In the competitive arena of Brazilian banking, Caixa Econômica Federal had a straightforward goal: boost its recurring net income by an additional 5% through an innovative approach – gamification.
What unfolded, however, was a financial phenomenon that not only exceeded expectations but also reshaped the landscape of workplace motivation in Brazil.
Caixa surpassed its initial revenue target by a staggering margin, and in doing so, it didn’t just aim for the top; it leapfrogged over its competition to become the number one bank in Brazil, displacing another government-owned institution that had long held the position.
This remarkable achievement during 2016-2017 didn’t just redefine what was possible in banking; it sparked a nationwide conversation, making gamification a viral topic across industries, as businesses everywhere looked to replicate Caixa’s success story.
Numbers Speak Louder Than Words
- Profit Soar: The bank’s recurring net income didn’t just meet the target; it experienced a 48% surge, escalating from approximately US$1.5 billion to an incredible US$2.5 billion in one year.
- Employee Engagement: Prior to implementing gamification, only 10% of employees engaged in similar initiatives. Post-gamification, the participation rate rocketed to 92.61%, with an impressive 77,312 employees out of 83,482 actively participating.
Gamification’s Role
- Collective Achievement: The initiative was named “Tamo Junto 9Bi+” (Together we reach 9Bi+), emphasizing a collective effort. This wasn’t a solo race but a team sport, where every employee’s contribution counted towards the monumental goal.
- Real-Time Feedback: Employees received immediate feedback for their achievements, akin to leveling up in a video game. This constant loop of action and reward kept the momentum high.
- Instant Gratification: The moment an employee hit a target, feedback was instant – notifications, points, or a piece of the puzzle. It’s the digital equivalent of a pat on the back, but it’s there for everyone to see, fostering a sense of achievement.
- Reward System: The gamification platform allowed for the redemption of various rewards for points earned through sales achievements. This system turned every sale into a step closer to personal and collective rewards, from simple gadgets to significant prizes.
- Variety of Rewards: From headphones to cars, the rewards were diverse, catering to different tastes and motivations. This wasn’t just about money; it was about making the workplace feel like a playground where hard work pays off in fun and tangible ways.
- Visibility and Motivation: With leaderboards and public recognition, employees could see where they stood in comparison to their peers, fostering a healthy competitive spirit that drove performance.
How It Worked
Imagine if your workday was like playing a game where:
- Every sale or successful customer interaction was a point.
- Points could be collected to form ‘puzzle pieces’ that, when completed, earned you real, desirable rewards.
- Your progress was visible to all, adding a layer of social motivation.
- You were part of a team, where collective efforts meant collective rewards, making teamwork not just a corporate mantra but a tangible benefit.
The Impact on the Business and Culture
The 48% increase in profits wasn’t just a number; it reflected a profound change in how work was perceived and performed at Caixa Econômica Federal. The bank not only met its financial objectives but also cultivated a culture where work was engaging, rewarding, and, dare we say, fun.
Caixa Econômica Federal’s journey with gamification is a vivid example of how aligning business objectives with human motivation can lead to extraordinary results.
The architects behind this transformative initiative, Funifier, continue to manage and evolve this program, ensuring its relevance and effectiveness in an ever-changing business environment.
As a result, this ongoing gamification effort now generates recurrent revenue exceeding the billion USD mark annually, showcasing how a well-crafted engagement strategy can lead to sustained financial success.
The story of Caixa and Funifier stands as a testament to the power of integrating play into productivity, proving that when work feels like a game, the rewards can be monumental.
References
https://www.funifier.com/case-studies/caixa-econ%C3%B4mica-federal—bank’s-9bi%2B
