Free App Encourages, Automates Savings
CINCINNATI–(BUSINESS WIRE)–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.
“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
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.