing and real-time data are vital to providing a clear pathway to hitting the desired targets. When people have tangible objectives–and the ability to visualize their progress–they are much more likely to succeed in reaching them.

Gamification makes it easy for managers to guide employees toward goal attainment in a fun and engaging way. While data visualization gives sales teams real-time access to KPIs, managers have a snapshot of performance and allow sales reps to pivot their strategy quickly. In addition, managers can choose to incentivize the completion of key tasks and milestones hit, thus giving employees added motivation to stay on track and accomplish their goals.

Improving Customer Relations

Another benefit of implementing sales gamification into your business is higher employee engagement. Studies show that game-based motivation tactics increase engagement by an average of 48%. And when employees are more engaged, they are also more inclined to help their customers and provide top-quality service–which is paramount in the financial services industry. More pipeline and better customer service? What's not to love?

Connecting Offices Across Locations

Bringing the teams together can be a major challenge for companies with separated locations or remote workforces. However, celebrating together in real-time has never been easier. TV screen updates and personalized celebrations help to connect people across locations so that everyone knows what's going on and is on the same page.

Additionally, our gamification platform sends notifications to all connected devices, including phones and tablets, to keep your remote and road teams informed of who just crushed their latest sale or deal. This cultivates a positive office and inter-office culture that results in happier employees and overall better performance.

Running More Effective Competitions

Gamification leverages people's natural tendencies for competition, achievement, and collaboration. Setting up and running effective sales competitions is easier, faster, and most importantly, the effectiveness of your competitions is measured automatically and displayed in simple graphs.

Additionally, many of our sales competitions are non-linear, so the same few people don't always win–giving middle and lesser performers a motivation boost. On average, our competitions boost middle performers' KPIs by 61% and low performers' KPIs by a massive 107%.

SalesScreen turns your low and middle performers into your new secret weapon while pushing your top performers to new heights. Check out how we integrated with Sandness Sparebank to generate their best sales ever in our first year of partnership, with over 67% of their employees citing registering results in SalesScreen as one of their top motivational points during the workday.

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