Finotta, a provider of embedded fintech for digital banking, announced today a 48% adoption rate of its Personified Platform with mobile users in less than 180 days since launching, almost double the industry average.

Leveraging Finotta’s exclusive Personalized Financial Guidance (PFG) technology, Personified proves it’s increasing engagement for mobile banking platforms, as well as supporting both financial wellness and deposit growth. The Platform is seeing month-to-month increases in adoption, demonstrating growing interest from users. Within the first 30 days, Personified averaged a 14% adoption rate. After 60 days, the rate increased to 30% and then to 38% after 90 days.

The Personified Platform acts as a Financial Journey Coach, detailing a user’s cash flow, expenses, debt-to-income ratio, and more. It prominently features recommendations in the app to improve financial health, like opening an emergency savings account. Because of these industry-redefining results, Finotta was recently named a finalist for Fintech Futures' Banking Tech Awards USA.

Personified also gamifies financial wellness, just like a fitness app. 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 wellness goals and awards. 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.

“Interest in financial literacy is growing, and financial institutions are in a great position to help support that trend,” said Parker Graham, Founder and CEO of Finotta. “People are starting to recognize there is a lot they don’t know about finances in general – and they are looking for answers. Currently, more than 77 million people feel there is room for improvement in understanding personal finance. At the same time, they’re actively looking for guidance, especially among younger generations.”

Graham points out that this is extremely important as consumer debt climbs. According to The Federal Reserve Bank of New York, household debt increased to $17.05 trillion in the first quarter of the year across mortgage, auto and student loans.

Meanwhile, financial institutions are under tremendous pressure to attract and retain deposits. In fact, bank deposits fell by nearly $720 billion between the second and fourth quarters of 2022, according to the FDIC. Consequently, banks’ cash positions are at the lowest levels seen in the last several years.

“Consumer debt is mounting, and financial institutions’ reputation and growth are at stake amid recent bank collapses. Now is the time to act,” Graham notes. “With Personified, we’re helping FIs address both challenges in a sustainable way by merging the desire for personalization in a digital environment with consumers’ growing interest to make better financial decisions, all while increasing account openings and deposits. It is truly a win-win-win.”

Graham adds, “Traditional PFMs generally only see a 1-2% adoption rate, which does little to increase engagement or drive revenue for banks. At Finotta, we’re helping FIs generate real results. The Personified Platform allows institutions to substantially increase engagement by offering guidance. With over 40% of consumers wishing banks provided more personalized offers or information to help them achieve their financial goals, this is a real game-changer.”