Many people bank online these days, but most banking apps and websites are pretty generic. They let you do the basics like see your account balances, make deposits, and transfer money, but personalized solutions and services are mostly absent. Parker Graham joins Startup Savant to talk about his startup Finotta, which can help banks turn their mobile apps into true “digital branches” that can meet customers’ individualized needs. 

​

- Startup Savant is a business podcast that tells the stories behind up-and-coming startups.
- Parker Graham joins Startup Savant to talk about his startup Finotta.
- Finotta is a banking technology company that’s bringing personalization into banking for the first time.

Room for Improvement With Banking Mobile Apps
There’s no doubt that mobile banking apps and websites have changed how we bank – many would say for the better. It’s a whole lot easier to transfer money or deposit a check from the comfort of your own home than driving to a physical branch of your bank and standing in line.

​

However, Parker has noticed that when it comes to banking apps, there’s a lot of room for improvement. “So right now, banks have done an incredible job,” he said during his interview on Startup Savants. “I’m sure we all have a memory of a banker or a bank scenario where you’ve got some nostalgia baked in. Maybe it’s the bank that you grew up next to, the one down the street … I remember opening up my first accounts there, and, really, that’s where the experience for me stopped. I’m in that millennial grouping, where I do everything digitally, and Gen Zers, the group below me, they’re even more digitally native than I even am.”

​

That said, banks haven’t quite figured out how to develop relationships with customers electronically through mobile apps. That means customer service on an app can leave a lot to be desired. “What’s been really difficult for banks and credit unions … is making that transition from the physical branch customer relationship to the digital branch customer relationship,” he said. 

​

Access the full article here.