As banks seek to build relationships with customers, they’re not fully exploiting the potential of gaming as a strategy for loyalty and retention, suggest analysts at Javelin Strategy & Research.

In a study released in December, Javelin argues that gamification is tool to help customers understand the longer-term evolution of their personal finance situations. It’s also a loyalty driver that can forge deeper relationships between customers and their banks.

Javelin analysts observed that banks have underused gamification, saying “Nearly 40% of consumers turn to financial websites and apps such as Credit Karma — even though nearly two-thirds of those app users would be more likely to use a similar service from their primary FI if only it were offered.”

Mark Schwanhausser, director of digital banking at Javelin and an author of the study, emphasized that by not pursing gamification, banks are missing an opportunity. He argued that banks collect meaningful information for customers that informs the design of gaming app. Offering these features in a mobile banking app keeps customers within a bank’s ecosystem and encourages them to adopt responsible money management practices.

“It’s a very one-on-one kind of opportunity as opposed to what the banking industry has been doing, which is to say ‘Here’s a library of stuff, go read it, figure it out,'” Schwanhausser said. “Gamification has the potential to completely turn that on its head by suggesting, ‘we’re going to point you in the right direction.'”

The study notes that banks are not investing enough in helping customers plan for the future. It noted that three out of four customers were satisfied with services their banks provide for day-to-day transactions, while 55% were satisfied with how banks help them plan even one month into the future.

“Nearly two in five consumers turn to websites and apps such as Credit Karma, Mint and Acorns to improve some aspect of their finances, often simply because their primary financial institution doesn’t offer anything comparable,” the study argues. “Given a choice, two-thirds of those app users would be more likely to use a comparable service from their primary banks or credit unions.”

Banking customers want to use games and apps to plan out their financial future, but many want these tools from their primary bank, noted Javelin.

See also: Ally Bank CMO: Virtual reality is a personal finance teaching tool

According to the study, more than 20% of customers said they use a third-party banking app because their own institution does not provide an engaging app experience, while 18% of customers reported that some third-party apps are more objective than their bank. However, two out of three banking customers said they preferred to use an app from their primary bank instead of a third-party platform.

Schwanhausser said that though banks have always done a good job  creating self-service tools, they often neglect customers who require more guidance. He argued that a gamification app can engage customers who require additional support.

A gamification app “has to make somebody feel like they can actually make a [positive] change, even if they don’t fully understand why they’re making the change,” he said.

Once the customer sees their financial habits improving through a gamified banking app, it will likely increase their trust in their primary bank, he explained.

The Javelin report suggested that financial institutions can take user-experience lessons from nonbank digital platforms, including the Toyota Prius dashboard, the Fitbit fitness app, and the Credit Karma app. Those three services were chosen because the brands have proactively built an advice-driven relationship, according to Javelin.

“[Banks need to] take a page from nonbanks, which make gamification a fundamental part of the experience,” the study advise. “Financial institutions that succeed with gamification will shun the idea that financial fitness is a collection of self-guided tools on a PFM tab.”

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