Plinqit Bundles Automated Savings and Financial Education for Credit Union Members

Co-op Solutions is partnering with fintech company Plinqit to help credit unions earn deposits while members increase their savings.

“With their mission of improving people’s financial futures through technology, Plinqit’s purpose is deeply aligned with that of the credit union movement,” said Dean Michaels, President/CEO of Co-op. “Credit unions were early adopters of and investors in Plinqit, which partners with credit unions to help them accelerate a wide variety of initiatives – from advancing financial literacy while saving for major purchases to improving the member experience.”

Plinqit is one of several credit union fintech providers that have recently joined the Co-op Strategic Provider Program, designed to provide best-of-class products and services to the movement. The program streamlines a credit union’s procurement process by offering them access to pre-vetted vendors outside of Co-op’s core solution set, all at preferred commercial terms that have been pre-negotiated by Co-op. The program is a benefit offered at no charge to Co-op clients.

Platform Enables Member Savings Goal-Setting 

Plinqit enables the member to securely link their Plinqit account to their credit union account, set a savings goal in Plinqit, and automatically set aside a small amount of money at a rate and schedule that they choose.

“Users tell us Plinqit is the easiest way to save as the money is kept out of sight and out of mind; 80 percent of users successfully reach their savings goals,” said Kathleen Craig, Founder and CEO of Plinqit. “And, because users earn money towards their goals via Plinqit’s gamified educational content, they are highly engaged users, which deepens their relationship with their credit union along the way.”

The partnership comes at a time when the average personal saving rate in the U.S. is 3.5 percent (July 2023), well below the decades-long average of 8.9 percent. Credit unions, too, are in need of cash, with a loan-to-share ratio of 81 percent (Q1 2023). While 11 points higher than one year prior, the ratio is still lower than pre-pandemic levels.

Co-op credit unions that chose to integrate Plinqit can expect a smooth implementation via their extensive list of digital banking integrations. Plinqit integrates today with Q2, Banno, CU Answers, Lumin and BankJoy, and they are adding integrations each quarter. Credit unions will also have the ability to cross-promote their own products and services on the Plinqit platform. Additionally, the Plinqit team can assist with applying for financial literacy grants as well as providing marketing support for branded campaigns, email programs and digital marketing strategies.

In addition to automating their top-of-mind savings goals, credit union members who engage with the Plinqit app experience the fun of gamified learning, all while tracking their progress via intuitive dashboards and visualizations.

Strategic Provider Program Participation – For Fintechs and Credit Unions

Fintech providers can learn more about joining the Co-op Strategic Provider Program at Co-op’s website. Co-op clients interested in connecting with providers can check out the “Meet our Partners” section of the program’s webpage. Clients can explore each provider’s profile to learn more about their solutions and submit an inquiry to hear about preferred commercial terms to which they may be entitled. The Plinqit profile page can be found here.