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

Posted at 11:02 AM, Feb 11, 2019
and last updated 2019-02-11 11:02:25-05

CINCINNATI--(BUSINESS WIRE)--Feb 11, 2019--Dobot TM, 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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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 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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SOURCE: Fifth Third Bank

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PUB: 02/11/2019 11:02 AM/DISC: 02/11/2019 11:02 AM