VestMatch Launches Collaborative Savings Platform for Banks and Credit Unions

Online, January 7, 2010 (Newswire.com) - VestMatch announced the launch of a fast-track white-label Collaborative Savings tool for banks and credit unions. By private labeling this web-based social savings platform, a bank or credit union can expand customer retention efforts and be introduced to highly-qualified prospects quickly and effectively.

VestMatch CEO Matt Sadler says, "Collaborative Savings, defined as two or more people saving for a goal, is growing rapidly. Parents are trying to set up matched savings programs with their kids all the time and there hasn't been an effective way to do that in the past. Parents and grandparents often join together to save for college, but there hasn't been visibility for everyone. VestMatch has changed that, and now banks and credit unions can offer this service with their own brand, look and feel and usually have it available to their customers within four weeks."

A key benefit to users of VestMatch is transparency. When someone sets up a plan and invites others to help them, they connect that plan to an account at the bank or credit union. Anyone who is a partner saving toward the plan's goal can see account balances, contribution history and transactions, as well as make contributions. This transparency builds trust between plan members, since they know how the money is being saved and used for the right purpose. Because it also comes with a private social network, plan partners also can send private or group messages to each other, post photos or videos and keep others informed about the goal and ultimately how the funds get used.

The key benefits for banks or credit unions using VestMatch's Collaborative Savings tool are relationship expansion, customer retention and new customer acquisition. "A great thing for banks is that when their customers set up plans, they will invite others to save with them. These invited people - who are very likely to be savers or investors - become high-potential leads for the bank."