First Arkansas Bank & Trust (FAB&T) has experienced an increase in engagement and deposits since offering Plinqit to its customers.
First Arkansas Bank & Trust (FAB&T) has experienced an increase in engagement and deposits since offering Plinqit to its customers. In total, Plinqit users have contributed more than $460,000 in deposits. FAB&T customers are enjoying a better digital experience and learning positive money habits. This organic growth is exactly what FAB&T was aiming to create by adding Plinqit to its digital product strategy. In fact, based on the success of Plinqit with the bank’s customers, FAB&T is planning to move customers away from their Christmas Club accounts and onto the Plinqit platform.
FAB&T launched Plinqit in April 2018 to offer a ‘cool’ savings tool to its customers. The bank already had a relationship with Plinqit, because the institution offers a children’s financial literacy app called Banker Jr. that serves as an education platform for children and families. Additionally, FAB&T wanted a product that would provide a competitive advantage against other banks who were not offering this kind of tool.
“In just two years, Plinqit has proven to be the savings tool of choice among consumers.”
-ROGER SUNDERMEIER, SVP & CHIEF BRAND OFFICER
Plinqit is unlike any other saving app on the market because it’s free, easy, and simultaneously drives engagement and deposits. The mobile-first platform has a seamless set up process that takes less than five minutes. Once users set their saving goal, they link the Plinqit account to the checking account they wish to use as the source of funds to be transferred into Plinqit. From there, the app automatically sets small amounts of money aside at the rate and schedule selected by the customer. Furthermore, Plinqit’s patent-pending Build Skills™ pays users for engaging with content and learning about finances. By watching educational videos or reading articles in the Plinqit library and taking a short quiz, customers are rewarded by adding money toward their savings goal. This creates higher engagement for financial institutions while rewarding users for improving their financial literacy.
According to Roger Sundermeier, SVP & Chief Brand Officer with FAB&T, “In just two years, Plinqit has proven to be the savings tool of choice among consumers. So far, we have generated several hundred Plinqit accounts with a total deposit size across all Plinqit users of more than $460K. It’s been pretty remarkable.”
About First Arkansas Bank & Trust
FAB&T is a family-owned and managed commercial bank chartered in Jacksonville, Arkansas with Total Assets of $760 million and 22 locations in Central and North Central Arkansas. FAB&T also offers a full-service mortgage department, trust and wealth management services, 24/7 Customer Call Center, and a credit card division, located in Atlanta, Georgia. For more information, visit www.fabandt.bank.
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.