Evaluating the Effectiveness of Gamification in Mobile Banking to Increase Savings Rates

Gamification in mobile banking is increasingly used to enhance user engagement and encourage saving behaviors, but evidence of its effectiveness, particularly in specific cultural contexts, remains limited. This study assesses the impact of gamification in Indonesia's growing digital banking sector. Using SmartPLS and data from 303 respondents, the research explores how gamification elements like rewards, challenges, and leader- boards influence saving behaviors. The results reveal a significant positive effect, with a 15% increase in savings observed among users who engaged more with gamification elements. Intrinsic motivation was also found to amplify this impact. The study offers valuable insights for financial institutions on leveraging gamification to boost savings rates and enhance financial well- being, highlighting its potential as a key tool in mobile banking.