Russian Bank Rewards Customers Who Work Out With Higher Interest Rates
Fitness trackers convert sweat into savings in a world first for personal finance.
The days of walking for free could soon be over as Russia’s Alfa-Bank has started to pay customers for every step they take. Using data from fitness trackers like the Fitbit and Jawbone UP, the new Activity platform monitors customers’ movements and transfers small amounts of their money to a special savings account depending on how much they exercise. The only way to gain access to this account, and its high interest rate of 6% per annum, is to get moving.
Noticing the growing popularity of wearable devices, Alfa-Bank teamed up with 42 Agency, a marketing consultancy and advertising agency in Moscow, to link fitness tracking to personal finance. The result is Activity™, a new software that rewards account holders for leading active lifestyles.The app is the first of its kind and can be used by any customer who has RunKeeper, Fitbit or Jawbone UP.