Finotta, a provider of embedded fintech for digital banking, proudly launches its deposit estimate calculator, allowing financial institutions to quickly assess how much it could earn in potential initial deposits within the first year of offering Finotta’s Personified platform.
Based on real performance metrics from financial institution clients, Finotta’s latest deposit calculator helps banks and credit unions quickly realize how much it could earn in estimated new deposits from existing customers and members in one year. Financial institutions simply enter the number of active users within its digital banking channels and in seconds the calculator calculates the estimated dollar amount of potential deposits.
“Growing deposits is a top priority for all financial institutions in 2023 and 2024, and also one of the most difficult goals to achieve,” said Parker Graham, Founder and CEO of Finotta. “Personified offers a proven strategy, helping financial institutions uncover opportunities within its existing customer base. Not only is this more effective, but it’s a more cost-efficient approach to growth.” Instead of having to chase down new users, Personified has proven to attract 25X the number of users from an institution’s existing customer base to return to their mobile banking application. “With our latest calculator, banks and credit unions can very quickly see what their potential is, and we stand ready to help them achieve that growth.”
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Leveraging Personalized Financial Guidance (PFG), Personified offers a new way of looking at financial wellness. Unlike traditional financial management tools, the platform focuses on encouraging rather than intimidating users by reporting on poor financial behavior. Personified encourages and enables users to improve their Financial Health Level by suggesting actions like saving for retirement and celebrating with them when they do so. Likened to a “Financial Coach in your pocket,” Personified aims to improve users’ financial wellness with a personalized and gamified experience.
Personified details 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. Personified also gamifies financial wellness, just like a fitness app. By demonstrating positive behaviors 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, awards and more. As a result, customers have a fun and interactive way to improve their financial health while at the same time generating deposits and new revenue for the financial institution.
Following the closure of Mint by Intuit, millions of consumers are looking for tools that can help them manage their finances without the hassle of having to pay for a new service. With Personified, financial institutions can embed this technology directly into their already existing mobile app to provide users with a comprehensive look at their financial journey right on their mobile device, fostering a sense of trust and loyalty between the institution and its customers.
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