NEW YORK--(BUSINESS WIRE)--Whether for big dreams or unexpected unknowns, everyone is saving for one thing: the future. That’s why PurePoint™ Financial, a new hybrid digital bank and division of MUFG Union Bank, N.A. aimed at committed savers, is surprising residents in Dallas, Houston and Tampa by letting them open the door – literally – to the possibilities ahead with “Unlock Your Future” red door art installations and the opportunity to win $10,000 toward their savings goals.
When developing its new offering, PurePoint Financial listened to what committed savers want – market-leading rates, the convenience and around-the-clock access that comes from banking online and the ability to meet with a savings professional in person when they need to – and built their business model around those needs. PurePoint Financial exclusively offers savings accounts and certificates of deposit (CDs), combining the convenience of online banking with in-person client service at PurePoint Financial Centers. This model enables PurePoint to deliver market-leading rates and an exceptional client experience the way clients want to bank – online, over the phone or in person.
Now, PurePoint is celebrating its launch with red door art installations that will open to reveal beautiful murals created by local artists and inspired by what residents are saving for. Individuals who visit the door exhibits are invited to enter the “Unlock Your Future” Sweepstakes at a local financial center and instantly boost their savings.
“Our Savings Habits in America research revealed that those working toward a goal tend to be better at saving,” said Pierre Habis, President of PurePoint Financial. “We created the ‘Unlock Your Future’ art installations to demonstrate our commitment to grow Americans’ personal savings rates while empowering residents of Dallas, Houston and Tampa to reach their savings goals sooner.”
Urban Art Exhibits, Inspired by the Reasons Locals Save
The “Savings in America” research revealed that the 43% of Americans who direct their savings at a specific goal are markedly better at saving than those without specific targets in mind. The issue comes from temptation to think short-term about savings accounts, and 2 in 3 Americans dip into their savings multiple times per year. On the national spectrum, half of respondents indicated they were saving for a vacation, and 26% and 24% stated that their savings were focused on a home or a car respectively. The “Unlock Your Future” art installations were inspired by savings trends on the local level, including:
- Dallas’ results were consistent with the top three priorities, with an extra emphasis on savings tied to cars – more than half (51%) of those surveyed stated they are saving for car down payments or related expenses.
- Houston’s third-most likely reason to be saving was for medical and health/wellness expenses at 26%, and 48% of their residents also admitted to withdrawing from savings accounts at least once a month.
- Medical and health/wellness expenses jumped to second in Tampa as a savings priority for 28% of respondents, versus the 20% national average in that category.
“When you are saving to reach a financial goal, higher returns shouldn’t mean you must sacrifice personal attention or service,” said Habis. “Whether you call our Client Support Center or visit one of our Financial Centers, you will experience truly personalized service to help you reach your savings goals.”
Each of the three cities will feature unique art exhibits at areas that experience significant foot traffic during the work day. The three large red doors will remain closed for two full days before opening to depict murals based on the three things that city’s residents are saving for most, according to PurePoint™ “Savings Habits in America” research that examined several major markets nationwide. The “Unlock Your Future” exhibit and sweepstakes will occur on the following schedule:
- Dallas: Doors start appearing around town May 30-31; savings-inspired murals by local artist on full display June 1-June 3; sweepstakes runs June 1-June 9.
- Houston: Doors appear June 5; savings-inspired murals by local artist shown June 7-June 9; sweepstakes runs June 7-June 16.
- Tampa: Doors appear June 19; savings-inspired murals by local artist shown June 21-June 23; sweepstakes runs June 21-June 30.
About PurePoint™ Financial Centers
Each PurePoint Financial Center offers a modern, streamlined and cashless experience with a relatively smaller footprint than traditional banks (2,000 square feet on average) including beautiful décor, a relaxed setting, and hospitality area. Clients will also enjoy market-leading rates, no monthly fees and knowledgeable savings professionals who will be available to help answer questions about FDIC insurance1 and how best to save. PurePoint Financial Centers are open Mon. through Fri., 9:00 am – 5:00 pm (excluding federal holidays). Sixteen PurePoint Financial Centers are currently open in the Chicago, Dallas, Houston, Miami, and Tampa areas, with others (including New York) slated to open later this year.
About PurePoint™ Financial
PurePoint Financial is a division of MUFG Union Bank, N.A., a proud member of the Mitsubishi UFJ Financial Group (MUFG), one of the world’s leading financial groups. As the next evolution in the financial services industry, PurePoint™ Financial is the modern way to save − online, over the phone or in person. PurePoint offers market-leading CD and savings rates, no monthly fees and all the flexibility and convenience of online banking with 24/7 access from your computer, tablet or mobile devices. PurePoint also offers Financial Centers at select locations staffed by knowledgeable team members who are committed to delivering exceptional service.
About the PurePoint Saving Habits in America Research
The PurePoint Saving Habits in America Research is an online survey of 3,015 adults (18+ years of age) in the U.S. 2,015 of the completed surveys collected were nationally representative, with an additional 200 in each of the following designated market areas: Miami, Tampa, Houston, Dallas, and Chicago. Data shown is from the nationally representative sample. The research was commissioned by PurePoint Financial and produced by independent research firm Edelman Intelligence. The margin of error for the total sample is +/-1.8 percentage points, +/- 2.2 percentage points for the nationally representative sample, and +/- 6.9 percentage points for each designated market area. Data was collected Jan. 23 – Jan. 30, 2017 by Edelman Intelligence.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $116.1 billion, as of March 31, 2017, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financial organizations with total assets of approximately ¥303.3 trillion (JPY) or $2.7 trillion (USD)2, as of March 31, 2017. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
PurePoint Financial is a division of MUFG Union Bank, N.A.
©2017 MUFG Union Bank, N.A. All rights reserved. Member FDIC.
PurePoint and the PurePoint logo are trademarks and brand names of MUFG Union Bank, N.A.
1 Deposits of PurePoint Financial and MUFG Union Bank, N.A. are combined and not separately insured for FDIC insurance purposes
2 Exchange rate of 1 USD=¥112.19 (JPY) as of March 31, 2017