Fintech tool marries personalization, financial wellness
Finotta is a new fintech operating out of Overland Park, Kan. BankBeat spoke with Parker Graham, founder and CEO, and Kelsey Houghton, chief product officer, about their “gamified” approach to financial wellness.
Q: The mobile banking app space has gotten pretty crowded. How does Finotta find a place in the mix?
Parker Graham: As the mobile banking market becomes increasingly saturated, personalization and engagement are now top of mind as a way to differentiate. The problem is that many bank marketers think they’re doing a great job, but consumers disagree. According to a recent study, only 38 percent of consumers say their bank personally understands them, while most financial marketers (95 percent) think they do. Clearly, there is a disconnect. Adding to this is the fact that most Americans do not fully understand personal finance. To meet these needs, banks have leveraged Personal Financial Management tools within their digital banking apps — the keyword being “manage.”
Banks must reassess this approach, which is where Finotta comes in. We help banks differentiate their mobile banking apps with a personalized financial guidance platform, Personified, that focuses on guiding customers through their individual financial journey, regardless of where they are or where they’ve been.
Essentially, we are merging the desire for personalization in a digital environment with consumers’ growing interest to make better financial decisions versus simply offering a one-size-fits-all self-management tool.
Q: How do you define financial wellness and move technology into that space?
Access the full article here.