FundsIndia.co, an investment platform has launched a first-of-its-kind innovative tool - ‘Gamification in Mutual Fund Investing’ for its investors. This feature will encourage good investing behavior and ensure that investors stay on the right path to investing successfully.
Gamification is a concept of applying game mechanics and game design techniques to engage and motivate people to achieve their investment goals. FundsIndia.com’s approach towards gamification is to engage with existing investors and provide a seamless blend of fun and real investing.
‘At FundsIndia, we always aim to provide the best of technology and services to our customers. Engaging with our investors through this powerful tool will help us explore behavioral finance and further help us guide our investors smartly’, said Srikanth Meenakshi, Co-Founder and COO, FundsIndia.com in a press release.
What Gamification is and how it works
Keeping with its mission of creating and providing the friendliest investment platform to their customers, FundsIndia.com has developed a new feature - ‘Gamification’. It is a feature that ranks investors among their peers, so that they know where they stand among other investors similar to them. It is like an instant financial health check up for them. It’s called gamification because it introduces game thinking and game elements into investing. It encourages good investment choices and discourages bad ones. Investors will be able to see this on their dashboard in the form of their ‘Peer Ranking.
It’s the percentile rank that tells investors where they stand among their peers.
Apart from the score, the exciting new feature allows investors to earn badges. Positive investing behavior, which FundsIndia believes will make people better investors, will earn investors badges, recognizing their efforts toward disciplined investing.
Frequent redemptions, non-systematic and sporadic investment practices that suggest investors are trying to time the market instead of being disciplined, are some of factors that may result in scores trending down.
