Gamification in finance: A systematic review and research agenda

In recent years, the use of game-like elements in non-gaming contexts, known as gamification (i.e., the application of game mechanics such as badges, points, and leaderboards), has gained considerable attention. Its application in the financial industry can enhance user engagement and experience, build capacity, and improve financial literacy. By adopting the PRISMA methodology, this study aims to identify key trends, success factors, challenges, and outcomes related to gamification in Finance. By searching Scopus & Web of Science databases, we applied predefined inclusion/exclusion criteria to ensure relevance and rigor. A total of 43 peer-reviewed studies were selected across banking, personal financial management, and investment platforms. The findings suggest that points, badges, leaderboards, and storytelling are the most used gamification elements, especially on banking and Fintech platforms, and that they increase user engagement, improve financial literacy, and change users' spending, saving, and investment behaviors. The literature reports personalization, ease of use, and user goal alignment as success factors, whereas user fatigue, higher implementation costs, and ethical concerns, including potential manipulative practices, are significant challenges to gamification. Overall, the review contributes to problematizing the traditional distinction between utilitarian and hedonic views by presenting the notion of "playful finance". This study further contributes by challenging the prevailing belief that gamification is always beneficial and by highlighting its negative effects, including excessive trading and desensitization to financial risk. Future research should focus on longitudinal studies to assess the long-term impacts of gamification and focus on underserved regions to promote global financial inclusion.