Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
New Zealand Bank Ties Mortgage Rates To Facebook 'Lottery'
WELLINGTON, N.Z. (7/12/13)--In a new approach using social media, one of New Zealand's largest banks has turned its mortgage rates into a social media lottery.

Every Wednesday for four weeks, ASB's "Like Loan" promotion will provide its Facebook users a chance to win a reduced fixed-rate home loan. The rate is based on the number of Facebook "Likes" the promotional app accumulates for the day (FinancialBrand.com July 1).

Before launching the promotion, ASB's Facebook page had 66,970 "Likes." After the launch, it added 6,000 more--a 9% increase.  The response helped drive down the first week's Like Loan rate to 2.4732%, compared with its 5.19% advertised rate for that type of loan.

The promotion created a lot of buzz, with 6,387 users talking about it. On the first day of the promotion, more than 800 of its Facebook users shared the app with friends.
Other Resources

Financial Brand.com
RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
1 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
5 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
5 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
7 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago