It wasn’t luck or the lottery that enabled Drew Sheridan to pay off his car four years early. He has a simple mobile app to thank for that.
For the last year, Drew has utilized GreenWI$E, a tool powered by First State Bank that allows users to collect and view their financial accounts all on one screen.
“It does all the hard work for you,” says Drew, relationship banker at the bank’s Washington Township branch, who has implemented the app since its launch. “It’s helped me budget more clearly. Because all of my accounts are in one place, I can truly see where all my spending goes. I’m looking at what money I have and what money I owe in real time, so I can see when my net worth outweighs the negative.”
GreenWI$E is the brainchild of First State Bank’s Marketing Director and 1st Vice President Amy Persyn. She partnered with a tech firm in Utah to create the app as a way for people to grow their financial acumen.
“It’s a platform for being more in touch and in tune with your financial habits … where you can really look at your entire financial footprint in one spot: Your savings, all of your debt, your credit card balances, your checking accounts and your retirement plans,” she explains. “It allows you to see the big picture and take some actionable steps.”
GreenWI$E is free and available to anyone in Oakland, Macomb and St. Clair counties, not just First State Bank customers. The full mobile experience allows users to connect and keep track of their accounts – from all banking institutions. There, they can view loans, payments and transactions, create budgets and set short- or long-term goals.
Amy’s goal with GreenWI$E is empowerment. “We have a philosophy of making sure we’re doing right by our neighbors so our community can thrive.”
However, she noticed the bank was providing a lot of charitable support, which partially stems from poor financial health. “People can be impacted by struggles with money. Not only do we want to help support them, but we want to combat their lack of connection with money because at the core, spending habits and money management skills have a lot to do with the pervasive problems in society. What better way to support the community than to have a tool that’s accessible to everyone that isn’t cumbersome and can help reduce stress from poor financial management.”
The app is a digital financial coach. It provides a personal benchmark, generating a financial health score to help users work toward and make improvements. It highlights spending habits so they can better save and also prioritize what debts to pay down first. GreenWI$E even sends accolades for achievements.
“It looks at the tapestry of where you’re at today, and if you’re struggling, it will help you inch forward. If you’re doing well, it looks at how to keep you moving ahead,” says Amy.
To the app’s credit, Drew has been able to adjust his food budget. “The biggest change is watching where I’m spending money on food. When you break it down, $10-15 for lunch doesn’t seem like a lot, but then all of a sudden, I have a $300 tab that month. I was really able to keep my spending in line by having it laid out for me.”
Drew has not only pointed friends and family to the app, but also recommends it to customers who share a struggle of keeping their spending under control. “It’s a long-term tool. They can come to us, and we can help set them on the right path.”
Amy believes there are a lot of misnomers about financial literacy. “It’s not all about credit score and income, it’s about managing what you have,” she says. “Everyone comes to the app with a different level of expertise. In a way, it’s meeting people where they’re at. If you can set it and forget it, you’re more likely to implement it and reach your goals.”
You can download GreenWI$E in the App Store or on Google Play.
Manage your money with Green WI$E
The free app allows you to:
- Build personalized budgets
- Earn scores to benchmark financial health information
- Gain money management insights that can help you achieve individual financial goals.
Green WI$E connects you with your accounts, including:
- Credit cards
- Mortgage
- Retirement
- Checking and savings accounts from multiple banking institutions
- Transactions for accounts added
- View your income vs. spending
