Established in 1872, The Milford Bank was formed to serve the financial needs of its customers and its community. Since the beginning, the bank’s goals have not changed. When The Milford Bank wanted to provide a cost effective, simple way for customers to save money for life goals, the bank turned to Plinqit.
Plinqit enables the bank to offer a modern alternative for existing savings products such as Traditional Savings and Holiday Club Accounts, eventually transitioning current customers into Plinqit as their Club Account of choice. Plinqit provides a new and easy-to-use solution for customers while offering the bank more operational efficiencies than previous Club Accounts. Unlike a traditional savings account, Plinqit users have the ability to set a reward to be added to their balance when they reach their goal, and a corresponding penalty to be paid if they remove funds before reaching the goal. This feature allows users to keep their eye on the prize, increasing saving success rates by allowing users to think twice about dipping into their savings prior to reaching their goals.
Additionally, the digital platform allows users to open accounts and make deposits without having to come into the branch. In fact, 18% of Plinqit users have linked a checking account from another FI to transfer deposits towards their Plinqit savings goal. This provides an initial touch for the FI with a potential new checking account customer!
“With Plinqit, we can provide customers a digital experience that helps them save while also providing them with personalized customer service.”
-JORGE SANTIAGO, EXECUTIVE VICE PRESIDENT OF THE MILFORD BANK
Attracted by the ease-of-use and uniqueness of the product, The Milford Bank selected Plinqit to offer customers a non-traditional, modern tool that helps with the first step of the financial wellness journey: saving money. Unlike many fintechs that offer consumer-facing savings apps, Plinqit is designed specifically for financial institutions to help drive engagement and deposit growth while maintaining their commitment to serving their communities with top-notch services. For instance, Plinqit’s patent-pending Build Skills™ is the only platform that pays users for engaging with content. Today, more than 50% of users are actively engaging with Build Skills. Users have the ability to earn small rewards towards their saving goal while reading short blogs about good financial habits.
“As a small, mutual financial institution, our mission is to serve the public – that includes providing opportunities to educate our customers on good savings and spending habits,” said Jorge Santiago, Executive Vice President of The Milford Bank. “With Plinqit, we can provide customers a digital experience that helps them save while also providing them with personalized customer service. We are creating a conveinient experience that puts the customer first to continue meeting the needs of customers with digital delivery. We expect Plinqit will take the place of our Club Savings Accounts as we have been building awareness with customers and non-customers alike since its launch. The team at Plinqit has been a good cultural fit for the bank, making them a natural extension of who we are at The Mildford Bank.”
About The Milford Bank
On June 26, 1872, thirty-eight prominent Milford citizens who recognized the need for a bank in Milford contributed funds to start a local savings bank. Now over 120 local organizations rely on our financial support throughout the year. In addition, our Trustees, officers and staff contribute their time, talent and experience to many more groups. We continue to innovate to make banking simpler and more financially rewarding, from our newest office in Stratford to our remote deposit capture and our feature packed Web Office. We also continue to be a corporate role model for all the communities we serve. We pride ourselves on being great neighbors. All of us at The Milford Bank work hard every day to provide quality service, convenience and a wide range of popular products. That’s why our loyal customers know, we’re always there.
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.