Sonata Bank taps Plinqit to help restaurant workers meet savings goals
US-based challenger Sonata Bank has tapped fintech Plinqit to help restaurant workers save and plan for their financial goals.
An FDIC-chartered bank, Sonata Bank provides digital banking and financial services to business and personal banking customers in Middle Tennessee and Western Kentucky, and to quick service restaurant (QSR) franchisees and their employees across the US.
Plinqit claims to the be the “first” fintech platform that brings together automated savings, data-driven financial wellbeing content, and virtual account management capabilities.
Through the partnership, Sonata will provide customers with an “engaging, rewarding way” to save and plan for future financial needs, while boosting their knowledge of personal finances.
Additionally, the bank says the partnership will help in generating “steady deposit growth, attract new customers and deepen relationships with existing customers” as the bank looks to expand its footprint across local and national markets.
“Financial stress can strike regardless of an individual’s occupation or income level, but many workers in the QSR space are underserved and their banking needs are simply not being met,” says Kathleen Craig, founder and CEO of Plinqit.
Dan Dellinger, CEO of Sonata, says the QSR industry includes more than 200,000 restaurants employing more than five million people in the US.
Dellinger adds that with Plinqit’s saving tools and personalised financial wellness resources, the bank will be able to “positively impact the financial lives for millions of American workers and ultimately, the local businesses that employ them”.