Gathering back borrowed money from your friends can be a delicate subject and bankers face a similar predicament when collecting from delinquent borrowers. In order to improve themselves to become better bankers, they would have to learn how to judge individuals and be proficient in debt collection.
Thus, BankersLab came up with a training simulation game, to train bank employees how to effectively perform debt collections. The game originated from a spreadsheet simulation game designed by finance Professor Neil Seitz of St. Louis University who is a banking simulation games expert. BankersLab then brought in game designer Robert Zepeda, founder and chief executive officer of PlayBasis to create a web-based modernized simulation.
The player’s main goal is to successfully operate the most profitable bank while retaining the most satisfied customers. This requires players to develop a variety of skills such as resource allocation, collection management and economic analysis to name a few. Michelle Katics, the CEO of BankersLab explains, “The secret to successful delinquent collections is finding the right balance between cost and benefit while still maintaining customer satisfaction. We wanted to create a product that taught professionals how to confidently walk this tightrope.”
Ultimately, the game aims to helps bankers correctly forecast the impact of debt collection decisions over the lifetime of a bank. Within the virtual environment, teams are given the freedom to test debt collection strategies under realistic conditions. The game mechanics allow upper management to create teams among bankers and design virtual portfolios that may last as long as a 30 years for teams to operate on. These mechanics enable players to obtain immediate feedback and understand the impact of their employed strategies within a short period of time.
As True Office does for the finance industry, BankersLab shows the banking industry that games can be an effective medium to let employees to learn and explore in a virtual yet realistic environment. While training games and gamification has not yet received full acceptance by enterprises, it is heartening to see gamification is gaining relevancy in these enterprising industries.