Laying a Focused Financial Pathway for QSR Workers

Human beings are known for a myriad of different things, but most importantly, they are known for getting better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Plinqit, a Michigan-based company providing smart saving solutions, has officially partnered with Sonata Bank to help restaurant workers achieve their saving goals. Under the agreed terms, Sonata Bank will leverage Plinqit’s cutting-edge platform to empower its customers in terms of growing their savings and reaching their financial goals quicker than they would by using any traditional solution. Apart from it, the stated platform will also ensure that the bank is able to deliver targeted financial wellness content, content which is notably tailored to fulfill the unique needs of QSR employees. Such an extensive effort should, in turn, get Sonata to effectively generate a higher deposit rate, attract new customers, consolidate its position with the existing clients, fuel expansion plans, and do a whole lot more.

“Financial stress is prevalent in the United States, with a CNBC survey revealing that 70 percent of Americans are anxious about the current state of their personal finances,” said Kathleen Craig, founder and CEO of Plinqit. “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. Sonata is solving these pain points, and we are proud to partner with them to make a difference for the QSR workers.”

Talk about what made Plinqit an ideal partner here, founded in 2017, the company’s rise to prominence is rooted in how it collaborates with banks and credit unions for realizing their pursuit of achieving low-cost deposits. In the case of wider public, it brings forth a strong sense of value by encouraging better financial literacy and wellness. To give you a gist regarding Plinqit’s impact, the company is recognized as the first savings platform of its kind to bring together aspects like automated savings, data-driven financial wellness content, and virtual account management.

Moving on to Sonata Bank, it is one of the few FDIC-chartered digital first banks that have a special focus dedicated towards serving quick service restaurant (QSR) franchisees and their employees across the U.S. Beyond the stated market, Sonata also has the means to offer a full suite of banking products and services to other business sectors, while simultaneously catering the needs of personal banking customers.

“As a digital-first bank, Sonata is not your typical financial institution. We are deeply focused on the needs of our busy customers and supporting their unique goals as QSR franchisees and employees,” said Dan Dellinger, CEO of Sonata Bank. “However, the QSR industry unfortunately has many unbanked or underbanked workers, along with some of the highest turnover rates at nearly 150 percent. Our mission is to help this industry thrive, which includes more than 200,000 restaurants that employ more than 5 million people in the U.S.”