Finotta’s Personified Platform Sees 48% Adoption Rate Within First 180 Days, Drives Deposit Growth for FIs
As consumer debt climbs and bank deposits decline,
financial wellness tool offers solution for both
OVERLAND PARK, Kan. – 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 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 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.
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