Finance

Truist Buys Gamified Finance App Long Game

Truist has announced it will be acquiring Long Game, the gamified finance mobile app, a Truist press release said Tuesday (May 3).

Long Game uses prize-linked savings and casual gaming to help motivate smarter financial behaviors. It’s also improves account growth and client retention for banks, and Truist will leverage Long Game’s tech to help clients work on financial wellness.

The acquisition will see Long Game engineers, designers and business leaders joining Truist’s innovation team, and Long Game Co-Founder and CEO Lindsay Holden will be joining a team of engineers, product managers and designers to work on new solutions.

“Truist’s commitment to help people build financial wellness is exactly what we are about at Long Game,” Holden said. “We’ve revolutionized bank engagement and are eager to apply ourselves to creating disruptive technologies that help Truist deliver a human touch in new ways.”

Meanwhile, Ken Meyer, CIO for consumer technology with Truist, has said the acquisition is “a critical component of a broader innovation strategy at Truist that will future-proof our core businesses and attract inventive and entrepreneurial talent to help deliver new and groundbreaking solutions.”

See also: Truist Unveils No-Overdraft Accounts

PYMNTS wrote that Truist has rolled out two new checking accounts with no overdraft fees, which makes it the newest bank to fight back against an income source that has come under fire of criticism lately for being predatory. That will be a part of Truist One Banking, which is set to debut in the summer this year.

The accounts will also offer a deposit-based line of credit which won’t rely on credit scores for qualification.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

Leave a Reply

Your email address will not be published.

Back to top button