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

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Dobot 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.”