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RoboSave

Monotto

Financial Wellness
Increase deposits and user engagement through automated savings
Financial Wellness
Increase deposits and user engagement through automated savings
 

RoboSave helps your account holders save money to increase their individual financial stability. The platform analyzes the account holder’s transaction history to create a personalized safety net for each user, then determines how much money they can save every couple of days, and automatically transfers that money out of the user’s checking account and into their savings.

Community Banks and Credit Unions are seeking to engage and dominate younger markets. Millennials and Gen Z are becoming more aware of third-party options, eager to acquire the knowledge and skills needed to make important financial decisions; therefore, are willing to try new money saving tools. 

It is crucial for Financial Institutions to get useful analytics to better and more accurately determine when a customer qualifies for a product, so that they can propose adequate saving solution. Unlike Monotto’s competitorsRobosave helps the Financial Institutions keep the funds within the company instead of sending them to a 3rd party.

Compelling vs Disintermediation

Protect deposit accounts by offering an integrated product alternative to the many offerings provided by Fintechs. Savings accounts are created and maintained within the financial institution fighting back against disintermediation of 3rd party applications.

Affordable response to young account holder needs

Small Banks & Credit Unions have discovered that providing the assistance younger generations require is expensive, difficult to maintain and hard for community financial institutions to deploy. Immediately increase deposit shares and educate users on savings practices through an AI based, fully integrated solution that suits the young person’s lifestyle.

Effective Data Analysis for product opportunities

By keeping the funds within the Financial Institution, additional metrics can be gathered to augment current data, allowing for additional sales opportunities, and understanding of the institution's current customer base, as opposed to other automated saving solutions which typically do not expose the data and use it for 3rd party product offering.

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General information

Commercial model
Resell
Integration
Pre-integrated products
Fusion Digital Banking
doneAvailable for all 3rd party systems
Implementation
Cloud Hosted
Website
Support
Privacy policy
Business countries (1)
United States of America
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Data processing countries (1)
United States of America
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Finastra employees only
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SharePoint

How it works

RoboSave allows the Financial Institution’s account holders to define their own goals and set the amount they want to reach for each of those goals. The platform determines how much money can be saved for each and automatically transfers the funds. Using the customers’ data, a dashboard is created to help the bank sell opportunities and helps you to determine when your user qualifies for a new product or service. Then, it promotes the new product or service directly inside your user’s dashboard.

Request and retrieve accounts

Consumers enroll in RoboSave which connects to Fusion Digital Banking via Single Sign On. The application uses Fusion Digital Banking to request and retrieve the user accounts.

Define the goals

The user is now able to create up to 4 goals for which he wants to save, like a car or emergency funds, and defines the amount of money for each of those goals.

Retrieve and analyze the transactions

RoboSave requests and retrieves the history of the user transactions each night and uses the FFDC APIs to pull in the consumer’s transactions and evaluates the current balance to see if it will be enough for the anticipated transactions to happen.

Transfer the money, and achieve the goals

If the balance is more than the consumer needs, then the application generates a transfer from the consumer’s checking account to the consumers savings account (e.g. $5 transfer). If the balance isn’t sufficient, no transfer occurs. Overtime, it allows the user to save a significant amount of money.
How it works

How it looks

Main dashboard

The user can see the total amount of his savings and the progress on his goals. Show less

Create a new goal

The user can create, name, prioritize and define the amount for several goals for which he needs to save. Show less
screenshot container
Main dashboardCreate a new goal

Main dashboard

The user can see the total amount of his savings and the progress on his goals.

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