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Articles by Kathleen Craig
Online account opening is still underdelivering - how banks should rethink their approach.
For decades, banks have been investing in digital account opening. The goal? Make it easier and more convenient for customers to open accounts online, driving deposit growth and expanding market reach. But here’s the hard truth: despite all the “advancements” from various new players who have come and gone, online account opening, to put it bluntly, still sucks.
Rethinking digital account acquisition with high-yield savings
It’s a reality that many financial institutions are starting to face: The digital checking account boom is not as profitable as it might seem. Offering free checking accounts online may seem like an attractive entry point, but it comes at a high cost. These accounts typically attract low-balance, low-engagement customers, and while they may temporarily boost deposit numbers, they rarely generate the kind of long-term growth banks need. So, what’s the alternative?
Crystal Boyer Promoted to Chief Customer Officer at Plinqit
Plinqit, an award-winning provider of high-yield and automated savings software solutions that enable financial institutions to grow deposits, attract new customers and expand their retail footprint, is proud to announce the promotion of Crystal Boyer to Chief Customer Officer (CCO). In her new role, Boyer will lead Plinqit’s efforts to enhance customer success, drive satisfaction, and ensure alignment across all customer-facing teams.
Council Post: Consumers’ Savings Habits Shift: Here’s Why Bankers Need To Pay Attention
Kathleen Craig is CEO/Founder of Plinqit, a savings platform that helps users live their best financial life & generates deposits for banks. Consumers’ finances have taken a hit since the pandemic, with many American families likely taking on debt to make ends meet. Interest rates remain high, making borrowing more expensive. Household debt levels have reached new heights, increasing by $184 billion in the first few months of this year to $17.69 trillion, according to the Federal Reserve.
How an Affinity Brand Can Help Attract Deposits
For some financial institutions, such as Tulsa, Oklahoma-based Regent Bank, the hunt for deposits has been fierce, especially in the past 18 months. In response, the $1.7 billion Regent developed several strategies to address their deposit growth challenges and refined its existing strategies to bring in deposits, as discussed in a recent Bank Director webinar with the bank’s CEO Sean Kouplen.
Winning the Quest for Deposits With a Side Brand
According to Cornerstone Advisors’ “What’s Going On In Banking Report,” nearly half of surveyed bankers, 48%, reported that deposits were among their top concerns in 2024. Their other top concerns? Cost of funds, the interest rate environment and non-interest expenses and operational costs. Now is the time for bank leaders to evaluate their deposit goals and their institution’s balance sheet. Are you acquiring the deposits you need, or is it time to explore other avenues for growth?
CRA and financial literacy: What banks need to know
There’s been a major reworking of the Community Reinvestment Act (CRA), which charged banks with extending credit to low- and moderate-income neighborhoods (LMI) – areas that had been “redlined” or previously excluded from the support of the banking system. Within a wide array of changes, financial education will become a more significant element of CRA exams. After a long road to passage, the final new-look CRA officially takes effect on April 1, 2024.
State qualifiers set for Lincoln from North Platte FFA
The North Platte FFA chapter in Lincoln County, Neb. was founded in 2018 by one teacher, Kathleen Craig, and 25 chartering members. With the addition of a second teacher, Collin Swedberg in 2021, we have now grown to a two-teacher, 80-member program for 2023-2024. On Feb. 15, we were excited to hold our largest fundraiser of the year, known as "Feed the Farmer." This fundraiser was created in 2019 by a former member, Elleigh Fisher. We raised $28,000 at our fundraiser this year.
Council Post: Breaking Down The Benefits And Constraints Of High Interest Rates
CEO and Founder of Plinqit, the only savings app of its kind that pays users for learning about finance and savings. As inflation quickly rose in 2021 and 2022, the Fed began raising rates, increasing them from a range of 0%-0.25% at the start of March 2022 to 5.25%-5.50% by the end of July 2023. The Fed has since paused its rate-hiking agenda as inflation has cooled from the 2022 peak.
Plinqit Partners with Bankjoy to Help Financial Institutions Grow Deposits & Promote Healthy Savings Habits
Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, has partnered with Bankjoy, a leading digital banking provider for banks and credit unions across the U.S. Plinqit’s financial wellness and savings platform now integrates directly with Bankjoy’s award-winning digital banking solution.
What new CRA requirements mean for financial education programs
The cost of living is rising, and so is the cost of financial illiteracy. In 2022, consumers lost an average of $1,819 per person due to lack of financial knowledge – that’s a 30% increase from the previous year. People know they need financial education and they’re asking for help. As their financial institution, banks are positioned to provide guidance and solutions.
Why Digital Transformation Strategies Should Address Financial Wellness
Why Digital Transformation Strategies Should Address Financial Wellness For banks, financially healthy customers are more profitable and more loyal, sticky customers. That means that effective financial wellness programs are not only the right thing to do for customers — they can also be a powerful tool for growth, even when net interest margins are under pressure.
Why Digital Transformation Strategies Should Address Financial Wellness
For banks, financially healthy customers are more profitable and more loyal, sticky customers. That means that effective financial wellness programs are not only the right thing to do for customers – they can also be a powerful tool for growth, even when net interest margins are under pressure. Consumers who understand the basics of personal finance tend to be more engaged and profitable for the financial institutions they bank with, according to a study by Raddon Research Insights.
Council Post: What Today’s Americans Are Saving For
CEO and Founder of Plinqit, the only savings app of its kind that pays users for learning about finance and savings. From the pandemic to inflation, today’s consumers have faced several economic challenges recently. With the inflated prices of basic goods, including groceries, gas and rent, Americans have been forced to strike a balance between affording everyday necessities and building up their savings, and prioritizing their other financial goals.
Fifty Years of Title IX: Why the Fight for Financial Equality Isn’t Over
6 minutes Women still lag behind their male counterparts when it comes to financial well-being. Here’s how credit unions can help. Though women have had the right to vote in the U.S. for more than a century, inequalities between genders were still widely apparent just decades ago—in classrooms, in sports, in the workplace and even within homes. Since then, progress has been made globally toward gender equity and inclusion, and women now have more access to education, opportunities and resources.
The win-win for banks promoting financial literacy
Financial wellness is critical to living a sustainable life and achieving long-term financial stability. When individuals are not equipped with the knowledge to make solid financial decisions, they’re more likely to take on debt, which often leads to stress that affect other areas of life, including one’s health and personal relationships. Financial illiteracy has other costs, too.
The win-win for banks promoting financial literacy
Financial wellness is critical to living a sustainable life and achieving long-term financial stability. When individuals are not equipped with the knowledge to make solid financial decisions, they’re more likely to take on debt, which often leads to stress that affect other areas of life, including one’s health and personal relationships. Financial illiteracy has other costs, too.
Council Post: Buy Now, Pay Later Versus Credit Cards: What You Should Know
CEO and Founder of Plinqit, the only savings app of its kind that pays users for learning about finance and savings. Between inflation, rising interest rates and other economic uncertainties, many Americans are concerned about their personal finances. These concerns impact their financial decisions. For some, this means relying on buy now, pay later (BNPL) products.
With Inflation at Record Highs, How Can Credit Unions Help?
Inflation in the U.S. is higher than it has been in nearly 40 years, causing the prices of consumer goods and services to skyrocket across the country. Families are bearing the brunt of the financial stress, with many struggling to afford the bare necessities and living paycheck-to-paycheck. According to a recent report from PYMTS, 61% of consumers are living paycheck to paycheck in 2022, a 9% increase since 2021.
Why Banks Need to Have 'The Talk' with Customers About BNPL
Subscribe Now Get The Financial Brand Newsletter for FREE - Sign Up Now BNPL is often credited with increasing economic empowerment and financial inclusion, but ample evidence suggests consumers don’t fully understand the concept — and don't always consider it debt. Banks and credit unions can and should help customers be more aware of the product's realities.
Plinqit® Announces Integration with Q2’s Digital Banking Platform
Plinqit can now be accessed via Q2’s digital banking platform and purchased by Q2 financial institution clients to provide to their customers.
Arizona 2021 - UNMET Conference
UNMET conferences meet the capital-raising needs of early-stage companies throughout the country, not just on the coasts. Welcome back! We are excited to host in-person events again! This October, join us at UNMET Arizona 2021, co-hosted by Arizona Commerce Authority and Stout Street Capital. This event is set to showcase 60 of the fastest-growing Seed and Series-A startups in Arizona and around the country.
Ohio 2021 - UNMET Conference
UNMET conferences meet the capital-raising needs of early-stage companies throughout the country, not just on the coasts. This June, UNMET Ohio 2021 – co-hosted by JobsOhio and Stout Street Capital – will showcase more than 60 of the fastest-growing Seed and Series A startups in the Midwest. Presenting companies will have the opportunity to pitch their business ideas to more than 200 institutional Venture Capital investors from around the world – and to network with peers.
How Financial Marketers Can Punch Back at Neobanks
Subscribe Now Get The Financial Brand Newsletter for FREE - Sign Up Now The attractive offers that challenger financial brands use to entice consumers can't be maintained when they entail unsustainable costs. The answer isn't a full-frontal assault, but a multi-pronged effort to build on what consumers really want from a financial institution long term.
Data: The Key To Unlocking A Personalized Digital Experience
CEO and Founder of Plinqit, the only savings app of its kind that pays users for learning about finance and savings. Getty Two-thirds of consumers say they are "very satisfied" with their digital banking solutions, according to a study by ath Power Consulting. That sounds pretty good, right? But I wonder if this tells the entire story. Does this really mean just because they are "very satisfied" that they are "very satisfied" with their banking relationship through digital?
Partnering For Innovation: Selecting Your Fintech And Maintaining The Partnership
Photo: Getty What in recent years has been used as a term to define alternative lenders, and direct-to-consumer disrupters of banking, “fintech” has circled around again to include any technology company creating innovative solutions for financial institutions.
The State Of Savings In America
Entering a new year is a time many begin setting goals for themselves. Time and time again, people start the year saying they are going to save more and spend less, so as 2020 begins, savings is once again top of mind. While many consumers set this goal, the state of savings in America shows it can be a difficult one to achieve. In fact, Bankrate conducted a survey that found more than one in five employed Americans do not save any money for retirement, emergencies or other financial goals.
Savings Apps Cost Consumers. Banks Can Help Save Them.
Community banks can reclaim the customers and deposits they have ceded to digital savings applications. It can be difficult for community banks to find the right tool to help them gain low-cost deposits in today’s low-rate environment. Although rate specials on certificates of deposits can be an obvious quick win, they do not provide the right “stickiness” needed to create a long-term relationship that generates future deposit gathering.
The Need (And Demand) For Better Financial Literacy
Today, many young adults are experiencing stress when faced with taking responsibility for their finances and planning for the future. This is because most lack the skills, knowledge and confidence to do so. Average student loan debt continues to climb to never-before-seen amounts, but many young adults know little beyond a transactional bank account.
The Fear of Bankers Is Real - ABA Bank Marketing
A question I get asked a lot is: Why are these new online and mobile fintechs ‘winning’? Why are their adoption metrics sky-rocketing? How have some of them gone from new product to millions of users in just a few short years? While there are many reasons—from great user interfaces to unique technology—fundamentally, I believe these online and mobile first tools are “winning” at gaining users because of anonymity.
Making a Living in Second Life
One they've perfected their look, Second Life immigrants who want to build virtual homes often purchase or rent land from entrepreneurs like Tony De Louise, from Long Island, New York, who gave up the meatspace rat race to become an online landlord. "I've worked two to three jobs most of my life," said De Louise.
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