Destinee Day-Cassidy
Mar 27 1 min read

Personalized Financial Guidance is the Future of Boosting Deposits

The fight for deposits is heating up as the competition intensifies among non-banks and digital disruptors. However, Oklahoma-based First United Bank & Trust is creating a successful deposit strategy that outpaces both. And it’s doing so with the help of Personalized Financial Guidance (PFG) technology, replacing outdated Personal Financial Management (PFM) tools.


Traditional PFMs have not really affected banks’ deposit outcomes. PFMs simply give users an overview of their past spending behavior without offering guidance on improving their financial situation. This leads to disengagement and can even push customers toward non-bank competitors. By replacing PFMs with PFG, banks can provide customers personalized guidance on what they can or should do with their money to meet their specific financial goals.


First United partnered with Finotta to incorporate its Personified Platform into its digital banking channel to do just that. Personified utilizes PFG technology to provide personalized recommendations to customers on improving their financial health, such as opening an emergency savings account. These recommendations are based on customers’ unique financial situations, including cash flow, expenses, and debt-to-income ratio.


The Personified Platform allows customers to gamify their financial wellness by accruing points and badges for demonstrating positive behaviors like saving money or paying down a loan. This system has encouraged customers to open more savings accounts and promptly fund them, generating new revenue for the bank. Since launching, First United has seen a 40% adoption rate of its PFG technology among mobile users in the first 120 days. For those that received recommendations to open a new savings account, 11% did so, with 86% of those accounts being promptly funded.


The success of First United’s deposit strategy shows that PFG is an effective way to strengthen digital banking platforms and improve customer engagement. Financial institutions can attract and retain deposits by helping customers improve their financial wellness while creating a fun and interactive banking experience.

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