Posted by George Pasley
Lately there’s been a lot of buzz in the mainstream about location games from companies like foursquare, brightkite, GoWalla and Booyah’s MyTown. Facebook is also getting into the space with their new Locations feature and Google has Google Latititude. The question is, how can banks and credit unions get in on the game? TDECU and North Shore Bank are two financial institutions that give rewards to the mayors of their branches. But does this really fit into a FI’s strategy, as most have driven customers to online, self service channels? The Financial Brand gives a great breakdown of why may not the best approach.
We’ve also been kicking around some ideas of incorporating location games into promotions. Giving a reward to only the mayors of our branches didn’t seem a good idea long term. We too see that our branch traffic is down and most people only check-in there to earn a badge. Earning badges that are specific to our bank was another idea, but customers would still only be trying to earn a badge.
While updating my locations on Foursquare the other day, the light bulb came on. Why not use the Promotions and To Do features of Foursquare? For example, get a gift certificate if you come in and sit with a FSR/CSR to make a personal financial plan. Or you can make a To Do of signing up for your new mobile banking or PFM service. The trick is to help your customers do more than just check-in for a badge. By giving them a task, you both can come away with something positive.