Take a Chance on a Money Hungry Lion
Online lender adds games of chance to keep customers interested
Just last week, I wrote about how the Dave App was using games of chance to entice customers to take out more loans.
Now, it seems that online lender MoneyLion is getting in on the act.
To be clear, MoneyLion’s game doesn’t encourage or incentivize taking out a loan. It does, however, give customers one more chance to interact with their platform. Keeping customers regularly engaged will surely lead to at least some of them doing additional borrowing.
The trend here is clear: Fintech lenders with app-based interfaces want customers to be regularly using their apps. Period. The more customers access the apps, the more information they can collect about the customers and the more likely those customers are to take out new loans.
New loans mean more debt for the customers, but more profits for these fintech lenders.
