First and only savings app of its kind, Plinqit pays users for engaging with content
ANN ARBOR, Mich.--(BUSINESS WIRE)--Plinqit, a brandable, savings app and the only savings tool that pays users for engaging with content, was selected as a finalist for Bank Director’s Best of FinXTech Awards, recognizing its innovation in creating an interactive savings app.
The FinXTech awards recognize the efforts of emerging financial technology solutions within its FinXTech Connect platform that best help a financial institution grow revenues, create efficiencies or reduce risk. Based on Bank Director’s analysis of each solution’s capabilities —including actual results and feedback from bank partners, like Plinqit’s ChoiceOne Financial Services (COFS) and First Arkansas Bank and Trust — awards were given to the top-rated financial technology companies within various categories.
Plinqit is unlike any other savings app. Its patent-pending Build Skills™ pays users for engaging with content, creating higher user engagement for financial institutions and improved financial literacy for users with a reward. Financial institutions’ 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.
Since launching, the app has exceeded $500,000 (and growing) in total deposits by users, demonstrating the sharp increase in account openings and strong consumer engagement. In fact, Plinqit is creating substantially higher user engagement (55 percent on average) compared to other savings apps, with more than half (66 percent) of Plinqit users having completed their savings goal.
“As an educational resource for U.S. banks, Bank Director is excited to recognize technology companies, like Plinqit, who are driving real growth for financial institutions through new products, increased security and operational enhancements,” said Mika Moser, President of Bank Director and FinXTech.
“It is an honor to be chosen by Bank Director as a finalist for the 2019 Best of FinXTech Awards,” said Kathleen Craig, founder and Chief Executive Officer of HT Mobile Apps, creator of Plinqit. “We launched Plinqit to help financial institutions, like ChoiceOne Financial Services and FAB&T, connect with their customers in a deeper way while also increasing financial literacy.”
Craig continued, “Financial education is lacking, especially among the youngest generations, and we are seeing the effects in consumer financial behavior and saving habits. In fact, according to GOBankingRates, over half (58 percent) of American adults do not have $1,000 in their savings accounts to cover emergency expenses, and many are struggling to pay down debt. Forbes recently reported that 38 percent of United States households carry credit card debt; just under half (43 percent) of individuals with student loans are not making payments; and one in three Americans have no money saved for retirement. This is a serious problem and one we’re passionate about solving through Plinqit.”
Plinqit is a brandable, mobile first platform that is elegant and highly powerful at the same time. Unlike any other savings app on the market, its patent-pending Build Skills™ pays users for engaging with content, creating higher user engagement for financial institutions. Created by Millennials for Millennials, Plinqit helps financial institutions connect with this important demographic in a meaningful, relevant way - bringing together digital customers, FI’s and savings in one beautiful place. For more information, visit www.plinqit.com.