Unlocking Growth: How Finotta Drives Deposits for Community Financial Institutions

4:13

Now, more than ever, community banks and credit unions must attract new deposits and retain their current ones in order to thrive. Here at Finotta, we tap into the magic of personalized financial guidance and gamification to help institutions supercharge their deposits. How do we do this? Let's dive in.

The Power of Personalization

One of the core strengths of Finotta's Personified Platform is its ability to deliver highly personalized financial experiences. Today, customers demand more from their financial service providers, and our platform shines by providing personalized financial insights and recommendations that cater to their needs.

Enhanced Customer Engagement: Through analyzing user behavior and financial data, our platform tailors personalized financial paths for each individual. Not only does this help customers make smarter financial decisions, but it also strengthens the bond with their financial institution. When customers feel appreciated and taken care of, they're more likely to trust the institution with their money, which leads to them depositing more.

Relevant Product Recommendations: Our platform doesn't just offer guidance; it also recommends products and services tailored to the user's financial goals. This strategy ensures that customers are presented with the perfect savings accounts, fixed deposits, and other financial products when they need them most, motivating them to boost their deposits.

Gamification: Making Finance Fun and Rewarding

Finotta's infusion of gamification elements into mobile banking interfaces puts a fun spin on how customers manage their finances. By adding game-like features, we turn routine financial tasks into exciting challenges that inspire users to develop better money habits.

Savings Goals and Rewards: By setting up savings goals and offering rewards in the form of badges for meeting them, our platform adds a twist to the saving process. Customers are motivated to deposit more money regularly to reach their financial milestones, ultimately boosting overall deposit levels for the financial institution.

Impact on Key Performance Indicators (KPIs)

The perks of Finotta’s platform go way beyond just making customers happy and engaged. By boosting digital channels and ramping up user adoption rates, our platform plays a key role in driving essential KPIs for community financial institutions.

Increased Engagement Rate: The intuitive and engaging nature of our platform keeps users coming back for more. As more customers engage with the platform, the institution sees deepened customer relationship with a rise in account openings and deposits. One of Finotta's partners has seen a 35% month-over-month engagement rate since implementing Personified.

Revenue Growth: Boosting deposit levels not only helps institutions grow their revenue but also allows them to provide loans and other financial products, creating new streams of income. Finotta users bring in 25x more initial deposits than non-Finotta users and open 33% more accounts through the digital channel compared to the average physical branch, all while operating at a lower cost, which significantly enhances growth and profitability.

Customer Retention: By tailoring experiences and integrating gamification, Finotta significantly increases deposit retention by 41% and boosts the number of accounts opened per user by 35%, showcasing the platform's effectiveness in enhancing customer engagement and loyalty. Happy customers are more likely to stick around, keeping the deposit base sticky and flourishing.

At Finotta, our main objective is to strengthen the connection between community financial institutions and their customers. We achieve this by offering personalized financial guidance and incorporating gamification to help institutions effectively attract and retain deposits. Join us in revolutionizing the financial landscape, one deposit at a time, with our innovative Personified Platform. Let's work together to create a more inclusive and equitable world of banking.