Gaming-style approach on apps encourages consumers to boost transaction levels

Gamification techniques appear to be encouraging consumers who use trading apps to carry out more trades, with some social groups particularly affected.

By Neasa MacErlean

Women, people with lower levels of financial literacy and those in the 18 to 34 age group appear to transact more frequently on apps that use the gamification techniques of points and prize draws as well as push notifications, according toresearchamong 9,000 consumers conducted by the FCA.The regulator is keeping the use of gamification under review, repeating a2022 warningthat employment of such methods could conflict with the Consumer Duty.