US-based Fifth Third Bancorp has re-launched savings app Dobot, which it acquired in early 2018.
Available on Apple App Store or Google Play Store, Dobot utilises a personalised algorithm to automate savings for the customers.
Go deeper with GlobalData
It is available to anyone who has a checking account with any US financial institution.
Dobot savings app: Details
Fifth Third acquired Dobot in early last year. The app was first launched in March 2016 in Denver and had around 24,000 users when Fifth Third acquired it.
Dobot enables the user to define their savings goal. Subsequently, it assesses the spending habits of the customers and automatically transfers small amounts of money from the customer’s checking account to Dobot savings account every few days.
Additionally, the customers can add more money to their Dobot savings account at any time. The app also offers insights and tips to encourage savings habit among customers.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataDobot is specifically designed for all the people who struggle with their spending habits especially tech-savvy millennial customers.
Fifth Third Consumer Bank head Tim Spence said: “Dobot is a perfect example of the first part of our fintech strategy of buy, partner and build.
“At its heart, it means we invest in new banking technology that improves the lives of our customers.”
In the last two years, Fifth Third has invested more than $100m in financial technology.
Dobot team is currently led by Andy Zurcher, who was associated with the launch of the app as the senior vice president.
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.”
