Fintech releases 80,000 members at 13 Michigan branches
DETROIT, Oct. 26, 2022 /PRNewswire/ — Pocketnest, the women-founded financial wellness platform, today announces its new financial partner, Community Financial Credit Union (CFCU) of Michigan.
“Community Financial’s purpose is to create joy and ignite Michinganders’ impossible dreams. Pocketnest aims to improve the financial well-being of our communities by building their confidence in building those dreams,” said Tansley Stearns, President and CEO, Community Financial Credit Union. “We’re committed to verifying and delivering simple-to-use yet insightful tools as we support our members on their unique financial journeys. Pocketnest meets the criteria for the kind of future-ready technologies our members demand.”
The Financial Wellness Platform guides users through 10 financial wellness topics, from budgeting to planning for the future with investing, saving, and eliminating debt. Drawing on behavioral science and psychology, Pocketnest crafts tailored financial plans and uses proprietary insights and forecasts to keep people motivated and engaged with their finances, in just three minutes a week.
“Partnering with forward-thinking and innovative financial institutions like Community Financial Credit Union is key to making a real difference in the accessibility of financial wellness,” said Jessica Willis, Founder and CEO of Pocketnest. “Financial well-being is crucial to community health and future growth, and we are committed to being the partner to help achieve this.”
On average, Pocketnest increased users’ financial well-being by 57% and helped users complete 1,124 financial planning activities, and counting. Fintech identifies $1.2 billion in non-interest income for financial institutions.
To date, Pocketnest has 35 business partnersincluding Federal Credit Union MSU, Service Credit Union4Front Credit Union, and is a proof of concept finalist in the Wells Fargo Innovation Challenge. Pocketnest is licensing and white-labeling its platform to financial institutions to generate qualified leads and increase cross-selling opportunities. The fintech also licenses its platform for employee wellness programs to help employers increase their recruitment, productivity and retention efforts.
Community Financial Credit Union’s white-label Pocketnest experience will launch in Q4 2022, and will be free and open to the public for download on the Apple App Store and Google Play Store.
Pocketnest, Inc. ™ is a Accelerated by Google financial wellness app that walks users through 10 financial wellness topics. The platform helps users identify and close gaps in their plans, while identifying cross-selling opportunities for licensing financial institutions and employee wellness programs. Launched in 2019, Pocketnest has been recognized as one of the most innovative startups in the world.
Community Financial Credit Union is headquartered in Plymouth, Michigan, and membership is open to anyone who lives, works, worships, or attends school in Michigan. With over 85,000 members and over $1.3 billion in assets, Community Financial provides financial services to members at 13 branches and through various automated and online services. For more information, visit www.cfcu.org.
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SOURCE Pocket Nest
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