This AI-Driven Travel Rewards App Might Save Small Banks
Summary
"With our rewards app, weve diverted nearly half a million in deposits from Chase, Ally, PNC, Capital One, and other large banks to Veridian Credit Union with no marketing budget or outside funding." Research conducted by Oracle revealed that Gen Z and Millennials are highly motivated by reward programs, with nearly 60 percent actively participating in one. Venti believes a one-size-fits-all rewards approach is no longer sufficient to attract or retain younger customers due to AIs inevitable transformation in how people interact with institutions and brands. Venti is developing a virtual agent to empower end users to reach their financial goals faster by providing a gamified experience tailored to their preferences and motivations. Ventis AI will transform every activity into a rewardable one, such as opening a checking account, depositing into savings, making on-time payments, shopping with a debit/credit card, refinancing their student loans, improving their credit scores, talking with a financial advisor, and more.