The gamification trend has in recent years gained a strong hold across the field of finance. Market participants are leveraging the benefits of implementing game-design elements to previously mundane banking activities. However, while gamification is expected to grow further, the current research investigating its effects is scarce, particularly in a Swedish context. This research project aims to investigate if, and how the behaviour of retail investors is affected by gamification used on trading platforms. We collected qualitative data through seven semi-structured interviews with respondents who were active users of Avanza, the largest internet broker in Sweden. To expand the scope of the study, data was also included from a senior executive at Avanza creating a nuanced picture of the effects of gamification. Our analysis is grounded in the Octalysis Framework, which has been used together with behavioural finance theories to draw valuable conclusions.

Our study finds that gamification has an effect on investors and may influence their trade decisions. We conclude that social game-design elements cause intrinsic motivation and have a strong effect on retail investors. The study further shows that visualising personal development has a strong extrinsically motivating effect on retail investors' desire to increase their capital. Our results also show that gamification can be used to promote both healthy and unhealthy financial behaviours, making it a powerful tool for the one’s controlling it. However, if not managed properly, excessive usage of gamification runs the risk of decreasing the perceived seriousness and validity of the institution implementing it. Lastly, this study concludes that investors tend to believe that gamification affects their investment behaviour less than others, suggesting that they suffer from overconfidence bias.

Situating gamification and the Octalysis framework within a financial context contributes to the current discussion about gamification and the future understanding of the concept. By taking behavioural finance into consideration, we contribute to the field of behavioural finance by showcasing how gamification may affect the investment behaviour of retail investors on gamified platforms. The results of the study are of great relevance to market participants and regulators. Being aware of how gamification influences investor behaviour is necessary for market regulators to prevent exploitative behaviours and for market participants to make well-informed decisions.