How Challenger Platform Enhances Mobile Banking Engagement

Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Challenger Platform is a unique service that helps banks engage customers and motivates them to use banking products

Banking clients around the world have started to conduct many banking transactions over their mobile phones: to check balances, make payments or shop online. However, even if banks have been introducing their mobile apps, they are not being used to their full potential.

One of the main challenges for a banking app is in its mobile functions – usually, clients only do balance checks or quick payments, but ignore the rest of them. Additionally, the mobile app usage intensity could also be much higher if users were fully aware of the benefits. One mobile-enabled client uses their banking app only 4.8 times a month, while an average mobile app is launched 12.8 times per month.

So why are users hesitant to take full advantage of their bank’s mobile apps? According to IljaPolivanovas, CEO of Challenger platform by Enga Systems and an expert in gamification for banks, there are a few reasons.

“Most mobile app users don’t have the habit to open an app when they are looking for the closest ATM, nor do they usually consider an instant money transfer to a friend who picked up their lunch tab,” said IljaPolivanovas. “Banking apps have their own special functionalities, but they often share one problem: people don’t know about them. For example, not many users know they can log into their banking app through quick authorization (such as PIN), so often they don’t even bother checking their bank balance, assuming it would be too difficult.”

Challenger Platform has been created to motivate bank clients to take full advantage of their mobile apps, as well as other banking features, through learning process. The platform directly teaches the user about different functionalities of an app, and uses gamification to achieve results.

“Banks need to look at mobile banking from a different perspective,” said IljaPolivanovas. “People do need a simple, but engaging motivation to understand and onboard with the features of a banking app. To engage clients, we use gamification, rewards and direct communication as one organic solution.”

Challenger Platform was recently able to bring 16% more mobile banking clients to OTP Banka Hrvatska in just five months, blowing all the records of mobile customer engagement.

“People are not motivated to try new banking products – research shows they’d rather go to a dentist, said Mr. Polivanovas. “We have researched behavioral patterns and determined that people need fresh, simple, new ways to notice products that will actually be useful for them – and for their wallet.”

Challenger Platform also has dramatically affected other areas of its client’s (OTP Banka Hrvatska) performance: number of clients using prepaid Mastercard increased by 12.8%, while the number of Visa Web Prepaid cards increased by 9.5%.

Challenger Platform is a unique service that helps banks engage customers and motivates them to use banking products

Banking clients around the world have started to conduct many banking transactions over their mobile phones: to check balances, make payments or shop online. However, even if banks have been introducing their mobile apps, they are not being used to their full potential.

One of the main challenges for a banking app is in its mobile functions – usually, clients only do balance checks or quick payments, but ignore the rest of them. Additionally, the mobile app usage intensity could also be much higher if users were fully aware of the benefits. One mobile-enabled client uses their banking app only 4.8 times a month, while an average mobile app is launched 12.8 times per month.

So why are users hesitant to take full advantage of their bank’s mobile apps? According to IljaPolivanovas, CEO of Challenger platform by Enga Systems and an expert in gamification for banks, there are a few reasons.

“Most mobile app users don’t have the habit to open an app when they are looking for the closest ATM, nor do they usually consider an instant money transfer to a friend who picked up their lunch tab,” said IljaPolivanovas. “Banking apps have their own special functionalities, but they often share one problem: people don’t know about them. For example, not many users know they can log into their banking app through quick authorization (such as PIN), so often they don’t even bother checking their bank balance, assuming it would be too difficult.”

Challenger Platform has been created to motivate bank clients to take full advantage of their mobile apps, as well as other banking features, through learning process. The platform directly teaches the user about different functionalities of an app, and uses gamification to achieve results.

“Banks need to look at mobile banking from a different perspective,” said IljaPolivanovas. “People do need a simple, but engaging motivation to understand and onboard with the features of a banking app. To engage clients, we use gamification, rewards and direct communication as one organic solution.”

Challenger Platform was recently able to bring 16% more mobile banking clients to OTP Banka Hrvatska in just five months, blowing all the records of mobile customer engagement.

“People are not motivated to try new banking products – research shows they’d rather go to a dentist, said Mr. Polivanovas. “We have researched behavioral patterns and determined that people need fresh, simple, new ways to notice products that will actually be useful for them – and for their wallet.”

Challenger Platform also has dramatically affected other areas of its client’s (OTP Banka Hrvatska) performance: number of clients using prepaid Mastercard increased by 12.8%, while the number of Visa Web Prepaid cards increased by 9.5%.