Oklahoma-based bank supports customers’ financial wellness with new Personalized Financial Guidance (PFG) platform, produces tremendous results in first 30 days
OVERLAND PARK, Kan.–(BUSINESS WIRE)–Finotta, a provider of embedded fintech for digital banking, announced today that First United Bank & Trust has successfully launched its Personified platform to its digital banking customers.
Since launching on November 8, the bank has already seen ground-breaking results.
Within the first thirty days, Personified digitally increased savings account openings 20X compared to an average physical banking branch. Solely focusing on savings account opportunities, Personified referred on average five savings accounts per hour within the first 24 hours, and a total of 400+ by the end of the first 30 days.
The creation of these new accounts will affect both the bottom and top line of the bank. By driving savings account openings through the digital channel, Personified helped the bank simultaneously increase their share of wallet with their customers and decrease the marketing costs to acquire those accounts by 86% within the first week.
Personified’s consistent 12% user engagement rate in the digital channel in the first 30 days and the ability to link external accounts drives the ability for First United to cross-sell products to their customers solely in their digital channel without the need for a customer to come into a bank branch, increasing share-of-wallet, customer lifetime value, and customer retention.
First United Bank & Trust, a $14 billion privately held bank headquartered in Durant, Oklahoma, began a partnership with Finotta to be the first financial institution to adopt its Personalized Financial Guidance (PFG) technology.
“Our partnership with Finotta helps us fulfill our purpose of elevating the lives of our customers and communities we serve,” shared Greg Massey, Chairman and CEO at First United. “The Financial Journey Guide is a tool that can help our customers transform their financial lives. We hope this will give them more time to focus on what’s most important and truly enable them to Spend Life Wisely.”
A Personalized Financial Guidance (PFG) tool, Finotta’s Personified platform is a combination of products that help financial institutions better meet the needs of their customers directly in their mobile banking application. By combining the importance of financial wellness with the fun of gamification, customers have a fun, interactive and engaging way to improve their financial health regardless of what journey they might be on.
“The strength of Personified is seen in its ability to cross sell First United’s existing products while also boosting the customer’s financial wellbeing. This further enhances the bank’s share of wallet and creates lasting trust between the customer and First United,” said Parker Graham, Founder and CEO of Finotta. “We are excited for their official roll out and look forward to seeing them improve and elevate the financial lives of their customers.”
Finotta helps banks and credit unions personalize their mobile banking experience. Built by bankers, Finotta’s Personified platform is a combination of products that help financial institutions better meet the needs of their customers directly in their mobile banking application. For more information, visit www.finotta.com or follow us on LinkedIn or Twitter.