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SaveUp Flips Traditional Banking Rewards Model

The new savings rewards program is partnering with financial institutions such as Bank of the West to offer consumers incentives for reducing debt and increasing assets.

In light of the recent recession, Bank of the West was also looking for a different approach to banking rewards, says Rosen. "What I love about SaveUp is it completely flips the concept of bank rewards," he says. "Most programs reward spending through debit or credit cards. We looked at that model and felt that everyone else was doing it. We try to do things a little bit differently than most banks, so we wanted to take a completely different approach to a rewards and loyalty program -- one that rewards customers for positive financial behavior."

Currently, Bank of the West is raising customer awareness of SaveUp through its Facebook page. Rosen says the bank is also building out a link to SaveUp on its website and is working with the SaveUp team to develop co-op marketing programs and test out different ways to promote the bank's products. "The beauty of it is that the SaveUp team has built the platform, and really, all we're doing is linking to them and encouraging our customers to take advantage of the relationship that we have with SaveUp," says Rosen.

Rosen feels that programs like SaveUp can help banks boost their image and show customers that they're not just trying to get them to spend money. "There's a lot of animosity toward banks right now, and we wanted to make sure that we were contributing in a positive way," he says. "Our approach is we're here to help meet our customers' needs. We think that if we're educating them on how to pay off debt or budget, then that's a win-win for our customers and for the bank."

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