CU 2.0 sponsor
People at rest. Money at work.
Otomo provides self-driving finance as a service to credit unions. Similar to how Spotify tees up the perfect playlist, Otomo’s AI-curated platform is designed to remove the forethought, guesswork, and effort from consumers’ daily financial lives. It embeds quickly or can be white labeled, and generates revenue for licensing clients from day one.
Self-driving finance is an automated digital banking strategy. Typically, consumers find and choose financial goals for themselves, and then a banking platform follows certain rules and takes action on the consumer’s behalf.
A few examples include:
- Paying down debt to prioritize paying off a credit card, student loans, or other debt.
- Building a nest egg to reach a certain goal, such as $10k in savings.
- Saving for something big such as a party, a vacation, college, or a house.
- Investing for the future automatically and without the tedious, often confusing problem of doing it manually.
The credit union benefits are simple:
- Increased member engagement; and
- New non-interest income.
It gets up and running quickly, too. But the biggest benefits are to the members—to the users themselves. They get technology that they must use (like any banking app), but they also get technology they want to use.
Otomo bring in elements from user-friendly apps into banking. Their UX is as easy and intuitive as Acorns, Pinterest, and AirBnB… in part because they borrow conceptual elements from each app to build out their own.
Wrap it all in an embeddable app that encourages imagination and desire, and you have the makings of a tool that members can fall in love with.