Fintech releases to 80k members across 13 Michigan branches
Pocketnest, the female-founded financial wellness platform, announces its newest financial institution partner, Community Financial Credit Union (CFCU) of Michigan.
“Community Financial’s purpose is to create joy and ignite Michinganders’ impossible dreams. Pocketnest aims to elevate our communities’ financial well-being by boosting their confidence in building those dreams,” said Tansley Stearns, president and CEO, Community Financial Credit Union. “We are committed to vetting and offering simple-to-use yet insightful tools as we walk alongside our members in their unique financial journeys. Pocketnest fits the criteria for the type of future-ready technologies our members demand.”
The financial wellness platform coaches users through 10 themes of financial wellness, from setting a budget to planning for the future with investments, savings, and debt elimination. Built on behavioral science and psychology, Pocketnest crafts custom-tailored financial plans and uses proprietary insights and predictions to keep people motivated and engaged in their finances—in just three minutes a week.
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“Partnering with forward-thinking and innovative financial institutions like Community Financial Credit Union is critical to making a real difference in financial wellness accessibility,” said Jessica Willis, founder and CEO, Pocketnest. “Financial wellness is crucial to community health and future growth, and we’re committed to being the partner to help make that happen.”
On average, Pocketnest has increased users’ financial wellness by 57 percent and has helped users accomplish 1,124 financial planning activities—and counting. The fintech is identifying $1.2 billion in non-interest income for financial institutions.
To date, Pocketnest has 35 enterprise partners, including MSU Federal Credit Union, Service Credit Union, 4Front Credit Union, and is a finalist proof of concept entry in the Wells Fargo Innovation Challenge. Pocketnest licenses and white-labels its platform to financial institutions to generate qualified leads and boost cross-sell opportunities. The fintech also licenses its platform to employee wellness programs to help employers boost recruitment, productivity, and retention efforts.
Community Financial Credit Union’s white-labeled experience of Pocketnest will launch in the fourth quarter of 2022, and will be free and open to the public for download in the Apple App Store and Google Play Store.
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Pocketnest, Inc. is a Google-accelerated financial wellness app that coaches users through 10 themes of financial wellness. The platform helps users identify and fill gaps in their plans, while identifying cross-sell opportunities for licensing financial institutions and employee wellness programs. Launched in 2019, Pocketnest has been recognized as one of the world’s most innovative startups.
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 more than 85,000 members and over $1.3 billion in assets, Community Financial provides financial services to members at 13 branch locations and through a variety of automated and online services.
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