Client Name

Meezan Bank

Faculty Advisor

Dr. Abdulbasad Shaikh

SBS Thought Leadership Areas

Entrepreneurship and Innovation

SBS Thought Leadership Area Justification

The project entails developing an innovative gamification strategy for user engagement and retention. It involved exploring the technological tools used by financial service providers in their offerings to integrate gamification for their users. It required us to think to unique ideas based on customer perception to produce insightful and feasible report.

Aligned SDGs

GOAL 9: Industry, Innovation and Infrastructure

Aligned SDGs Justification

We have focused on enhancing user engagement with Shariah compliant banking by developing unique and innovative strategies to upgrade the existing Meezan app and website. It helps in developing the high-demand shariah compliant retail banking industry, which represents 22% of Pakistan's total banking economy.

NDA

No

Abstract

The Meezan Bank Gamification Project was designed to evaluate the effectiveness of gamification in the banking universe and to develop a Shariah-compliant gamification strategy that can increase user engagement and foster long-term customer loyalty.

The project began with extensive research, including global and local case studies of financial service providers, to assess the use cases and efficiency of gamification in achieving key business objectives. The research primarily focused on three core elements of gamification: challenges, rewards, and progress tracking.

To guide our analysis, we conducted surveys with over 160 respondents and reviewed third-party research, particularly those exploring gamification within the Pakistani context. The client’s objectives emphasized user education, stronger customer engagement, adherence to Islamic principles, and minimal recurring financial outlay.

Accordingly, the report presents our findings and strategic recommendations for each of the three gamification elements:

  • Challenges: We recommend implementing features such as Knowledge Navigator, Smart Spending, Zakat Zone, Riba Radar, and Product Pathfinder. These proposed challenges align with Meezan Bank’s strategic goals and based on secondary research, have strong potential to enhance user interaction and build loyalty.
  • Progress Tracking: Our recommendations include various formats of progress bars (e.g., linear and segmented), along with the innovative Meezan City concept, where users’ complete challenges, earn points, and expand a virtual city. These methods have demonstrated effectiveness in similar contexts and align well with insights gathered from our primary research.
  • Rewards: To meet the client’s requirement for Shariah-compliant, innovative, and cost-effective reward mechanisms, we propose features such as Digital Badges, Leaderboards, User of the Month Spotlight, Streak Tree, and Virtual Coins. These elements provide intrinsic motivation and meaningful recognition without requiring significant financial investment.

In conclusion, this project provides a clear roadmap for Meezan Bank to implement gamification in a way that is engaging, ethical, and impactful. Our strategy is particularly targeted toward enhancing the banking experience for younger customers, especially those under the age of 35, by creating a more interactive and rewarding journey.

Document Type

Restricted Access

Document Name for Citation

Experiential Learning Project

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