Forward-Thinking Community Bank Achieves 20X Savings Account Opportunities
thanks to Finotta's Personified Platform
First United Bank & Trust is a $14.5 billion privately held bank headquartered in Durant, Oklahoma, with 77 banking locations in over 60 communities and 300,000+ customers. First United prides itself on building helpful community relationships that last a lifetime and focusing on the financial health of its customers.
First United sought a new way to help its clients improve their financial health through its digital banking channel that would also move the needle on revenue generation for the first time through this avenue. Without the ability to build a new solution from scratch, First United looked to partner with a financial technology startup to make this goal a reality.
In early 2022, First United partnered with Finotta, a provider of embedded fintech for digital banking, because of its exclusive Personalized Financial Guidance (PFG) technology and its alignment with company values. First United was the first bank to implement Finotta’s PFG solution, Personified, which guides customers through their financial journey with tailored advice at exactly the right moment while also increasing share of wallet for the FI.
The launch results were substantially more dramatic than expected. Almost
doubling the industry average, Personified had a 53% adoption rate with
First United’s mobile users.
Within the first month, Personified digitally increased savings account
opportunities by 20X compared to an average physical banking location,
with an industry-redefining 11% of referred users opening a new savings
account. 93% of those new accounts were funded. Creating
these new accounts affects the bottom and top lines of the bank. By driving
savings account openings through its digital channel, Personified helped the
bank increase its share of wallet with its customers and decrease the
acquisition costs for those accounts by 86% within the first week.
Since its November 2022 launch to First United customers, Personified has
been a “monster” success for First United. The bank saw 120 new savings
account opportunities within the first 24 hours, averaging five savings
accounts per hour. By the end of the first week, a total of 257 account
opportunities were discovered. That number rose to 400 after 30 days
and then 1,000 after 60 days, with a total of 1,400 opportunities
after 120 days.
“A typical First United location normally sees 20 savings account openings per
month. Ninety-one percent of all new accounts at First United are still opened at a location. So getting 120 [opportunities] in the online channel (on the first day) is a monster improvement in the numbers,” said Dan White, First United’s Director of Customer
and Employee Experience Program Office.
"A typical First United location normally sees 20 savings account openings per month. Ninety-one percent of all new accounts at First United are still opened at a location. So getting 120 in the online channel (on the first day) is a monster improvement in the numbers."
- Dan White, First United Director of Customer and Employee Experience Program Office
How it Happened
Because of Finotta’s partnership with Q2, a powerful platform that builds stronger, more diverse communities by strengthening the financial institutions that serve them, Personified was developed in an environment that mirrored First United’s, producing effective and agile product craftsmanship without wasting time on guesswork. This seamless development to deployment process through
The driving ethos behind what made Personified so successful with First United’s launch through its Q2 digital banking environment is Finotta’s exclusive PFG technology. Personalized Financial Guidance offers a new way of looking at financial wellness that encourages positive
behavior for users. PFG leaves traditional financial management tools, like user
spending pie charts, in the dust by turning this data into actionable
solutions for users to follow.
Q2 allowed for efficient and effective product delivery.
For example, rather than intimidating users by reporting how much money they spent on Starbucks last month, Personified encourages them to improve their Financial Health Level by suggesting actions like saving for retirement and celebrating with them when they do so.
PFG produces a more rewarding experience, meaning customers are more likely to spend time with their banking app. First United has boasted a sustained 9% user engagement rate since its Personified launch, which is more than triple compared to industry competitors.
Personified details a user’s cash flow, expenses, debt-to-income ratio, and more. It prominently features recommendations in the app to improve financial health, like opening an emergency savings account. Personified also gamifies financial wellness, just like a fitness app. By demonstrating positive behaviors like saving money in a new emergency account or paying down a loan, users can accrue points and badges that work towards financial wellness goals, awards, and more. As a result, customers have a fun and interactive way to improve their financial health while at the same time generating new revenue for the FI.
This approach aligns perfectly with First United’s desire to create customer value. First United's Chairman and CEO, Greg Massey, said, "Our purpose at First United is to inspire and empower others to Spend Life Wisely. We meet our customers where they are, providing them with the right tools and educational resources so that they can make sound financial decisions. Finotta's Personified Platform is an excellent resource as it educates and informs our customers to make smart choices. Because Personified is gamified, it is fun, easy, and adaptable for users of all walks of life.”
"Finotta's Personified Platform is an excellent resource as it educates and informs our customers to make smart choices. Because Personified is gamified, it is fun, easy, and adaptable for users of all walks of life."
- Greg Massey, First United Chairman and CEO
First United’s partnership with Finotta delivered a truly personalized financial wellness experience for customers, as evidenced by the metrics and First United’s feedback. Since the Personified Platform was embedded directly into First United’s existing digital banking channel through Q2’s infrastructure, customers were granted direct access to the tool with the same look and feel they know and trust - leading to fast adoption. In only two months, Personified has already increased First United’s revenue and facilitated additional customer loyalty – all while helping the bank better serve its community.
“We are excited to see the continued impact that the Personified Platform will have in the lives of our customers, helping them to save money, get rid of credit card debt, and even be able to buy a home. Personified isn’t just a product; it is a resource that will enhance the technology that you already use to better your life."
- Greg Massey, First United Chairman and CEO