First Bank is the latest in a number of community banks and credit unions to roll out stand-alone apps through the Ann Arbor, Mich.-based HT Mobile Apps (HTMA). Through the startup, the bank, which has just over $6 billion in assets, launched a stand-alone savings app and a financial literacy app for children this week. 

“We’re focused on small, family-owned businesses and their families,” said Angie Moleski, assistant vice president and product management officer at Hazelwood, Mo.-based First Bank. “How do we touch this population or generation of folks that is more interested in a digital savings channel?” 

HTMA offers a white-label savings solution called “Plinqit,” and bank and credit union financial literacy tools called Banker Jr. and Member Jr., respectively. In addition to First Bank, the startup has inked partnerships with four other institutions this year alone: 4Front Credit Union, Marquette Savings Bank, First Community Bank and ChoiceOne Bank.  

First Bank is branding the savings app as “First Bank’s Plinqit” and the financial literacy tool as “Kids Cash.” The savings app allows customers to automatically send money to a First Bank savings account; users are rewarded for hitting their savings goal, but pay a fee for withdrawing money early. The app also functions as a customer-acquisition tool as users are not required to link a First Bank checking account. Kids Cash, meanwhile, features educational games to teach children about money. Parents can assign chores and help children manage money through the app. 

Moleski said Plinqit and Kids Cash help the bank keep customers engaged. By gaining customers’ trust when they are children, the bank hopes to create loyal customers for life. First Bank is not currently targeting customers outside its footprint with the apps.  

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HTMA’s solutions are free for the end consumer, and the company generates revenue from fees charged to partner institutions. The 7-year-old startup’s partners range from having $30 million in assets to over $18 billion. Kathleen Craig, CEO of HTMA, previously told Bank Innovation the company has a 100% referral rate from partners.  

According to Tiffani Montez, senior analyst at Aite Group, learning financial literacy through an app could be the future for younger generations. “Given that [children] use digital devices, it makes more sense for them to begin to learn how to manage their finances digitally,” she previously told Bank Innovation.