Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
13 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
13 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
16 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
17 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
19 hours ago