Truist, the seventh-largest US bank by assets, has launched Truist Long Game. This is a mobile app that rewards clients for building financial wellness. Users can build healthy financial habits with the chance to earn monetary rewards deposited into a linked Truist deposit account. The innovative technology is the first product from Truist Foundry. This is a startup within Truist that focuses on creating digital solutions to meet clients where they are.
More than half of Americans (52%) say money impacts their mental health. Among those, more than half (56%) said that insufficient emergency savings is the cause, according to a recent Bankrate survey.
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Truist: incentivising saving via gamification in a fun way
“Truist Long Game changes the way clients save, learn, and engage with their finances. By combining the responsibility of saving with an engaging mobile gaming app, we incentivise users to take control of their financial future in a fun way,” said Lindsay Holden, head of Truist Foundry.
“The mobile app is an incredible example of how the unique startup approach to our Truist Foundry group effectively combines innovative technology and human touch to enrich clients’ financial experience.”
Truist Long Game is rooted in behavioural economics and gamification. Users set goals, save money, and answer trivia to earn coins as rewards for making progress toward their savings goals. These coins can be used to play a variety of fun games for chances to win up to $1m.
Truist acquired fintech startup Long Game and its gamified mobile finance app in May 2022. Founder Lindsay Holden and her team now make up Truist Foundry. The cross-functional team aims to drive innovative growth to help Truist shape the future of finance for clients.
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By GlobalData
