Reading Time: 2 minutes
Omnetrium, an innovative software platform which designs, builds and operates custom prize-linked savings programs, congratulates Centennial Bank (www.my100bank.com) on the launch of their Cents To Win Prize Savings Program. The Cents To Win Program is powered through a technology partnership with Omnetrium.
“We at Centennial Bank are excited to partner with Omnetrium to provide our customers in Arkansas an innovative way to save for their future,” said Tracy French, Chief Executive Officer of Centennial Bank.
“With slowing deposit growth, higher interest rates and rising marketing & client acquisition costs, the timing is optimal for banks to explore prize-linked savings programs,” said John Hackett, co-founder of Omnetrium. “Although new to U.S. banks and consumers, prize-savings programs are offered by financial institutions around the globe as a proven and popular way to build sustainable new customer growth and inspire customer engagement with banks,” added John Hackett.
The appeal of prize-linked savings programs to consumers is simple – people place a high value on the chance to ‘win big’. And everyone knows how a prize-raffle or lottery works. With prize-linked savings, consumers deposit money in an FDIC-insured savings account with their bank. For dollars saved, they receive digital tickets that are entered in frequent drawings for a chance to win cash prizes. The more they save, the more tickets and chances the consumer has to win.
Omnetrium is a cloud-based software platform to design, build and operate custom prize-linked savings programs for financial institutions in the U.S. The platform was intentionally built in the Microsoft Azure Cloud to leverage their enterprise-grade scalability and extensive expertise in protecting data.
Omnetrium is based in Chicago, IL. In 2017, the company was one of ten firms selected from over 300 applicants to participate in the FIS FinTech Accelerator, a collaboration with FIS, The Venture Center and the State of Arkansas.
SOURCE Omnetrium
