4 Fintech Prize Campaign Ideas, With Real Examples

A month of rent. A new phone. The cost of the purchase you just made. Customers can picture these rewards without working through a points conversion table.

The design challenge is connecting that appeal to a useful action at a cost you can afford. These four fintech examples take different approaches.

1. bunq: size prizes around the customer's payment

Use a recent purchase to set the prize amount. Returning part, all or a multiple of that payment makes the reward personal.

bunq's Wheel of Fortune awarded spins for eligible card payments. Categories depended on the plan; outcomes included fractions or multiples of the payment, trees and extra spins. Earned spins expired the following Sunday.

Prizes went to the first spin after predefined winning times. That allocation matters when budgeting: equal-odds lottery math won't describe it. Customers also need a clear explanation of how winners are selected.

2. Wealthsimple: offer a choice of Apple devices for moving funds

Offer a device customers might otherwise buy themselves. Let them choose when preferences vary, and make the required balance and holding period clear.

Wealthsimple offered Apple devices, including an iPhone or MacBook Air, after qualifying funding. Customers had a selection deadline and a 730-day balance commitment following the funding period. There was no cash alternative, and excess withdrawals could trigger recovery of the reward's value.

Compare the device's full delivery cost with a cash offer of similar cost. The device needs to attract enough retained funds to justify procurement and support.

3. Revolut: link prizes to personal spending, salary and savings

Use a value from the customer's own account history to make a prize easier to relate to.

Revolut's Milestone Rewards offered a guaranteed reward after 100 consecutive active paid-plan days. Possibilities included lounge access, a year of a higher plan and cash-based rewards linked to spending, salary or savings. Customers had 14 days after notification to reveal and claim.

A personal reference needs a clear calculation. Show which period and transactions determine the amount, as well as the available reward types.

4. Bilt: give players a chance to win a month's rent

Choose a prize that matches the expense your product helps customers manage.

Bilt's Rent Free game show offered the top ten players a month of rent, capped at $2,500. Players answered three questions, with rankings combining their responses and a guest's answers. Lower ranks received points prizes. Entry required no purchase, and rent obligations had to be verified.

The prize fit the product even though entry didn't require payment activity. Measure whether participants later use the product as well as how many enter.

Calculate the cost of a prize campaign

Consider an illustrative draw with 10,000 customers, one entry each and 25 distinct winners chosen uniformly. Each winner receives $1,000:

• Chance of winning: 0.25% per customer.
• Prize budget: $25,000.
• Prize cost per entrant: $2.50, before operating costs.

Calling that reward a month of groceries changes how customers picture it. Paying each winner's actual grocery bill changes the budget. You would need a payout cap and a way to verify the expense.

For devices, add delivery, returns and support. For rewards based on account history, include data checks and claim handling. If a reward can be recovered after delivery, explain the condition before customers join.

Match prize rewards to customer actions

A payment-based prize fits card use. A device can suit a larger funding commitment. A reward based on personal history needs enough account data to calculate it reliably.

Choose the action first, then check whether the prize earns its cost through continued use, retained funds or paid-plan retention. The reward program guide covers claims and expiry; card spending campaigns offers more ways to connect rewards to purchases.