MSUFCU Innovation Partner Spotlight: Pocketnest
February 13, 2024
In the rapidly evolving landscape of financial services, partnerships between credit unions and fintech companies have emerged as a key driver of innovation and success for members. In this installment of our recurring Innovation Partner Spotlight series, we’ll introduce the fintech, Pocketnest, and their financial wellness platform which uses behavioral science and psychology to coach users to achieve financial wellness.
In a world where financial wellness and well-being are often elusive and complex, Jessica Willis, Founder and CEO of Pocketnest, has taken on the mission to redefine how individuals approach and achieve true financial wellness. With a background in wealth management, Jessica noticed a significant gap in the way financial planning is made available to the younger generation. This led to the creation of Pocketnest, a revolutionary solution that goes beyond the traditional norms of financial advisory services.
What Pocketnest Brings to the Table
The story behind Pocketnest stems from Jessica’s personal experiences and desire to expand others’ knowledge and awareness of financial wellness. After having many conversations with close friends looking to her for advice, Jessica noticed the need for easy and accessible financial education. She funded Pocketnest as a platform that goes above and beyond financial planning while also addressing key areas such as budgeting, tax planning, estate planning, and insurance.
Defining Financial Wellness
The definition of financial wellness is different for everyone. The concept can vary from person to person, and they all might have different opinions on what it means to be financially fit. For some, it may be putting food on the table, while for others it could involve saving for their child’s college fund or eliminating high-interest debt. Jessica noticed that the absence of a universal understanding of financial wellness is a shortcoming that needed to be addressed and taught to the younger generations.
The Pocketnest User Experience
To make financial wellness more attainable, Pocketnest collaborated with MSUFCU to develop the FinLife App, a platform designed for its next generation of members. The app will take you through 10 themes of financial planning, starting with a behavioral assessment to understand the member’s personal financial motivations, Users will only have to commit 3 minutes a week to answer questions, engage with calculators, and receive clear strategic tasks and to-do’s along with educational content tailored to their financial needs.
Additionally, members can receive regular emails every few weeks featuring fun financial tips to keep them motivated and committed to their financial planning journey.
Learn More About the FinLife App and Pocketnest
Interested in exploring all the helpful solutions that Pocketnest and the FinLife app have to offer? For Pocketnest; visit their website at pocketnest.com to see how Pocktnest serves as an innovative approach to guide younger generations towards a future of financial improvement and security. You can also email the team at [email protected] to request a demo or learn more about how the program can be deployed for credit unions, banks, wealth advisors, benefit providers, and more.[EB2] Additionally, for more information on FinLife, you can download the app in the App Store or Google Play and visit https://www.msufcu.org/finlife.
To hear more about Pockenest and Jessica’s story, you can listen to our recent Wallet Watch podcast episode.
Fostering Innovation at The Lab at MSUFCU
The Lab at MSUFCU was established as an innovation center to identify, create, and execute opportunities for innovation together and turn ideas into advanced financial technologies. By devoting resources to cultivating an entrepreneurial mindset, collaborative ideas can be generated that lead to pilots and new technology, products, and services for members and credit union employees.
The Lab at MSUFCU also provides a nurturing environment for fintechs, like Pocketnest, to develop their technologies and explore potential connections with members at MSUFCU. MSUFCU proudly collaborates with Pocketnest to push the boundaries of what is possible for fintechs and the members and credit unions that use them.
To learn more about The Lab at MSUFCU, or if you would like to participate in our pilot opportunities as a member tester, visit our website at msufcu.org/the lab.
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