CASE STUDY: TIMBERLAND BANK

Increased
Deposit Growth, Engagement with Plinqit

PARTNER:

Timberland Bank

GOALS:

Acquire and retain low-cost deposits

Acquire more and younger new account holders

Invest in initiatives that deepen lasting financial literacy

OUTCOME:

Plinqit’s intuitive digital savings tool has helped the bank drive engagement, especially with the next generation of customers by empowering users to save.

Timberland Bank, founded in 1915 to serve the financial needs of communities in western Washington and with over $1.8 billion in assets, is one of the top performing banks in the United States.

The bank offers a variety of products, including commercial and personal loans, and online and mobile banking services to customers and businesses in the state of Washington for over 100 years.

Prior to partnering with Plinqit, Timberland Bank was not actively seeking out additional financial wellness tools to add to their suite of products. However, when Timberland Bank’s President and COO, Jonathan Fischer, walked over to Plinqit’s booth with a partner from Jack Henry Banno during a conference, plans changed.

With a desire to grow deposits and attract younger customers while enhancing the online and mobile banking experience, Timberland Bank saw the need for additional fintech support. Meanwhile, the bank recognized the lack of meaningful financial education in the industry and even in local schools. Timberland Bank is deeply committed to helping its customers achieve their goals and believes that saving is the first step to a positive financial future. This led the bank to partner with Plinqit in late 2022.

“The Banno single sign-on login piece was critical for us, as we did not want separate platforms with multiple logins.”

-BREANNE ANTICH, CTO, TIMBERLAND BANK

Solution

Plinqit, a mobile-first platform that helps people save and live their best financial life, won over Timberland Bank’s team from the start for several reasons. Plinqit’s Build Skills™ module was one feature that stood out to the team. With Build Skills™, users can grow and expand their knowledge of finances by simply watching an educational video or reading an article from the Plinqit library, then taking a short quiz to test their knowledge. Upon completion, users receive a small monetary reward toward their savings goal.

 Plinqit’s unique and innovative features can be used by anyone, including non-bank customers. This was a key differentiator for Timberland Bank, as nearly 10% of Timberland’s Plinqit users bank elsewhere. Another differentiator for Plinqit was the team’s banking experience. Kathleen Craig, Plinqit’s founder and CEO, and Crystal Boyer, Senior Vice President of Client Success, are both former community bankers.

From a technical standpoint, Timberland Bank’s customers can access Plinqit’s features with single sign-on through the bank’s digital banking platform because of Plinqit’s integration with Jack Henry’s Banno Digital Toolkit. Since Plinqit is fully integrated into Jack Henry’s digital banking platform, Timberland Bank was able to embed Plinqit’s savings tools into their online and mobile banking quickly and easily.

“The Banno single sign-on login piece was critical for us, as we did not want separate platforms with multiple logins,” said Breanne Antich, CTO of Timberland Bank. “We wanted our customers and users to have a truly frictionless experience that helped drive engagement. Plinqit was able to deliver that. Our team has been impressed with the service and quality of delivery, especially throughout the due diligence and implementation process.”

Jonathan Fischer, President and COO at Timberland Bank, added, “At Timberland Bank, we’re committed to helping people save and prepare for unexpected financial emergencies. Unfortunately, the digital financial education tools available in the market didn’t fit our needs. When we found Plinqit, we quickly realized their mission to help people live their best financial lives closely aligns with our culture within our bank,” said Fischer. “It’s apparent that Plinqit cares deeply about the communities we serve and their financial success. Launching Plinqit was seamless, and we were immediately impressed by their service, quality of delivery, and surprisingly fast implementation process.”

“It’s apparent that Plinqit cares deeply about the communities we serve and their financial success. Launching Plinqit was seamless, and we were immediately impressed by their service, quality of delivery, and surprisingly fast implementation process.”

-Jonathan Fischer, President and COO, Timberland Bank

Outcome

Since partnering with Plinqit in late 2022, Timberland has opened up to 78 new goals in one month. The average Timberland Bank saver signs up for an 11-month goal with an average savings target of $1,821. That means for nearly a year, the bank is able to cross-sell and grow their relationship with each Plinqit saver. And many repeat users set new goals once their initial goal is reached.

Additionally, an equal number of users access Plinqit via the Timberland Bank microsite as the native app on their website, while the rest of the users access Plinqit’s savings tools via Timberland Bank’s online banking dashboard, which is available through the Banno single sign-on integration.

 “For more than a century, Timberland Bank has established a reputation for helping communities across Washington state thrive and that starts with empowering our customers with the right financial tools,” said Fischer. “Plinqit has been an ideal partner for us, as their innovative and intuitive digital savings tool has helped drive engagement, especially with the next generation of customers. Our partnership has truly been a win-win for both our bank and the communities we serve.”

About Timberland Bank

Timberland Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches, including its main office in Hoquiam. For more information, visit timberlandbank.com.

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 saving platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. For more information, visit info.plinqit.com.

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