Millennials and Gen Z deposit $57,000 monthly into Venti to earn travel rewards
that let them fly for free. Venti plans to expand nationwide to
more banks and credit unions.
WASHINGTON, June 26,
2024 /PRNewswire-PRWeb/ -- Venti, a fintech company
from Washington, D.C., believes
many small banks and credit unions (SBCUs) face severe membership
declines as their value proposition no longer resonates with young
customers. According to a 2022 survey conducted by GoBankingRates,
the average age of a credit union member is 53, which far exceeds
the median age in the United
States of 38.5. To combat this problem, Venti launched a
travel savings app with a rewards APY of 9%. The app requires
customers to deposit their funds at Veridian Credit Union to
receive points. Since their November
2023 launch, Gen Z and Millennial travelers have been
depositing $57,000 monthly to accrue
enough points to book flights and hotels at discounts of up to 100%
off retail.
"With our rewards app, we've diverted
nearly half a million in deposits from Chase, Ally, PNC, Capital
One, and other large banks to Veridian Credit Union with no
marketing budget or outside funding." Markus Proctor, CEO, Venti Financial, Inc.
"With our rewards app, we've diverted nearly half a million in
deposits from Chase, Ally, PNC, Capital One, and other large banks
to Veridian Credit Union with no marketing budget or outside
funding. It's a drop in the bucket, but we plan to replicate this
model across the industry to help re-establish community banks and
credit unions as viable financial partners for younger customers,"
says Markus Proctor, Founder and CEO
of Venti Financial, Inc.
Over 90% of customers have not withdrawn a single dollar since
their initial deposit. The team at Venti remains confident that
people will go where the rewards are valuable and easy to earn,
even to SBCUs.
Rewards Make a Difference
Research conducted by Oracle revealed that Gen Z and Millennials
are highly motivated by reward programs, with nearly 60 percent
actively participating in one. Venti focuses on younger customers
who place travel at the top of their priority list. "Most small
institutions do not have the resources to launch and manage a
full-scale travel rewards program that can compete with Capital One
or Chase. At Venti, we're using artificial intelligence (AI) and
machine learning to fix that," said Proctor. Credit unions with
over $2.5 billion in assets under
management have contacted Venti to explore a partnership. "We're in
active discussions to launch pilot programs scheduled to begin as
early as 2025," continued Proctor.
A Virtual Agent for Every Customer
Venti believes a one-size-fits-all rewards approach is no longer
sufficient to attract or retain younger customers due to AI's
inevitable transformation in how people interact with institutions
and brands. "AI will quickly make obsolete any strategy focused on
providing all end users an identical rewards experience," said
Proctor. Venti is developing a virtual agent to empower end users
to reach their financial goals faster by providing a gamified
experience tailored to their preferences and motivations. Venti's
AI will transform every activity into a rewardable one, such as
opening a checking account, depositing into savings, making on-time
payments, shopping with a debit/credit card, refinancing their
student loans, improving their credit scores, talking with a
financial advisor, and more. With this holistic rewards approach,
Venti aims to help SBCUs lower customer acquisition and retention
costs by up to 75 percent.
Create a free Venti account at www.venti.co to be among the
first to try out Venti's AI virtual agent later this summer. For
partnership inquiries and investor relations, please contact:
Media Contact
Markus Proctor, Founder, CEO,
Venti Financial, Inc., 1 8885154209,
markus@venti.co , https://venti.co
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SOURCE Venti Financial, Inc.