CASE STUDY: FAB&T
Rapid Growth and Increased Engagement with Plinqit
PARTNER:
First Arkansas Bank & Trust (FAB&T)
OUTCOME:
Plinqit enables bank to better engage with customers, attract new ones, and save money on inactive savings accounts.
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 $2,460,718 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 offered a children’s financial literacy app called Banker Jr. that served 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.
“With over $2,460,718 in savings, and over several hundred Plinqit accounts, it has proven to be the savings tool of choice among consumers.”
-ROGER SUNDERMEIER, SVP & CHIEF BRAND OFFICER
Plinqit is unlike any other saving tool 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 platform 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, “Plinqit is a great tool for our customers. With over $2,460,718 in savings, and over several hundred Plinqit accounts, it has proven to be the savings tool of choice among consumers.”
About First Arkansas Bank & Trust
FAB&T is a family-owned and managed community bank chartered in Jacksonville, Arkansas with Total Assets of $1 billion and multiple locations in Central and North Central Arkansas. Through their commitment to community partnerships, FAB&T helps build a strong future for the communities they serve. For more information, visit www.fabandt.bank.
About Plinqit
Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. At Plinqit, we’re helping everyone Money Intelligently™. For more information, visit info.plinqit.com.