Digit is a personal financial management company that algorithmically analyzes its customers’ cash flow and helps them manage and save their money. The Digit app automatically withdraws extra cash to help customers save without even thinking about it.
The company wanted to expand its suite of offerings beyond a simple savings account. They created an automatic investment solution with a $5 monthly subscription fee. They knew that customers would be more likely to stick with the program if they could see a return on their savings—beyond the meager return a basic savings account may offer in today’s low interest rate environment.
In 2020, Digit launched its investing and retirement options, directly embedded into its financial management and savings experience. The app matches customers with the right kind of retirement account for them, and automatically moves funds into investments after a 30-day period.
DriveWealth’s platform enabled Digit to seamlessly integrate retirement and investing products into their savings platform.
Digit offers investment products as a core component of the fulsome personal finance membership. Within the first year of product launch, Digit enjoyed significantly higher customer retention rates for customers utilizing its investing products.
As of March 2021, Digit onboarded 40,000 investment accounts.
Autopilot, DriveWealth’s proprietary portfolio management system, enables Digit to build unique portfolios and apply them across clients. DriveWealth’s patent-pending Fracker technology enables notional investing in over six thousand symbols out to eight decimal places, so even small account balances can be diversified across a range of securities.