Although online banking is convenient, most banking mobile apps and websites are pretty standardized. You can deposit money, see your account balances, etc., but don’t expect a personalized experience. Parker Graham joins Startup Savant to talk about his startup Finotta, a banking technology company that’s bringing personalization into banking for the first time.
- Startup Savant is a business podcast that tells the stories behind up-and-coming startups.
- Parker Graham joins Startup Savant to talk about his startup Finotta.
- Finotta is a banking technology company that’s bringing personalization into banking for the first time.
Mobile Banking – Convenient but Flawed
Banking apps and websites have undoubtedly made banking easier because you don’t have to drive to a physical branch of your bank and stand in line just to accomplish routine financial transactions. That said, most banks’ online presence could be improved.
During his interview with Startup Savant, Parker said banks have done an “incredible job” with in-person customer service. He fondly recalled childhood memories of opening his first account but said that for him, that’s where the in-person experience ended. As a millennial, he “does everything digitally” now, including banking.
However, despite the fact that they now have millions of online customers, banks have lagged in developing real relationships with those people and attending to their individual needs. In other words, Parker said banks (and similar institutions like credit unions) have yet to fully transition from providing services through their physical branches to providing those same services online. “We’re finding product gaps and services that you might need from the bank or maybe even a third party,” he said.
Creating ‘Digital Branches’ for Banks
Parker said during his interview that he looks at a bank’s website and mobile app as its “digital branch,” which ideally should provide almost the same level of personalized service as a physical branch. That was what inspired him to start Finotta: to help banks make this transition by offering a platform for personalized banking services, much like a social media platform offers personalized content.
“For instance, you go on Instagram or TikTok, and basically, its whole entire goal is to just feed you content that you just really want to consume,” he said. “For the first time ever, we’ve really brought that same methodology” into the world of personal finance, allowing banks to meet your individual needs no matter where you are on life’s journey.
The company’s platform is embedded into a bank’s mobile app or website in the form of a button on the home screen. Users won’t really notice a difference in their experience when they click it, because Finotta’s product is designed to fit seamlessly into the bank’s existing online presence. However, Parker said they will notice a slew of new options pointing to services that might interest them, like student loans offered by the bank or a third party.
Startup Savant Podcast
The Startup Savant podcast is a business podcast created by The Really Useful Information Company (TRUiC). Listeners can hear the stories behind startups, as told by their founders, that are in the midst of growing their companies.
Ethan, an entrepreneur, hosts the Startup Savant podcast, bringing disparate skills and life experiences to each interview, and providing listeners with important business insights and a holistic perspective on the startup ecosystem.
Hear from a variety of real startup founders from around the globe and with varying backgrounds, making their startup idea a reality. Learn from experts sharing their industry knowledge on venture capital, securing funding, and more on the Startup Savant podcast.
Final Thoughts
Graham Parker joins Startup Savant to discuss his startup Finotta, including where he got the idea for the startup, what the company offers, and its plans for the future.
You can find the Startup Savant podcast on Apple Podcasts, Spotify, or wherever you listen to podcasts.
