24 July 2016
Find out more

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

30 May 2014  |  12764 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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Pay-by-sleeve: Heritage Bank unveils contactless payments suit

Pay-by-sleeve: Heritage Bank unveils contactless payments suit

17 April 2014  |  12920 views  |  0 comments | 18 tweets | 17 linkedin
Pebble smartwatch scores hat-trick of finserv apps

Pebble smartwatch scores hat-trick of finserv apps

21 March 2014  |  6661 views  |  1 comments | 8 tweets | 10 linkedin
Fidelity unveils Pebble smartwatch app

Fidelity unveils Pebble smartwatch app

19 March 2014  |  7189 views  |  0 comments | 6 tweets | 7 linkedin
CaixaBank builds Google Glass and smartwatch apps

CaixaBank builds Google Glass and smartwatch apps

19 February 2014  |  6042 views  |  0 comments | 8 tweets | 19 linkedin
Russian commuters get squat and ride payment option

Russian commuters get squat and ride payment option

14 November 2013  |  4167 views  |  1 comments | 7 tweets | 3 linkedin
Man who rewrote credit card terms sues bank for breaching contract

Man who rewrote credit card terms sues bank for breaching contract

09 August 2013  |  12176 views  |  2 comments | 16 tweets | 14 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comFind out moreVisit www.abe-eba.eu

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
7998 views 14 comments | 32 tweets | 36 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
7816 views 0 | 14 tweets | 8 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
7672 views 3 | 19 tweets | 7 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7566 views comments | 22 tweets | 28 linkedin
Brexit-scarred London fintech startups enquire about moving to BerlinBrexit-scarred London fintech startups enq...
7465 views comments | 16 tweets | 16 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job