CU 2.0 Fintech Friday: Plinqit

Credit union partner with fintech

It’s CU 2.0 Fintech Friday! Today, we look at Plinqit to see what services they’re providing to credit unions and their members.

This is our chance to chat with the people who push our industry forward. They bring new techniques, new technologies, and new points of view to the scene. (And we promise, we’ll try to avoid digital distractions for your credit union’s CEO!)

So, here’s the thing. Everybody has goals. Maybe it’s to run a faster mile, or learn to play guitar, or master the simple French omelet. Or, more likely, it’s to save money.

But all of those goals—especially saving money—are difficult. Things come up. We don’t have time. We don’t stick to our plan. We put things off. Until…

Well, until we reach our goals months later (or never at all.) And when it comes to saving money? That’s one of the hardest goals to stick with!

Introducing Plinqit

But Kathleen Craig understands how hard it is to save money. That’s why she and her team created Plinqit, a consumer-facing app white-labeled for credit union distribution.

Plinqit helps users to follow through on their savings goals in a variety of ways.

  • Plinqit periodically withdraws money from a user’s saving’s account and deposits it in a secure savings account
  • Users who meet their savings goals are rewarded with extra money
  • Users who access their money early must pay a small penalty
  • Plinqit also contributes toward savings goals when users complete financial education tasks

The accountability features and gamification work. In fact, Plinqit sees 55% more engagement than other savings apps, and 66% of users reach their savings goals.

Craig didn’t start Plinqit just to help people save; she’s also passionate about the role that savings and financial literacy have on kids and young adults. Her personal goal isn’t about personal savings—it’s to help a million kids build better financial habits.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Plinqit snapshot below!

Plinqit Snapshot

Here’s a quick look at the basics of Plinqit. Check out what they and others are saying about their place in the market.

Top 3 Problems Solved

  1. Improves saving skills
  2. Financial education
  3. Incentivizes good financial habits

Plinqit Founder: Kathleen Craig

Plinqit Market Strategy

White labeled for credit unions and community banks.

Plinqit in the News

Plinqit wants to help financial institutions

Plinqit partners with First Community Bank, ChoiceOne Bank, West Community Credit Union, and The Milford Bank

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

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