Truist: Using Behavioral Strategies To Incentivize Savings
“Our goal is to make sure that we create a safety net around our clients, [so] that the next car repair or … roof leak or appliance repair does not become a crisis for a family in need.”
Bahari Harris, SVP, Emerging Markets Segment Strategy Manager, Truist
How Sweepstakes Help Build Savings Habits
Unexpected expenses can create a financial crisis for families who are already struggling. To help its customers prepare for these emergencies, Truist partnered with BlackRock’s Emergency Savings Initiative (ESI) and Commonwealth to develop a more accessible savings solution for its customers.
With ESI’s help, Truist implemented the “Start. Save. Win!” savings sweepstakes, which incentivized its customers to save by offering a chance to win $500 for every $25 they saved. Truist also worked with ESI to ensure as many customers as possible could build savings habits through behavioral strategies like sweepstakes.
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The 2022 Impact Report
Truist is one of more than 30 organizations that have joined forces with ESI, ultimately helping millions of people gain access to emergency savings. Read the full report to explore key milestones, learnings, and emerging areas for innovation.
