A Good Example of Innovation in Retail Banking – Alpha Bank

It is very well known that one the best ways to come up with new innovations is to mix and match existing interesting ideas to come up with something unique.

If there was an industry that needed to come up with innovative solutions, it was the Retail banking industry.  I cant even remember when was the last time that this industry actually came up with an innovative offering from the start of the internet banking era.

Now, Alpha bank in Russia has come up with a novel concept of a Fitness Account. This idea already combines two existing needs of their customers

  1. To earn higher interest and
  2. To get fit.

Using an existing innovation, which is fitness devices to track the physical activities.

The video below explains how the account functions:

Alfa Activity: to earn money, you have to sweat from 42 Agency on Vimeo.

This is an exciting product. I hope that there are many more such innovative products that banks could launch for their retail customers.

Do you know of any other innovative products launched by the retail banks? Pls share the same with us.