Back to top

Image: Bigstock

Truist Financial (TFC) Buys Gamified Finance App Long Game

Read MoreHide Full Article

With a view to help its clients build long-term financial wellness, Truist Financial Corporation (TFC - Free Report) has acquired the award-winning gamified finance mobile app, Long Game. Long Game changes the way people engage with their banks. The finance mobile app uses prize-linked savings and casual gaming to motivate smart financial behavior.

Truist Financial is expected to use Long Game’s innovative technology to inspire and build better lives and communities.

Vanessa Indriolo Vreeland, the head of corporate development and Truist Ventures, stated, “At Truist, we are laser focused on shaping the future of finance with innovative people and products – and democratizing entrepreneurial opportunity while we do it. Long Game is a female-led business with a diverse team of incredibly talented innovators creating unique solutions to help people achieve financial confidence.”

Ken Meyer, the CIO for consumer technology and innovation at Truist Financial, said, “This acquisition is a critical component of a broader innovation strategy at Truist that will future-proof our core businesses and attract inventive and entrepreneurial talent to help deliver new and groundbreaking solutions.”

Notably, Long Game’s modern architecture is aligned with Truist Financial’s existing technology stack, which will increase client engagement, savings and financial education, particularly among millennial and Gen Z populations. The technology also complements Truist Momentum, a workplace financial wellness program that educates, equips and inspires employees to manage their money based on what matters the most to them.

As part of the acquisition, Long Game’s engineers, designers and business leaders will join Truist Financial. Long Game’s co-founder and CEO, Lindsay Holden, will lead a team of engineers, product managers and designers responsible for technology innovation and the development of client-centric solutions.

Holden said, “Truist’s commitment to help people build financial wellness is exactly what we are about at Long Game. We've revolutionized bank engagement and are eager to apply ourselves to creating disruptive technologies that help Truist deliver a human touch in new ways.”

Over the past year, shares of Truist Financial have lost 18.1% compared with a decline of 16.9% of the industry.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

Currently, TFC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A couple of better-ranked stocks from the finance space are Independent Bank Corporation (IBCP - Free Report) and Civista Bancshares, Inc. (CIVB - Free Report) .

Independent Bank’s Zacks Consensus Estimate for current-year earnings has been revised marginally upward over the past 30 days. Over the past two years, shares of IBCP have gained 46%. IBCP currently carries a Zacks Rank #2 (Buy).

Civista Bancshares also carries a Zacks Rank of 2 at present. CIVB has witnessed an upward earnings estimate revision of 1.3% for 2022 over the past 30 days. CIVB’s shares have gained 46.8% over the past two years.


In-Depth Zacks Research for the Tickers Above


One ticker, your choice, absolutely free ($25 value):


Independent Bank Corporation (IBCP) - free report >>

Civista Bancshares, Inc. (CIVB) - free report >>

Truist Financial Corporation (TFC) - free report >>

Published in