New banks

Looking to boost engagement during quarantine, Stash runs “Stock Parties”

  • The challenger bank is giving away fractional shares of stock during the COVID-19 crisis.
  • Using Twitter and a viral campaign, Stash has given away $100,000 of stock to 64,000 people.
close

Email a Friend

Looking to boost engagement during quarantine, Stash runs “Stock Parties”

Part giveaway and part social media event, Stash has been running virtual “Stock Parties” during the COVID-19 stay at home orders.

The open parties offer the chance for people to earn stock in their Stash investment accounts by joining others at 4pm EST each weekday. These parties were created to bring to life Stash’s approach to building healthy money habits in repeated, small steps. Stash recently reached $1 billion in AUM in $28 increments.

SPONSORED

Over 64,000 people have participated in Stock Parties since it launched in January 2020. On average, over 7,000 people join each party, with the biggest parties attracting over 18,000 participants. Stash has given out close to $100,000 in “party stock”.

The challenger bank uses Twitter (#StashStockParty) and community to get the word out about its Stock Parties. The parties are similar to Stash’s Stock-Back rewards program, which rewards Stash customers with cashback in the form of fractional shares on their everyday spending. More than $10 million in Stock-Back rewards have been given out to-date, up from $5 million in November 2019.

There appears to be a halo effect around earning or gifting fractional shares of stock. 65 percent of people participating in Stock Parties hold or buy more of the earned investment as part of their portfolios. Similarly, 30 percent of Stash customers who received a reward in stock went on to make additional investments in that security, according to the company.

Stock Parties have become a way for thousands of investors to earn fractional shares of stocks in a wide variety of companies, and a way to come together during a period of isolation. The company claims the parties are growing in virality, participation and bonus stock amounts.

The Stock Party has simple rules. Each weekday, Stash uses Twitter to announce which stock will be given away that day, and then the party begins at 4pm EST. Participants can recruit friends ahead of the party to boost the “party power,” increasing the total dollar amount and each person’s potential stock reward. 

0 comments on “Looking to boost engagement during quarantine, Stash runs “Stock Parties””

Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
New banks

Are neobanks still considered disruptors?

  • Neobanks include thousands of companies seeking to disrupt banks across different customer segments and products.
  • As the digital transformation unfolds throughout the financial services industry, there will be a role for all types of service providers, including brick-and-mortar institutions.
Lindi Miti | September 02, 2022
New banks

Timberland Bank offers a savings program that pays customers to learn about finances

  • Integrations don’t have to be a painful, dragged out process if the right people are involved.
  • Paying people for learning about their finances can improve financial wellness and customer engagement.
Rabab Ahsan | September 01, 2022
Member Exclusive, New banks

Banking Briefing: All about branches

  • In a world of Web2s, Web3s, and Web-what-have-yous, a bank’s physical presence can almost feel passé.
  • But despite their decline in numbers, branches still very much play a role in banks’ success – from improving accessibility to getting in front of more consumers’ eyes.
Rivka Abramson | August 30, 2022
Member Exclusive, New banks

Banking Briefing: Offering personalized banking in an inflationary environment

  • As the financial situation takes on darker hues for consumers, personalization takes on a whole new dimension.
  • Here's what one neobank is doing to offer personalized services when times are tough.
Rivka Abramson | August 15, 2022
More Articles