Finotta, a provider of embedded fintech for digital banking, announced today that its Personified Platform has digitally increased savings account opportunities by more than 20X compared to an average physical banking location.

Acting as a Financial Coach, Personified demonstrates the power of financial guidance and its impact on generating new accounts. Additionally, of the savings account opportunities identified and acted upon, 93% were funded, drawing a direct correlation between financial guidance and deposit growth. Financial institutions seeking ways to increase deposits can do so while also offering customers a valuable tool to help improve their financial standing.

Personified details a user’s cash flow, expenses, debt-to-income ratio, and more. By prominently featuring recommendations in the app, banks can help improve users’ financial health, like opening an emergency savings account.

Similar to a fitness app, Personified gamifies financial wellness. By demonstrating positive behaviours like saving money in a new emergency account or paying down a loan, users can accrue points and badges that work towards financial fitness goals, awards, and more. As a result, customers have a fun and interactive way to improve their financial health while at the same time generating new revenue for the FI.

Parker Graham, CEO of Finotta, said, “Personified’s strong adoption rate is attributed to its ability to provide users with a clear path to financial wellness. It creates a tailored digital banking experience, with concrete guidance to help customers meet their goals. At the same time, financial institutions are benefiting by not only offering a service consumers want and need, but one that helps them grow deposits.”

Graham adds that deposit growth is a top priority for banks. A recent study from Jack Henry points to this, noting that growing deposits and improving operational efficiency are top priorities for all financial institutions in 2023 and 2024, including banks and credit unions.

Additionally, financial literacy tools continue to be of significant interest to consumers. Deloitte reports that 50% of Americans are concerned about their level of savings, and 38% feel that their financial situation has worsened over the past year. Meanwhile, less than half of Americans feel they will have the financial means to live their best life in five years.

Furthermore, digital banking products need to engage consumers. More than 75% of consumers would not rate their bank highly for its range of products and services and for the competency of its tailored financial advice, according to a recent survey from Accenture. Banks don’t see the return on investment they’d hoped for with their digital banking apps and must find ways to innovate to re-engage customers meaningfully.

“Financial wellness platforms like Personified are the key to solving all of these challenges,” adds Graham. “There is a tremendous opportunity for financial institutions to meet their account holders' needs for improved financial health and re-engage them through their existing banking apps with truly valuable services. And in the process of helping customers achieve their goals, banks can build a successful deposit strategy. It’s a win-win for customers and institutions.”