30 July 2014

Alfa Bank uses wearable tech to make customers sweat for their money

30 May 2014  |  7106 views  |  0 FitBit

Russia's Alfa Bank is tapping into the craze for fitness-based wearable technology and bribing its customers into getting in shape.

Most bank efforts in the wearable arena have so far focused on mundane features such as account updates and ATM finders but Alfa, as spotted by PSFK, has taken a more innovative approach.

The bank has teamed up with marketing consultancy 42 Agency on Alfa Activity, a service that invites customers to link their online accounts with their Fitbit, Jawbone UP or RunKeeper tracker devices.

The customer then assigns a cash value to their movements through the day. For every step, the designated amount is moved from the customer's normal account to a high interest savings one.

Alfa says that customers who have used the system have not only been saving twice as much as those that have not but have also upped the amount of steps they take every day.

This isn't the first time that Russians have been given the chance to save money through exercise. Last year, in a marketing gimmick ahead of the Winter Olympic Games, commuters on Moscow's subway were invited to pay for their journeys by carrying out squats.

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