Fifth Third Launches Dobot, an App to Help Consumers Achieve Goals
February 11 2019 - 11:02AM
Business Wire
Free App Encourages, Automates Savings
DobotTM, powered by Fifth Third, is designed to change the way
consumers achieve their goals. The free app uses a personalized
algorithm to automate savings, sending tips and encouragement along
the way. It helps users focus on what they are saving for and
creates an easy path to get there.
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the full release here:
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Fifth Third Bank launched Dobot, a Robot
for your dough, to help consumers reach their goals. (Graphic:
Business Wire)
“Dobot offers consumers a simple and fun way to reach their
goals, whether that’s a spring break vacation or a down payment for
a house,” said Doug Smith, who heads digital initiatives for Fifth
Third’s Consumer Bank. “Instead of putting money into a general
savings account, Dobot helps you prioritize your savings and then
does the work for you.”
With Dobot, users define their goal and upload a photo. Then
they specify how much they want to save and when they need the
money. Every few days, the app – which analyzes each user’s
spending habits – determines how much a customer can reasonably
afford to put toward those goals, then automatically transfers
small amounts of money from the customer’s checking account to a
Dobot savings account. The app blends seamlessly into their lives,
and it also allows users to add more money to their Dobot savings
at any time.
The app is available to anyone who has a checking account with
any U.S. financial institution, not just Fifth Third customers. The
app connects to the user’s checking account.
Dobot was launched in Denver in March 2016, and grew to almost
24,000 users before it was sold to Fifth Third in early 2018. Fifth
Third relaunched the app in January. Fifth Third views Dobot as
another opportunity to serve anyone who struggles to save money,
particularly its mobile-friendly millennial customers.
“Dobot is a perfect example of the first part of our fintech
strategy of buy, partner and build,” said Tim Spence, head of Fifth
Third’s Consumer Bank. “At its heart, it means we invest in new
banking technology that improves the lives of our customers.”
Fifth Third has invested more than $100 million in financial
technology in the past two years. Dobot is the Bank’s first
complete fintech acquisition – from product to team.
Part of the Bank’s strategy in acquiring Dobot was to acquire
the experience of Andy Zurcher, who helped launch the app as its
senior vice president of product. Zurcher now leads the Bank’s
Dobot team.
“We are excited to be a part of Fifth Third’s digital
transformation, and we believe Dobot is well positioned to engage
consumers in new and exciting ways,” Zurcher said. “We built Dobot
to help people reach their goals and improve their financial health
using our automated savings algorithm. Along the way, Dobot offers
advice, support and encouragement, all wrapped in a simple and
engaging design that’s infused with financial education.”
To download Dobot, search for it in the Apple App Store or
Google Play Store.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of Dec. 31, 2018,
Fifth Third had $146 billion in assets and operated 1,121
full-service Banking Centers and 2,419 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
52,000 fee-free ATMs across the United States. Fifth Third operates
four main businesses: Commercial Banking, Branch Banking, Consumer
Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of Dec. 31, 2018, had
$356 billion in assets under care, of which it managed $37 billion
for individuals, corporations and not-for-profit organizations
through its Trust and Registered Investment Advisory businesses.
Investor information and press releases can be viewed at
www.53.com. Fifth Third’s common stock is traded on the Nasdaq®
Global Select Market under the symbol “FITB.” Fifth Third Bank was
established in 1858. Deposit and Credit products are offered by
Fifth Third Bank. Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20190211005528/en/
Laura Trujillo513-534-NEWS
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