From play to pay: A systematic review of gamification in modern financial ecosystems

Abstract

As traditional financial sectors increasingly integrate technological innovations, gamification has emerged as a transformative approach that redefines financial management by making it engaging, educational, and accessible. This research paper presents a systematic literature review of gamified finance, employing the TCCM (Theories, Contexts, Characteristics, and Methodologies) framework and the SPAR-4-SLR protocol to consolidate and analyse extant studies. Our review synthesizes evidence from diverse contexts, including mobile banking, digital payments, investment platforms, and neo broker applications, to elucidate how gamification elements such as challenges, rewards, leader boards, and interactive feedback influence user engagement, financial literacy, and behavioural intentions. By mapping key drivers (e.g., perceived value, gamified elements, ease of use), mediators (e.g., self-efficacy, subjective norms), and outcomes (e.g., behavioural intention, financial well-being), our findings offer a nuanced understanding of the multifaceted impacts of gamified finance. Furthermore, we identify significant gaps in current research, future research directions are proposed to address these gaps, suggesting the incorporation of emerging methodologies, cross-cultural studies, and longitudinal designs. This paper contributes to the academic discourse by providing a comprehensive roadmap for future innovations in gamified finance, with practical implications for financial institutions, app developers, and policymakers seeking to foster financial inclusion and sustainable user engagement.