Developing and maintaining positive habits can be challenging. It demands time, repetition, and a level of discipline that many people find difficult to maintain.
This is where gamification plays a role. By incorporating game-like elements—such as competition, rewards, and entertainment—individuals can be encouraged to consistently make better choices until those choices turn into habits. Technology companies are leveraging this concept to create tools that, for instance, assist children with diabetes in managing their blood sugar by caring for a virtual pet dragon whose health reflects their own glucose levels.
Financial institutions can also adopt gamification to promote financial inclusion. As banks seek ways to build trust and encourage the use of digital financial tools, gamification is emerging as a powerful strategy. This is particularly evident in Latin America, where digital banking adoption and account ownership are expanding at a faster pace than in other regions.
By integrating gamification, banks can support new users in enhancing their financial well-being while fostering long-term customer relationships. Research has shown that this approach can help individuals stay on top of financial commitments such as loan and bill payments, leading to improved credit scores, greater financial security, and stronger ties with their banks.
Making Financial Services Engaging
Transitioning individuals from merely having access to financial tools to actively using them is a significant step toward financial inclusion. However, motivating people to use these tools remains a challenge, according to Natasha Jamal, vice president of social impact at Mastercard Strive, a global initiative that helps small businesses succeed in the digital economy.
In many cultures, discussing finances is considered taboo, making financial literacy less accessible. Pedro Moura, co-founder of California-based fintech company Flourish Fi, explains that this gap presents an opportunity for banks to step in and offer financial education. Without open conversations about money, effective financial management may seem unattainable.
“Something as simple as consistently paying bills on time, saving for emergencies, or making informed financial decisions can make a huge difference,” says Moura, who was the first in his family to access financial services in the U.S. after emigrating from Brazil. “We’re transforming banking interactions from routine transactions into enjoyable experiences.”
Flourish Fi, a participant in Mastercard’s Start Path startup program, helps banks engage with individuals new to the financial system. By combining behavioral insights, personalized prompts, and incentives, the company drives positive financial behavior. Their technology integrates with banks' digital platforms, allowing users to engage with financial tools through interactive experiences.
For instance, customers may earn a chance to spin a prize wheel by making timely bill payments, or they could set up automated micro-savings contributions based on the performance of their favorite sports team.
Launched in Brazil and other Latin American countries in 2018, Flourish Fi has demonstrated significant impact. Users have increased their deposit amounts by 32%, boosted online bill payments by 26%, and doubled their engagement with banking apps. Financial institutions also benefit by strengthening customer trust and relationships, especially with those who previously conducted transactions offline.
Banco Carrefour in Brazil and BancoSol in Bolivia have reported that customers now log into their banking apps or websites twice as frequently as before implementing Flourish Fi. Additionally, users who had not saved any money in six to eight months are now setting aside approximately $600 in the same period. Reward-based features, such as redeemable points for completing financial quizzes or making on-time loan payments, have also led to improved repayment rates.
Expanding Gamification to Small Businesses
Flourish Fi recently partnered with Mastercard Strive to extend its services to micro-entrepreneurs—small business owners who often struggle to leverage digital financial tools for business growth.
In Brazil, a study by Sebrae, an organization supporting small businesses, found that 77% of micro-entrepreneurs have never received financial training, and one-third do not track their business finances.
Through gamification, Flourish Fi encourages responsible business financial management, such as saving, investing, and making timely bill and loan payments. One example is Maria Lourdes, a corner store owner in Brazil, who used the platform to digitize her business operations.
“For small business owners, the priority is selling more and managing time effectively,” Moura explains. “We guide them through a journey of understanding financial services.”
Lourdes benefited from personalized rewards and educational content, which helped her transition to accepting digital payments and managing expenses more efficiently. The app also provided insights into additional financial services that could strengthen her business.
Currently, Flourish Fi supports 375,000 users across five countries, but millions more still require assistance, Moura emphasizes. He hopes continued collaboration with the private sector will empower more individuals and small businesses by encouraging them to embrace digital financial tools and develop responsible money habits.
“Creating a more inclusive financial system unlocks the potential of countless individuals,” Moura says. “People aspire to be their best selves—they just need access, guidance, and sometimes, a small incentive to stay on track.”
This is where gamification plays a role. By incorporating game-like elements—such as competition, rewards, and entertainment—individuals can be encouraged to consistently make better choices until those choices turn into habits. Technology companies are leveraging this concept to create tools that, for instance, assist children with diabetes in managing their blood sugar by caring for a virtual pet dragon whose health reflects their own glucose levels.
Financial institutions can also adopt gamification to promote financial inclusion. As banks seek ways to build trust and encourage the use of digital financial tools, gamification is emerging as a powerful strategy. This is particularly evident in Latin America, where digital banking adoption and account ownership are expanding at a faster pace than in other regions.
By integrating gamification, banks can support new users in enhancing their financial well-being while fostering long-term customer relationships. Research has shown that this approach can help individuals stay on top of financial commitments such as loan and bill payments, leading to improved credit scores, greater financial security, and stronger ties with their banks.
Making Financial Services Engaging
Transitioning individuals from merely having access to financial tools to actively using them is a significant step toward financial inclusion. However, motivating people to use these tools remains a challenge, according to Natasha Jamal, vice president of social impact at Mastercard Strive, a global initiative that helps small businesses succeed in the digital economy.
In many cultures, discussing finances is considered taboo, making financial literacy less accessible. Pedro Moura, co-founder of California-based fintech company Flourish Fi, explains that this gap presents an opportunity for banks to step in and offer financial education. Without open conversations about money, effective financial management may seem unattainable.
“Something as simple as consistently paying bills on time, saving for emergencies, or making informed financial decisions can make a huge difference,” says Moura, who was the first in his family to access financial services in the U.S. after emigrating from Brazil. “We’re transforming banking interactions from routine transactions into enjoyable experiences.”
Flourish Fi, a participant in Mastercard’s Start Path startup program, helps banks engage with individuals new to the financial system. By combining behavioral insights, personalized prompts, and incentives, the company drives positive financial behavior. Their technology integrates with banks' digital platforms, allowing users to engage with financial tools through interactive experiences.
For instance, customers may earn a chance to spin a prize wheel by making timely bill payments, or they could set up automated micro-savings contributions based on the performance of their favorite sports team.
Launched in Brazil and other Latin American countries in 2018, Flourish Fi has demonstrated significant impact. Users have increased their deposit amounts by 32%, boosted online bill payments by 26%, and doubled their engagement with banking apps. Financial institutions also benefit by strengthening customer trust and relationships, especially with those who previously conducted transactions offline.
Banco Carrefour in Brazil and BancoSol in Bolivia have reported that customers now log into their banking apps or websites twice as frequently as before implementing Flourish Fi. Additionally, users who had not saved any money in six to eight months are now setting aside approximately $600 in the same period. Reward-based features, such as redeemable points for completing financial quizzes or making on-time loan payments, have also led to improved repayment rates.
Expanding Gamification to Small Businesses
Flourish Fi recently partnered with Mastercard Strive to extend its services to micro-entrepreneurs—small business owners who often struggle to leverage digital financial tools for business growth.
In Brazil, a study by Sebrae, an organization supporting small businesses, found that 77% of micro-entrepreneurs have never received financial training, and one-third do not track their business finances.
Through gamification, Flourish Fi encourages responsible business financial management, such as saving, investing, and making timely bill and loan payments. One example is Maria Lourdes, a corner store owner in Brazil, who used the platform to digitize her business operations.
“For small business owners, the priority is selling more and managing time effectively,” Moura explains. “We guide them through a journey of understanding financial services.”
Lourdes benefited from personalized rewards and educational content, which helped her transition to accepting digital payments and managing expenses more efficiently. The app also provided insights into additional financial services that could strengthen her business.
Currently, Flourish Fi supports 375,000 users across five countries, but millions more still require assistance, Moura emphasizes. He hopes continued collaboration with the private sector will empower more individuals and small businesses by encouraging them to embrace digital financial tools and develop responsible money habits.
“Creating a more inclusive financial system unlocks the potential of countless individuals,” Moura says. “People aspire to be their best selves—they just need access, guidance, and sometimes, a small incentive to stay on track.”