New products

Launch of Truist Foundry to develop new products

Building on its May acquisition of the gamified mobile finance app Long Game, Truist has launched an innovation division which it says will operate as “a startup within the bank”.

The new Truist Foundry founding team joins the bank from Long Game and will work with other members of the Truist team – including professionals from the bank’s Emerging Channels engineering team – to develop new products and experiences. , a spokesperson for Truist told PYMNTS in an email.

With a cross-functional team of business, design, operations, product, risk, and technology professionals, the Truist Foundry “will deliver game-changing products and serve the business of banking. [lines of business]“, according to the email.

Lindsay Holdenthe former CEO of Long Game, will head up the Truist Foundry.

long games gamified finance The mobile app uses prize-related savings and casual games to help motivate smarter financial behaviors. It also improves account growth and customer retention for banks.

When Truist’s acquisition of the company was announced on May 3, the bank said engineers, designers and business leaders from Holden and Long Game would join the bank and work on new solutions.

“Truist’s commitment to helping people build their financial well-being is exactly what we are looking for at Long Game,” Holden said at the time. “We have revolutionized engagement banking and look forward to striving to create disruptive technologies that help Truist deliver the human touch in new ways.”

As PYMNTS reported on May 4, Truist is what you might call a “mainstream” financial institution, as it is the sixth largest bank in the country, ranked by assets.

By taking Long Game into its fold, the company seeks to influence customers in ways that encourage them to, for example, accumulate savings and engage in other proactive financial behaviors.

Now, with the launch of Truist Foundry, it also aims to add more innovations.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

https://www.pymnts.com/acquisitions/2022/truist-acquires-arena-platform-to-boost-data-management/partial/