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Fintech showcases its newest budget features to MSU Federal Credit Union members
Michigan State University Federal Credit Union’s (MSUFCU) Financial Educator Therese Bacon hosted Pocketnest’s EVP, Michael Dery, to introduce the credit union’s members to the fintech’s newest budget tool.
The Power of Budgeting with Pocketnest
Did you know that a staggering 62% of budgeters report feeling more in control of their finances1, and 67% believe a budget greatly impacts their confidence in their financial security1? Budgeting is an integral part of financial planning, and Pocketnest’s newest features align with people’s most critical financial needs.
Pocketnest has, once again, revolutionized how people approach their personal finances, this time, with how they approach their budgets.
The fintech’s budget tool leverages a revolutionary "buckets" approach instead of spreadsheets, guiding users to create personalized budgets covering expenses, debt, savings, and investments. It identifies surplus cash and recommends optimal allocations. In three minutes a week, users build better budgeting habits on their path to financial wellness.
People no longer have to grapple with where to put their next dollar of income—toward retirement savings, college funds, or mortgage payments. Pocketnest empowers users to make informed financial decisions, identifying the most beneficial use of their income based on individual goals and financial situations, and Certified Financial Planner Board of Standards-driven best practices.
Why Credit Unions Partner with Pocketnest
By integrating Pocketnest, credit unions like MSUFCU can enhance member engagement and loyalty through tailored financial advice and education and unlock revenue growth potential:
Target and attract the next-gen with digital-first solutions, personalized advice, and easy communication
Evolve digital strategy by offering members AI-powered personalized financial guidance, a better user experience, data-driven decisions, and continuous innovation
Drive growth and revenue by identifying cross-sell revenue opportunities and retention strategies
Boost operational efficiency with automation, insights and analytics, and resource optimization
MSUFCU, for example, partnered with Pocketnest and identified more than $1.2B in cross-sell opportunities that could generate an equivalent amount in non-interest income for the credit union. The credit union also increased its members’ financial wellness by 53 percent in their first month using the platform.
Pocketnest Key Features
Pocketnest is a fintech platform that provides credit unions with tools to guide their members through personalized, comprehensive, and efficient financial planning.
Accessible: Free to download and available on Android, iOS, and web browsers
Personalized: Powered by behavioral science and generative AI, Pocketnest provides users with instant, tailored financial guidance by integrating their financial data, behavioral tendencies, and preferences
Comprehensive: Covers 10 themes of financial wellness, from day-to-day items like budget and debt payoff to long-term planning like estates and wills and retirement savings
Efficient: Requires only 3 minutes a week to maintain and update a “live” financial plan
Want to bring your community better financial wellness? Let’s chat!
1Certified Financial Planner Board of Standards, Inc. (CFP Board) in collaboration with Heart+Mind Strategies