Making A Game Of Customer Acquisition
Making A Game Of Customer Acquisition
Making A Game Of Customer Acquisition
By Miriam Cross
January 27, 2021
Summary
Banks are borrowing tactics from online games to make financial education more stimulating.
BayPort Credit Union, in Newport News, Va., is one financial institution turning to Zogo in 2020 to keep up momentum with its financial education programming, after the pandemic stalled its planned workshops in coffee shops and breweries.
Zogo Finance, in Durham, N.C., also partners with banks to promote financial education among their customers - and hopefully catch the attention of prospective customers.
The app launched in November 2019 and has 76 financial institutions as clients; most are credit unions, but Zogo has also landed a top-five U.S. bank and a global credit card company.
Pineapples can be redeemed for gift cards, charitable donations, and rewards from a partnered financial institution, such as a deposit into the user's bank account.
"A lot use it as a branding tool," said Li. "Others use it as a lead generation or acquisition tool." Financial institutions can market the partnership directly to their customers or supply a list of ZIP codes to Zogo.
"Our mission is to help financial institutions learn about and engage with the younger demographic," said Li. "We believe the next generation won't pick neobanks, they will pick traditional financial institutions."
Reference
Cross, M. (2021, January 27). Making a game of customer acquisition. Retrieved March 31, 2021, from https://www.americanbanker.com/news/making-a-game-of-customer-acquisition