Technology & Innovation — November 28, 2014

Banks Start Private Lotteries to Incentivize Customer Savings

Banks and credit unions have found a new way to lure customers: for each deposit made, enter them in a lottery that pays out cash prizes.

Orion Jones

Banks and credit unions have found a new way to lure customers: for each deposit made, enter them in a lottery that pays out cash prizes. This model of doing business capitalizes on the idea of state-run cash lotteries which are often accused of taking money from those who need it most in exchange for pipe dreams.

Another strategy employed by banks is to actually sell lottery tickets, instead of making entries automatic when customers deposit money. When customers buy tickets, the money is placed directly into their accounts. Banks and credit unions that have adopted this method consider buying actual lottery tickets a stronger incentive to save since customers take a more active role in the process.

In his Big Think interview, financial manager Aaron Patzer discusses the three principles to saving money:

1. Spend less than you earn.

2. Make the money you have work for you.

3. Be prepared for the unexpected.

Read more at Nautilus

Photo credit: Shutterstock

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