Plinqit surpasses $1 million saved since launch
Higher than average user engagement allows community financial institutions to better connect with users
ANN ARBOR, MI (April 28, 2020) — Plinqit, a brandable, savings app and the only savings tool that pays users for engaging with content, continues its growth, exceeding $1 million in total saved by users since launching last year. In a time of economic uncertainty, Plinqit is helping community financial institutions connect with consumers as they learn more about personal finances and saving.
Earlier this year, Bankrate reported that only four in 10 U.S. adults (41 percent) would cover the cost of a $1,000 of a major unexpected expense by using savings. While Millennials’ saving habits have been improving with one quarter of them having $100,000 or more in savings, the pandemic has unscored the importance of savings and understanding finances for all Americans.
Plinqit, created by Millennials for Millennials, is unlike any other savings app on the market. With Plinqit’s patent-pending Build Skills™, users not only interact with content that improves their financial literacy – they are paid to do so. Understanding that saving is the first step on the path to financial wellness, the platform has provided users with a free, simple and easy-to-use way to save and plan for future financial needs.
On average, Plinqit account fees are the same or less than the cost of a traditional savings account, and by helping banks and credit unions attract and retain consumers in a unique way, Plinqit offers financial institutions a way to build stronger connections.
Recently, Bank Michigan launched Plinqit to attract customers in a more cost-effective way while deepening their relationships with existing customers.
“We have offered Plinqit at Bank Michigan for a few months and are excited by the success we have had with the app,” said Richard C. Northrup, III, President and CEO of Bank Michigan. “With the app, our customers now have the opportunity to grow their savings and knowledge of personal finances to break the cycle of living paycheck-to-paycheck. With the significant growth we have already had, we cannot wait to see what the future holds for Bank Michigan with Plinqit.”
“We created Plinqit to not only help people save but also to improve their understanding of finances. With no shortage of savings apps on the market, our goal was to create an app that did more for customers, so they actually wanted to use it,” said Kathleen Craig, founder and Chief Executive Officer of HT Mobile Apps, creator of Plinqit. “Our innovative Build Skills™ platform pays users for learning about personal finances which helps them reach their savings and education goals.”
“With continued uncertainty caused by this pandemic, we are proud that our app has encouraged users to increase their knowledge of personal finances and save. While many are safely staying home, they are able to continue to engage with financial institutions, like Bank Michigan, from their mobile devices. Although we know that no one could have prepared for this world event, we are dedicated to helping consumers on their path to financial wellness. We will continue to support our community financial institution partners as they support the communities they love,” Craig continued.
Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. At Plinqit, we're helping everyone Money Intelligently™. For more information, visit info.plinqit.com.