ChoiceOne Bank experiences strong engagement
within first year of launching new savings app
ANN ARBOR, Mich., May 13, 2019 – Plinqit, a brandable, savings app and the only savings tool that pays users for engaging with content, has surpassed the industry’s average engagement rate with more than 55 percent of users actively using the app.
Out of all mobile applications, finance apps see the highest engagement rate with users typically returning to an app every eight days, according to LeanPlum’s 2018 Mobile App Engagement Index. Among finance apps, the study found that the average engagement rate across the industry is only 36.3 percent – significantly lower than Plinqit. Additionally, more than 66 percent of Plinqit’s users who have achieved their savings goal started a new one, demonstrating the growing popularity and consumer demand for the app.
Enabling financial institutions to provide a non-traditional ‘cool’ tool, Plinqit helps with the first step of the financial wellness journey: saving money. Specifically, it helps Millennials and other digitally-centric individuals save for specific goals using an automated mobile experience that makes it fun, rewarding and social.
Unlike any other savings app on the market today, Plinqit features its patent-pending Build Skills™, an educational platform that actually pays users for engaging with content, creating higher engagement for financial institutions and improved financial literacy for users with a reward – a true win-win. Users 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.
Sparta, Mich.-based ChoiceOne Bank recently launched Plinqit and has realized significantly strong engagement compared to its previous, antiquated Christmas Club accounts. Compared to its previous offering, Plinqit provides a more cost-efficient customer acquisition strategy for savings accounts. This is significant because managing a savings account currently results in a net loss. Plinqit absorbs costs and charges a lower fee than ChoiceOne would normally incur.
“Since launching Plinqit nearly a year ago, we have seen double-digit growth in total Plinqit users month-over-month,” said Adom Greenland, COO of ChoiceOne. “It is clearly a tool consumers want. And engagement among our current users is incredible, with 80 percent of users setting new goals. This is much higher than we anticipated.”
“Created by Millennials for Millennials, Plinqit aims to help financial institutions like ChoiceOne connect with an important demographic in a meaningful, relevant way – and it’s working,” said Kathleen Craig, founder and Chief Executive Officer of HT Mobile Apps, creator of Plinqit. “Plinqit is an attractive savings app, with some financial institutions seeing over 100 accounts opened within a few days of launching compared to an average of one month for 100 accounts. Not only that, it’s empowering consumers with greater financial knowledge to make better decisions. It is truly a tool that is good for both financial institutions and consumers alike.”
Designed by people who were looking for an innovative, fun and easy way to save money themselves, Plinqit is built for success. It takes less than five minutes to set up an account, requiring only a checking account and browser access. By automating the savings process, Plinqit enables users to work toward their goals without even realizing it. Additionally, Plinqit is free. There are no service or usage fees. Plus, because of the multiple ways users earn monetary rewards, Plinqit has the ability to pay more than people get from interest on traditional savings accounts.
About 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.
###
