Friday, February 22, 2019

Fifth Third Launches Dobot, an App to Help Consumers Achieve Goals

BWW News Desk
February 11, 2019

DobotsupTMsup 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 pblockquotep idpullquotepblockquote p Dobot offers consumers a simple and fun way to reach their goals whether thats a spring break vacation or a down payment for a house said Doug Smith who heads digital initiatives for Fifth Thirds Consumer Bank Instead of putting money into a general savings account Dobot helps you prioritize your savings and then does the work for you p p 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 users spending habits determines how much a customer can reasonably afford to put toward those goals then automatically transfers small amounts of money from the customers 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 p p The app is available to anyone who has a checking account with any US financial institution not just Fifth Third customers The app connects to the users checking account p p Dobot was launched in Denver in March 2016 and grew to almost 24000 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 mobilefriendly millennial customers p p Dobot is a perfect example of the first part of our fintech strategy of buy partner and build said Tim Spence head of Fifth Thirds Consumer Bank At its heart it means we invest in new banking technology that improves the lives of our customers p p Fifth Third has invested more than 100 million in financial technology in the past two years Dobot is the Banks first complete fintech acquisition from product to team p p Part of the Banks 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 Banks Dobot team p p We are excited to be a part of Fifth Thirds 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 thats infused with financial education p p To download Dobot search for it in the Apple App Store or Google Play Store p p span classbwulinebAbout Fifth Thirdbspan p p Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati Ohio and the indirect parent company of Fifth Third Bank an Ohiochartered bank As of Dec 31 2018 Fifth Third had 146 billion in assets and operated 1121 fullservice Banking Centers and 2419 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 52000 feefree ATMs across the United States Fifth Third operates four main businesses Commercial Banking Branch Banking Consumer Lending and Wealth amp 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 notforprofit organizations through its Trust and Registered Investment Advisory businesses Investor information and press releases can be viewed at a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttps3A2F2Fwww53com2Fampesheet51938761ampnewsitemid20190211005528amplanenUSampanchorwww53comampindex1ampmd5a07b492432bfffb90e77d826c812bdd1 relnofollowwww53coma Fifth Thirds 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 p p p

SOURCE: BUSINESS WIRE. ©2015 Business Wire

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