Russia's Alfa Bank leverages wearable technology to help customers save money

Russia-based Alfa Bank is leveraging the fitness-based wearable technology to help customers save money while getting in shape.

Russia-based Alfa Bank is leveraging the fitness-based wearable technology to help customers save money while getting in shape.

Most banks have been using wearable solutions for easier services including account updates and ATM finders. Alfa bank has, however, taken a new approach as spotted by PSFK, reports Finextra.

In order to make its new service initiative successful, the lender has collaborated with marketing consultancy 42 Agency.

Dubbed as ‘The Alfa Activity,’ the service invites customers to connect their online accounts with their Fitbit, Jawbone UP or RunKeeper tracker devices.

After that the customer assigns a cash value to their movements through the day. For every step, the chosen amount is moved from the customer’s normal account to a high interest savings one.

Alfa Bank claims that the 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.