MISSION-BASED GAMIFICATION STRATEGY TO IMPROVE RETENTION RATE AT FIN X

• Main Author: Abdillah, Faizal
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/46855
• Institution: Institut Teknologi Bandung

Increasing competition in the digital banking industry and financial services requires industry players to be able to increase their customer engagement so that users will remain loyal to the company and be able to provide high value to the organization. Many studies have proven that increasing user retention has a very large impact on company profitability. In fact, efforts to retain old users are far cheaper than acquiring new users. Efforts to increase user retention are not easy and not many companies have managed to get high user retention. Fin X as a company engaged in the digital banking industry also faces the same challenge, namely the low retention rate of its users. From the results of the analysis in this research it can be seen that the longer the time owned by a Fin X user since the first registration, the lower the retention will be owned. In addition, the results of the analysis also did not show a significant increase in retention rate over a period of several years which is a signal that must be anticipated by Fin X. Some factors that influence the condition of the retention rate include demographic factors where age and mode of acquisition is the most influential factor on the retention rate of Fin X. In addition, external factors also contribute to user retention because more and more companies are developing digital banking products that target millenials which will make it more difficult for companies to retain user retention due to tighter industrial competition. There are many strategies that can be carried out by Fin X in order to increase user retention. Mission-based gamification is a strategy that is focused on this research. This strategy aims to motivate Fin X users to follow the storyline in the game so that they will indirectly be educated with the features in the Fin X application. Hopefully, through this gamification strategy Fin X can increase user retention so as to provide value for the company.