Community bank launches savings app

BROOKLYN, Mich.—Brooklyn-based Bank Michigan announced today that it has launched Plinqit, a brandable savings app that pays users for engaging with content.

With $106 million in assets, Bank Michigan was founded in 1907 to support the community of Onsted. Since then, the bank has grown, now servicing individuals in several other Michigan communities, including Ann Arbor and Brooklyn. Priding itself on being a 100-year-old community bank, its team takes the word “community” very seriously and views banking as more than processing a deposit or making a loan.

To maintain this commitment and to further growth, the bank is launching Plinqit to foster deeper relationships with existing customers and attract new ones. By expanding its digital offerings to provide a solution that helps its customers build savings, Bank Michigan is helping break the cycle of living paycheck-to-paycheck.

Unlike any other savings app, Plinqit’s patent-pending Build Skills pays users for engaging with content, creating higher user engagement for Bank Michigan and improved financial literacy for its customers with a reward. The bank’s customers simply watch an educational video or read an article from the Plinqit library, take a short quiz and Plinqit adds money toward their savings goal as a reward.

“Bank Michigan’s core belief is to always provide value to the communities we serve,” said Richard C. Northrup III, president and CEO of Bank Michigan. “Plinqit will offer our current and prospective customers the opportunity to grow their savings and attain financial freedom through the app. As our customers become more familiar with Plinqit and build their financial skills, we expect to see growth in our customer engagement and acquisition.”

“Plinqit was designed to create an innovative way to save money and learn about personal finances,” said Kathleen Craig, founder and CEO of Ann Arbor-based HT Mobile Apps, creator of Plinqit. “Community financial institutions, like Bank Michigan, are able to connect with customers in a unique way while helping them improve their financial literacy through our savings app. We are excited to see Bank Michigan grow as they build lasting relationships with their customers through Plinqit.”

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