Truist just launched a gamified savings app to encourage healthy financial habits and keep clients engaged with the bank.
Truist’s new app has benefits for both itself and for consumers: It keeps a loyal audience logging in regularly while helping that group earn rewards and build savings.
Truist’s innovation studio, Foundry, just released a mobile app called Long Game that rewards users for building healthy financial habits through prizes and education.
“The ultimate goal is creating digital experiences that are fun and engaging, that make people love Truist and increase their financial wellness,” according to Linsday Holden, head of Foundry. The app’s trivia and savings challenges are targeted at people who are relatively early in their financial education journeys.
The game gives Truist, the 7th largest bank in the US by total assets, a new way to keep its clients engaged at a time when digital banks are using higher interest rates to lure depositors.
Ultimately, interactive financial literacy tools helps FinServs form stronger bonds with their clients, especially younger users whose loyalty they crave and who benefit the most from boosting their money knowledge. For example, Morgan Stanley is leaning on an education suite from fintech Greenlight while TD Bank has a virtual stock market game and a resource hub for kids called the Wow! Zone.