News: truist bought fintech long game for an undisclosed sum, as the US bank seeks to boost engagement with younger customers, according to a press release.
Is that how it works: a self-proclaimed gamified Finance App, Long Game uses savings tied to prizes and casual games to encourage customers to better manage their finances and improve their financial literacy.
- Truist plans to relaunch an improved version of the app and make it available to more than 15 million homesaccording to TechCrunch.
- The bank said the acquisition “future proof” their core businesses and increase customer engagement, particularly among millennial and Gen Z customers.
Promoter of young banking: Our research has found that Gen Zers have a tendency to distrust traditional financial institutions (FIs)—for example, only 11% of women and 19% of men have sought financial advice from a bank or credit union associate. But almost half (47%) aim to improve their credit scores and 46% want to establish and maintain a budget, according to Mark.
Truist can use the Long Game app to better serve this demographic and move away from the suffocating institutional image that traditional banks may have in their minds. Mobile financial tools and the casual gaming approach built into Long Game can help with this.
Other FIs have also set out to shape a new image to appeal to younger consumers. This includes Goldman Sachswhich renowned its Marcus direct bank to help build customer confidence within the same younger demographic.