Fifth Third’s Dobot savings app hits $425M in savings goals since launch

Dobot , the automated savings platform acquired by Fifth Third in 2018, is working to help its users save $425 million since it launched with the bank just over a year ago. The app lets users put away funds toward savings goals of their choice. [caption id="attachment_182599" align="alignright" width="300"] Dobot takes small amounts of money from a checking account and puts it into a savings account.[/caption] The tool automatically pulls users’ money into a savings account based on their income, spending habits and savings goals. Fifth Third touts Dobot as an example of the bank's successful integration of technology from an acquired startup to advance its goal of “relationship banking.” Dobot initially launched as a startup in 2016, before being acquired by Fifth Third for an undisclosed sum two years later and relaunching with the bank in January 2019. Since becoming part of Fifth Third, the Dobot team has continued to work from its Denver headquarters, with Andy Zurcher in charge of the product. Zurcher said most users set savings goals of less than $5,000. “The free app allows users to define their goal and upload a photo,” said Zurcher, who is vice president of digital-first products at Fifth Third Bank. “There is a lot of research that shows the photo helps users emotionally connect to the goal, and they stay committed and do a better job saving for it.” The savings tool is part of Fifth Third’s larger mission to overhaul its digital offerings, which include an online consumer loan platform, partnering with the small business loan startup Fundation, and creating an internal innovation lab called ONE67. Dobot users can set up savings goals at their own discretion, set dollar amounts and time frames, and Dobot will automatically transfer a safe amount into a Fifth Third savings account every few days. Users can also set up automatic savings manually and transfer a set amount on a recurring basis, or schedule individual savings transfers. The bank recently added a new feature called “Save Together” that allows multiple users to save toward a joint goal, for instance a family vacation. Fifth Third has also been trying to better engage Dobot users this year. In February, the bank added the ability for users to text emojis of takeout or pizza to Dobot, prompting the bank to transfer $20 into their savings accounts. According to the bank, this feature is meant to help users reward themselves when they decide against eating out. See also: Dobot’s Zurcher on ‘painting within the lines’ at Fifth Third Bank While Dobot is part of the bank, it still functions semiautonomously. According to Zurcher, the Dobot team has regular video meetings with employees of Fifth Third, which is based in Cincinnati. Dobot team members also share their work with Fifth Third IT governance and compliance teams every couple of weeks to help keep the bank in the loop. “It’s to make sure we’re painting within the lines of the bank, which is a new process,” Zurcher previously told Bank Innovation. “However, our product development process remains pretty close to what it was when we were not affiliated with the bank. We’ve just put some borders around us to make sure we don’t cross the line.” Because Dobot is free and open to anyone, not only Fifth Third customers, the platform acts as a customer-acquisition tool for the bank. Although Zurcher said the bank tries to avoid hard-selling users on Fifth Third financial products, he did say it is useful for the bank to know if someone is saving for a kitchen remodel or a down payment on a home. “We at the bank can figure out how we want to make you aware that we have these types of offerings, and how you can finance these projects,” Zurcher said. “If you have a great experience with a product that’s offered by Fifth Third Bank, then you’re likely increasing the consideration of Fifth Third Bank.” This story was updated to clarify that Fifth Third Bank users collectively set $425 million as savings goals. To learn more about Dobot, hear Fifth Third’s chief digital officer Melissa Stevens speak at Bank Innovation Ignite during a fireside discussion. Bank Innovation Ignite, which will take place on March 2-3 in Seattle, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. This is an exclusive, invitation-only event for executives eager to learn about the latest innovations. Request your invitation .

Fifth Third’s Dobot savings app hits $425M in savings goals since launch

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Fifth Third’s Dobot savings app hits $425M in savings goals since launch

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