Fintech revolutionizes credit union engagement
with next-gen members
DETROIT, July 17,
2024 /PRNewswire/ -- Pocketnest, the pioneering force
in digital innovation for financial services, showcases
groundbreaking credit union results from a Filene Research
Institute case study.
The study, involving five top credit unions across the United States, demonstrates Pocketnest's
ability to significantly boost member engagement, enhance financial
wellness, and unlock substantial cross-sell revenue
opportunities.
"Pocketnest has a foothold in fintech and can help financial
institutions completely reinvigorate their brand, tech, and
millennial engagement—all while bringing financial wellness to
their communities," said Ben Maxim,
CTO, Reseda Group; and Chief Digital Strategy & Innovation
Officer, MSU Federal Credit Union (MSUFCU).
As a white-labeled, AI-enabled digital platform, Pocketnest
empowers financial institutions to cultivate deeper connections
with digitally native Millennial and Gen X clients. The Filene
pilot study validates Pocketnest's unique approach to personalized
financial guidance, combining behavioral science and artificial
intelligence to make financial planning engaging and
accessible.
Key findings from the study include:
- Impressive User Adoption: 4,579 members across five
credit unions downloaded, registered, and actively used the
Pocketnest app during the three-month trial.
- Substantial Cross-Sell Opportunities: Pocketnest
identified millions of dollars in cross-sell revenue potential,
with 64 percent of members lacking emergency cash reserves and 21
percent needing retirement savings accounts.
- Enhanced Financial Wellness: MSUFCU reported a 53
percent increase in member financial wellness within the first
month of using Pocketnest.
- Employee Benefits: MSUFCU saw a 55 percent increase in
employee wellness, showcasing Pocketnest's versatility as an
employee benefits platform.
- Positive Feedback: 67 percent of credit union leaders
agreed that Pocketnest would increase member engagement and
strengthen financial wellness.
"This study confirms Pocketnest's position as a digital
trailblazer in the financial services industry," said Jessica Willis, CEO and founder of Pocketnest.
"By translating each user's unique situation into
hyper-personalized digital experiences, we're helping credit unions
guide their members toward financial independence while fostering
enduring partnerships."
The success of the Filene pilot reveals Pocketnest's commitment
to revolutionizing how financial institutions engage with
Millennial and Gen X clients. By providing a white-labeled platform
that integrates seamlessly with existing systems, Pocketnest
enables credit unions to offer AI-driven personalized financial
guidance that builds lasting client relationships.
With 65 enterprise customers across 100+ white-labeled
instances—and counting—the fintech licenses its white-labeled
software to financial institutions to generate qualified leads and
identify an average of $575 million
in cross-sell revenue for each institution; it also licenses to
employee wellness programs to boost recruitment, productivity, and
retention.
Read the case study, or for more information about Pocketnest
and how it can transform your institution's digital strategy, visit
www.pocketnest.com.
Pocketnest, Inc.™ is the pioneering force
driving digital innovation in the financial services industry. The
premier white-labeled, AI-enabled platform empowers financial
institutions to cultivate deeper connections with digitally native
Millennial and Gen X clients through personalized financial
education, advice, and tools. By translating each client's unique
situation into hyper-personalized digital experiences, Pocketnest
helps institutions guide clients toward financial independence,
build trust and loyalty, and foster enduring relationships—while
identifying millions of dollars in cross-sell revenue
opportunities. Launched in 2019, the fintech is Google- and
IBM-accelerated and is featured in Fast
Company's Innovation by Design Awards.
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SOURCE Pocketnest