CASE STUDY: CHOICEONE BANK
Double-Digit Growth, and a Growing Relationship
ChoiceOne Bank Sees Double-Digit Month-over-Month Growth with Plinqit Savings App and Expands to Offer Banker Jr. and Hip Pocket.
ChoiceOne Bank launched Plinqit two years ago with the goal to address its primary challenge of revenue optimization – acquiring low-cost deposits, writing good loans and creating long-lasting relationships, all with the goal to build and grow the business.
ChoiceOne Bank launched Plinqit two years ago with the goal to address its primary challenge of revenue optimization – acquiring low-cost deposits, writing good loans and creating long-lasting relationships, all with the goal to build and grow the business. Since offering Plinqit, ChoiceOne Bank has grown total Plinqit users month-over-month resulting in an average savings goal of $1,110 per account. In fact, the bank opens more Plinqit accounts than traditional savings accounts on a monthly basis. Many of ChoiceOne’s customers have already reached their goal, with the majority (nearly 80 percent) creating new goals to continue saving.
The app enables customers to securely link their Plinqit account to their checking account, set a savings goal and automatically set aside a small amount of money at a rate and schedule the customer chooses. The entire seamless process takes about five minutes. The savings app’s ease of use has helped contribute to it surpassing over $1 million saved by users.
“Our customers love Plinqit, and they continue to keep saving and engaging because of the app’s rewards and a great user experience.”
-ADOM GREENLAND, COO OF CHOICEONE BANK
After experiencing success with Plinqit over the last two years, ChoiceOne Bank decided to expand its offerings with Banker Jr. and pilot of Hip Pocket. Banker Jr. is an educational tool for bank customers and their children. By making learning about money fun, children ages three to 12 years old can learn how to monitor their accounts, set savings goals and improve their financial literacy. Users are challenged to continue learning valuable skills as they play and earn rewards.
Hip Pocket is a platform that engages mobile and website visitors by using social influence and personalized consultation to generate new, qualified mortgage, personal loan and retirement planning leads. The comparison tool was designed to help people save money while creating a way for financial institutions to connect with customers.
“Our customers love Plinqit, and they continue to keep saving and engaging because of the app’s rewards and a great user experience,” said Adom Greenland, COO of ChoiceOne Bank. “With the savings app, we’ve helped our customers reach their goals and have fostered stronger relationships, evidenced by the number of account openings and the amount saved. We are impressed with the success we have had with Plinqit, so it felt natural to expand our partnership with Plinqit to offer Banker Jr. and pilot the Hip Pocket product.”
About ChoiceOne Bank
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank, Member FDIC. ChoiceOne Bank operates 14 full-service offices in parts of Kent, Ottawa, Muskegon, and Newaygo Counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the OTC under the symbol “COFS.” For more information, visit www.choiceone.com.
Plinqit is a brandable, mobile-first platform that is elegant and highly powerful at the same time. Unlike any other savings platform on the market, its patented 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 info.plinqit.com.