Citizens Bank launched a partnership with Microsoft to provide consumer financing for the tech company’s Xbox All Access program, the bank announced Monday.

The program allows Xbox customers to finance the latest Xbox console and have access to games through a loan with Citizens Bank. While the partnership enables Microsoft to reach more customers, for Citizens, it’s a means to build a relationship with new customers over time. 

Brendan Coughlin, president of consumer deposits and lending at Citizens Bank, explained that partnering with Microsoft will help the institution reach a younger clientele. 

“We are absolutely focused on millennials and Gen Z,” he explained. “It gives us great access to get our brand out to that demographic.” 

The loan will include such features 0% APR financing along with a simple and seamless point-of-sale loan experience that will be available through Amazon in the U.S. Citizens is partnering with LiftForward, a technology firm, to develop the platform for the Xbox All Access program. 

When the new Xbox is released during the 2020 holiday season, gamers who are on Amazon will be able apply for the loans through the platform. Once the 24 months of financing is over, customers can renew their subscription to finance an upgraded Xbox, or decide to end the subscription. 

According to Coughlin, it took about a year to develop an algorithm that would assess a potential customer’s banking information and credit scores. The software will enable customers to input some information online when they sign up for Xbox All Access. Their credit score will be reviewed, and in moments, customers will receive an email stating if they are eligible for the loan. And though financing the Xbox subscription does not include paying interest, customers can use it to build their credit.  

See also: Inside Citizens Bank’s point-of-sale lending strategy

Though Citizens Bank would not offer specifics on how it would monetize the program, Coughlin confirmed that the bank would get percentage of the revenue from each signup.

Over the past two years, Citizens Bank has built up its presence in the point-of-sale loan arena. It is Apple’s bank partner for its iPhone upgrade financing program (a tie-up launched in 2017), and the bank is expanding its point-of-sale loan product’s reach into other areas of retail, including home improvement brands and security companies like ADT.

To Citizens, point-of-sale loans are a big market opportunity with good revenue prospects, despite the competition from startups. The bank’s differentiator, according to Andrew Rostami, Citizens’ executive vice president of unsecured lending, is its long-held expertise and line of sight into the customer’s bigger financial picture.

Coughlin emphasized that Citizens, through point-of-sale partnerships with brands, is cementing new customer relationships.

“We believe that this is an incredible opportunity for us to get our brand out there and start a relationship,” Coughlin explained. “We hope that this gives us a little bit of trust with that consumer so we can serve their needs when the next thing arises.”

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