ANN ARBOR—Plinqit, a brandable savings app that pays users for engaging with content, has exceeded $400,000 (and growing) in total deposits by users since launching last year.
Supporting this rapid increase in deposits, Plinqit is creating substantially higher user engagement (55 percent on average) compared to other savings apps, which average an engagement rate of only 36.3 percent, according to a 2018 report. Also, more than half (66 percent) of Plinqit users have completed their savings goal since the app was launched last year, with users already starting new goals.
Created by millennials for millennials, Plinqit is a free, simple and easy way to the first step toward financial freedom and path to personal financial success. Users simply transfer money from their checking account to Plinqit, set a goal, timeframe and withdrawal amount, and watch their Plinqit savings account grow. Typically, account fees are at or below the cost the bank is paying today for savings accounts, and well below Christmas and vacation club accounts.
The only platform of its kind, Build Skills pays users for engaging with content, creating higher user engagement for financial institutions and improved financial literacy for users with a reward. Plinqit and its Build Skills platform helps users by providing sound financial education in order to save and plan for future financial needs such as buying a home, building a rainy-day fund or saving for a child’s education. Additionally, Build Skills helps them earn more money toward their savings goal.
Among the financial institutions seeing significant growth is First Arkansas Bank & Trust (FAB&T). The $800 million-asset bank was looking to move customers off its existing Christmas Club accounts, as well as develop a strategy to attract a younger demographic.
According to Roger Sundermeir, the bank’s senior vice president and chief branding officer, “In just nine months, Plinqit has proven to be the savings tool of choice among consumers. It’s been pretty remarkable. By offering a new type of tool that actually pays users to engage, banks like FAB&T are seeing the impact. This is especially critical as institutions look to grow deposits. We’re thrilled with the growth Plinqit is seeing and expect to see an even greater impact made across the entire industry.”
Added Kathleen Craig, founder and CEO of HT Mobile Apps, creator of Plinqit: “There are hundreds of savings apps on the market, with new ones popping up constantly. The problem is that they do little more than help consumers save and they are not engaging. Additionally, they fail to meet the features and functions consumers want. And—most importantly—they lack innovation. By offering a new type of tool that actually pays users to engage, banks like FAB&T are seeing the impact. This is especially critical as institutions look to grow deposits. We’re thrilled with the growth Plinqit is seeing and expect to see an even greater impact made across the entire industry.”
More at www.plinqit.com.