MX hosted its Fintech Reads book club with Fintech Takes to discuss "The Verifiers" and how data use ties to the fintech industry.

“The Verifiers” teaches key lessons about data use, trust, and privacy — with key lessons for the fintech industry from Fintech Reads.

Fintech Reads Book Club: The Verifiers

A novel, community-focused experience has emerged in the fintech sector for individuals who believe groundbreaking ideas originate from creative inspiration and insightful reading. In April, MX&rsquo;s Fintech Reads was born &mdash; with its inaugural event at New York Fintech Week. Filled with everything from fiction to the latest best-selling business book, Fintech Reads brought together finance and fintech leaders for open conversations and networking opportunities about the books, business and ethical challenges, and opportunities that keep us up at night.
The event was such a hit that MX and <a href="https://fintechtakes.com/">Fintech Takes</a> continued the conversation with a virtual Fintech Reads Book Club meeting to discuss Jane Pek's debut novel. The Verifiers spins a captivating mystery around the burgeoning world of online dating and the increasingly blurred lines between our digital and real-life personas. This witty, contemporary detective story is a sharp examination of privacy and the pervasive nature of data collection. With the ethical considerations in the data space, this book has close ties to the finance industry and was a natural choice as our first fiction selection for Fintech Reads Book Club.&nbsp;
The novel introduces Claudia Lin, a sharp, Jane Austen-loving, Chinese-American woman who finds herself drawn to the secretive world of Veracity &mdash; a detective agency that specializes in vetting individuals that meet on dating apps. Clients hire Veracity to uncover the truth behind carefully curated online profiles, seeking assurance before investing emotionally or otherwise.
The Verifiers quickly establishes a world where personal data is the ultimate commodity. The online dating industry, as depicted by Pek, thrives on the accumulation and analysis of vast amounts of user information. In our book club discussion, we explored the following key themes in the book, and how it made us think about our responsibilities to our customers when it comes to data stewardship:&nbsp;
<h2>The Ethics of Data Collection and Algorithmic Influence</h2>
Veracity's very existence highlights the anxieties surrounding online authenticity. The novel delves into how dating platforms collect extensive personal data, using complex algorithms not only to match individuals, but also to potentially shape their desires and choices. This raises critical questions about the extent to which users are aware of, and consent to, this level of data harvesting and algorithmic manipulation.&nbsp;
The book club group discussed the important role that companies can play in consumer outcomes by influencing consumer behaviors. In the fintech industry, this may look like <a href="https://www.mx.com/products/financial-insights/">prompting users</a> to deposit more of their paycheck directly into their savings account &mdash; which can benefit the consumer. Or, they can push consumers toward outcomes that are better for the business (rather than the consumer), by making the button to share more user data more visible than the button to exit a popup window.&nbsp;
<h2>Privacy in the Digital Age</h2>
Claudia's investigations often involve delving deep into the digital footprints of individuals, blurring the boundaries of privacy. While the characters in the book did give permission for their data to be used, they were unaware of negative data use applications. The ease with which online information can be accessed and pieced together to form a picture of someone &mdash; accurate or otherwise &mdash; is a central theme.&nbsp;
In the fintech space, there are novel (and often beneficial!) applications of user data to improve their financial lives, like non-traditional credit underwriting. If misused, however, these details can be pieced together by bad actors to <a href="https://www.mx.com/blog/fraud-on-the-rise-and-how-to-fight-it/">facilitate financial fraud</a> and other bad consumer outcomes.
<h2>Corporate Deceit, Data Misuse, and Surveillance</h2>
As Claudia investigates a client's suspicious death, she uncovers a web of corporate deceit within the lucrative matchmaking industry. This plotline shines a light on the potential for powerful tech companies to exploit user data for profit, control, or even more sinister purposes, often with little transparency or accountability. The novel also subtly critiques a society growing accustomed to trading privacy for convenience, whether in finding a partner or navigating daily life.&nbsp;
Our book club discussion highlighted the need for extensive consumer education to make it clear what consumers are consenting to when they check a box or start using a service. In the financial services and fintech industries, consumers are sharing extremely sensitive data &mdash; which calls for a need for greater visibility and trust from those they are sharing it with.&nbsp;
<h2>Building Trust and Securing the Future</h2>
Through Claudia's engaging narration and the unfolding mystery, The Verifiers serves as a timely commentary on our relationship with technology. Pek masterfully weaves together a compelling whodunit with a thought-provoking exploration of how our data is collected, controlled, and commodified, leaving readers to ponder the true cost of navigating love and life in the digital age. As financial services and fintech professionals, we owe it to our customers to think deeply about these issues and do the right thing by them and their data. Their financial outcomes depend on it!

Beyond the Swipe: What "The Verifiers" Taught Us About Data Trust

MX's innovative new and and updated products will transform your data into action. 

Learn about the latest MX product innovations including Direct Deposit, Manage Money Dashboard, live data-sharing reports, and more.

MX Product Innovations | Get the Most Out of Your Data

&rdquo;Growth isn&rsquo;t your biggest challenge. Your biggest challenge is how you use your data to power growth,&rdquo; says Wes Hummel, MX&rsquo;s Chief Product and Technology Officer.&nbsp;
Financial institutions have more data than ever, but making it actionable and turning it into real results isn&rsquo;t easy. Consumers want relevant and personalized financial insights. And, financial institutions need to better harness data to win in an increasingly competitive market.
This is where MX can help. Our <a href="http://mx.com/product-updates/2025/spring/">latest product innovations</a> are designed to help financial providers transform data into growth.
Here is an overview of how our recent updates and innovations help you tap into <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> to drive growth, build stronger relationships, and deliver better experiences.
<h2>Making Data More Actionable</h2>
When it comes to growth, deposits are at the top of most financial institutions&rsquo; list. But, how do you identify the right opportunities to grow deposits? MX&rsquo;s <a href="https://docs.mx.com/use-cases/direct-deposit/">Direct Deposit solution</a> helps you easily identify account holders without a direct deposit relationship or with deposits flowing to external accounts.
In addition, MX&rsquo;s <a href="https://www.mx.com/products/customer-analytics/">Customer Analytics</a> surfaces clear insights based on data to help you better target the right customers with the right message at the right time. With targeted segmentation and campaign tools, financial institutions can identify customers without direct deposit, tailor messaging, and deliver personalized offers that encourage setup and switching.
<h2>Driving Stronger Engagement&nbsp;</h2>
Customer engagement is a highly important, but often elusive priority for financial providers. Beyond using data to reach consumers with insights, engagement comes from giving consumers the tools and guidance to turn those insights into better financial decisions.&nbsp;
With this in mind, MX completely reimagined our <a href="https://www.mx.com/products/personal-financial-management/">Manage Money Dashboard</a> to make it more intuitive, actionable, and configurable. Now, the new Manage Money Dashboard is available for you to use to:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Simplify how consumers interact with financial management tools</li>
<li style="font-weight: 400;" aria-level="1">Deliver the insights most relevant to them</li>
<li style="font-weight: 400;" aria-level="1">Help them understand their money in real-time</li>
<li style="font-weight: 400;" aria-level="1">Provide guidance, offers, and recommended next-best actions throughout the digital banking experience.</li>
</ul>
This is more than a budgeting tool. It&rsquo;s an intelligent, automated way to help consumers engage with their finances in a meaningful way.
<h2>Gaining Better Insights&nbsp;</h2>
Our new data sharing reports within <a href="https://www.mx.com/products/data-access/">Data Access</a> help you understand where customers are sharing their financial data beyond your institution. Without these insights, you can&rsquo;t see where customers are turning to other providers for solutions &mdash; and might be missing opportunities to better serve them and grow your business.&nbsp;
Our Live Data-Sharing Dashboard gives you real-time visibility into how your customers are permissioning and sharing their data. And, you gain access to customer data-sharing trends with new reports for current connections and connections over time &mdash; with easy export options for deeper analysis.
We&rsquo;ve also continued to make <a href="https://www.mx.com/blog/data-enhancement-upgrade/">updates to our Data Enhancement</a> solution to deliver clear, accurate data using machine learning.&nbsp;
<h2>Connecting the Dots</h2>
Everything we do is based on our ability to facilitate fast, reliable connections. That&rsquo;s why we&rsquo;ve made major improvements to our connectivity solutions to ensure seamless data flow and stronger performance. And, these enhancements are already making an impact &mdash; financial institutions using multiple MX products have seen a 30% increase in conversion rates.&nbsp;
The financial institutions that thrive aren&rsquo;t the ones with the most data, but the ones that know how to turn that data into action. These latest product innovations can help you&nbsp; turn raw information into real business impact &mdash; so you can make smarter decisions, deepen relationships, and drive meaningful outcomes. With the right tools, that data becomes your biggest advantage.
 For a deeper look into these latest updates and more, visit our <a href="https://www.mx.com/product-updates/2025/spring/">Spring Product Update page</a> or watch the <a href="https://www.mx.com/product-forums/harness-data-drive-growth/watch/">replay of our latest Product Forum</a>.

Solving Your Biggest Challenge: Putting Data into Action

What is financial wellness and why does it matter? See how financial institutions can promote financial wellness.

Financial wellness is the ability to comfortably manage one’s finances and build better habits.

What Is Financial Wellness? Definitions, Benefits, and Examples

Families in the U.S. are wealthier than ever &mdash; with total family wealth quadrupling between 1989 and 2022, according to <a href="https://www.cbo.gov/publication/60807">a report from the Congressional Budget Office</a>. But this newfound wealth distribution has been anything but equal. The top 10% of households have 60% of the wealth.
<a href="https://www.mx.com/research/financial-apps-fall-short/">According to MX research</a>, 44% of consumers say they struggle to make ends meet. The stress of money and the widening wealth gap make prioritizing financial wellness more important now than ever before &mdash; for both consumers and their financial providers.
So what is financial wellness and why does it matter? This blog will answer every question about financial wellness and how financial institutions can help:
<ul>
<li><a href="#what-is-financial-wellness">What Is Financial Wellness?</a></li>
<li><a href="#examples-of-financial-wellness">Examples of Financial Wellness</a></li>
<li><a href="#financial-wellness-and-well-being">What Is the Difference Between Financial Wellness and Financial Well-Being?</a></li>
<li><a href="#benefits-of-financial-wellness">Benefits of Financial Wellness</a></li>
<li><a href="#financial-providers-promote-financial-wellness">How Financial Providers Can Promote Financial Wellness</a></li>
<li><a href="#mx-empowers-financial-wellness">How MX Empowers Financial Providers</a></li>
</ul>
<h2 id="what-is-financial-wellness">What Is Financial Wellness?</h2>
A quick search for &ldquo;what is financial wellness&rdquo; turns up many results &mdash; without a single agreed-upon definition.&nbsp;
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX asked consumers how they define financial wellness</a> and, unsurprisingly, the results were widespread&nbsp; &mdash;&nbsp;and influenced by their past, present, and future. Financial wellness means different things to different people but each definition has a common thread: how well a person manages their money, if certain financial needs are met, and financial comfort. 
<img src="https://cms.mx.com/assets/82661b41-ad70-4db1-9465-d84cdc2bedfe?width=3891&amp;height=1698" alt="Asset 1@4x" />
The <a href="https://www.americanbanker.com/opinion/banks-should-embrace-new-tools-for-measuring-consumer-financial-health">Office of the Comptroller of the Currency</a> (OCC) gives a more practical definition of financial wellness: &ldquo;having stable day-to-day finances, resilience to withstand shocks, and security for the future.&rdquo;&nbsp;
Rolling all of these definitions into one, financial wellness is defined as the ability to comfortably manage one&rsquo;s finances.
Check out our blog <a href="https://www.mx.com/blog/consumers-define-and-measure-financial-wellness/">Metrics and Mindsets: How Consumers Define and Measure Financial Wellness</a> to learn more about how different genders and generations view financial wellness.
<h2 id="examples-of-financial-wellness">Examples of Financial Wellness</h2>
Because financial wellness is influenced by our past, present, and future, consumers can see practical application in each of these areas. Here are some examples of financial wellness practices for consumers:
<h3>Debt Management</h3>
Understanding our past money habits can help consumers on their journey towards financial wellness. Financial wellness can mean keeping debt at manageable levels or completely paying off debt.
<h3>Daily Spend Stability</h3>
Financial wellness is also about everyday money habits. Consumers should strive to live within their means. Budgeting and paying bills in full and on time can help consumers to control their daily spend &mdash; promoting financial wellness.&nbsp;
<h3>Emergency Preparedness</h3>
Nineteen percent of consumers find that being able to save for the future defines financial wellness, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX</a>. Consumers can look towards the future with emergency preparedness in mind. Being proactive about savings, contributing to retirement accounts, and setting financial goals are examples of financial wellness.
<h2 id="financial-wellness-and-well-being">What Is the Difference Between Financial Wellness and Financial Well-Being?</h2>
Financial health, financial well-being, and financial literacy are all commonly used in conversations surrounding consumers and their ability to manage their finances effectively. Now that we&rsquo;ve defined financial wellness, what is financial well-being? Financial well-being is the ability for a person to effectively meet all of their financial obligations.&nbsp;
Financial wellness and financial well-being are 2 phrases can generally be used interchangeably. They all have the same goal, emphasizing the importance of proper financial management and how it can impact consumers.
<h2 id="benefits-of-financial-wellness">Benefits of Financial Wellness</h2>
Financial wellness is a powerful goal. It&rsquo;s a cause that will provide long-term benefits to consumers and financial institutions. Financially strong consumers lead to financially stronger businesses and communities. When people have the tools, resources, and knowledge to improve their financial health, it creates a win-win scenario for all parties involved.
Financial providers that invest in <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness tools</a> will be able to connect with their customers on a deeper level and contribute to higher levels of financial well-being. This translates to higher customer engagement, retention, and loyalty &mdash;&nbsp;and drives business growth, higher deposits, and long-term stability.&nbsp;
<h3>Benefits of Financial Wellness for Consumers</h3>
Able to Manage Day-to-Day Expenses
Financial wellness can benefit consumers right away. Fifty-five percent of consumers report that they are currently living paycheck to paycheck, <a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">MX recently discovered</a>. Financial wellness can help consumers prepare for and handle upcoming everyday expenses to get out of the paycheck to paycheck cycle.
Prepare for the Future
Financial wellness can teach consumers important skills like saving, budgeting, and investing. Consumers that prioritize their financial health will become more prepared financially for unexpected life events. Ultimately, financial wellness will empower consumers to make more informed financial decisions that will have a lasting impact.
Mental and Physical Health
Fifty-one percent of consumers say money is their main source of stress, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX research</a>. Financial wellness helps consumers to limit the stress caused by financial issues, offering them a greater sense of optimism and security. Because <a href="https://www.cuimc.columbia.edu/news/link-between-health-and-financial-well-being">health and financial well-being are connected</a>, investing in financial wellness can give consumers more fulfilling lives.
<h3>Benefits of Financial Wellness for Financial Providers</h3>
Stronger Customer Retention
There is rigorous competition within the financial services industry. So if a consumer doesn&rsquo;t like something about their financial provider, they are more than willing to find one that is a better fit for them. In fact, <a href="https://www.mx.com/research/the-missing-link/">MX found that</a> 57% of consumers said they&rsquo;d likely seek out a new financial provider if their current one couldn&rsquo;t deliver on these most wanted features. Financial providers must be willing to increase their service offerings so that consumers are more willing to stick around long term.
Increased Deposits
Banks, credit unions, and other financial providers that work to promote financial wellness will have consumers that are financially healthier, making them more likely to pay off their loans and increase their deposits.
Data-Driven Insights
Financial institutions that partner with consumers on their financial journeys will gain access to greater insights based on additional consumer-permissioned data. This data&rsquo;s power is two-fold. Banks will be able to better understand their customers, while also using that information to offer more relevant products and services that will help them to retain customers.
<h2 id="financial-providers-promote-financial-wellness">How Financial Providers Can Promote Financial Wellness</h2>
According to the <a href="https://finhealthnetwork.org/research/financial-health-pulse-2023-u-s-trends-report/">Financial Health Network</a>, 47% of unbanked households were considered financially vulnerable. Banks have the opportunity to turn the financially vulnerable population around through financial wellness promotion.
Financial providers should rethink how they are approaching financial wellness and its accessibility for their consumers. Thanks to today&rsquo;s advances in technology across the financial industry, financial institutions have easier access to the tools that promote financial wellness. There are various ways that providers can promote financial wellness:
Connect the Dots
Do your consumers know where their finances stand? Financial wellness is nearly impossible without full visibility into financial accounts. The majority of consumers have various financial apps, so switching between them is an inefficient way to fully understand their financial state. By implementing an <a href="https://www.mx.com/blog/what-is-open-banking/">open banking solution</a> to help consumers connect the dots across their various financial accounts, they&rsquo;ll gain a 360-degree view of their finances.
Leverage Data to Better Engage and Inform
Even centralized financial data can be messy and hard to understand at times. Financial institutions that prioritize <a href="https://www.mx.com/blog/what-is-data-enhancement/">data enhancement</a> will empower consumers to better understand their finances. Likewise, banks and credit unions will have more clarity into the data to tailor the right messages for the consumers at the right time.
Engage Through Personalization
Every consumer is different, so they should be treated that way. Understand who your customers are through their data and engage with them appropriately. Give your customers <a href="https://www.mx.com/products/financial-insights/">proactive insights</a> or nudges to better manage spending, pay down debt, or increase savings based on their account activity. These insights can empower your customers to recognize how they can make more informed financial decisions.
Nudge Consumers to Action
Your consumers are sharing high amounts of information with you. Use it to your advantage. Did they recently connect a new account? Have they opened up a mortgage? Could they benefit from a <a href="https://www.mx.com/case-studies/global-credit-union/winning-the-fight-for-deposits/">deposit switch</a>? With the right tools, you can understand more about your customers and act accordingly with targeted offers and services &mdash; helping you gain primacy.
<h2 id="mx-empowers-financial-wellness">How MX Empowers Financial Providers</h2>
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX found</a> that 31% of consumers don&rsquo;t feel financial providers do enough to support their financial needs. What can they do to better meet customer expectations? Jane Barratt, MX Chief Advocacy Officer, offered the solution when she said, &ldquo;Data, or the lack thereof, can make or break financial wellness.&rdquo;
MX helps financial institutions connect, analyze, engage, and act on <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> to create better customer experiences. MX&rsquo;s suite of <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness tools</a> can help you make the most of your financial data. Discover <a href="https://www.mx.com/case-studies/verabank/">how MX helped VeraBank transform financial wellness</a> across its customer base for a 65% increase in engagement.

What Is Financial Wellness and Why It’s Not Just Important for Consumers

Regardless of regulatory uncertainty, MX continues to focus on customer outcomes driven by open banking, financial inclusion, etc.

In the face of uncertainty at the CFPB, MX remains steadfast in its commitment to supporting financial consumers and the companies that serve them.

Prioritizing Consumer Outcomes In the Face of CFPB Uncertainty

Just a few weeks ago, we shared a <a href="https://www.mx.com/blog/what-cfpb-turbulence-means-for-open-banking/">recap and early thoughts</a> on all the happenings at the Consumer Financial Protection Bureau. Since then, quite a bit has changed. On February 11, President Trump <a href="https://www.bankingdive.com/news/cfpb-mckernan-fdic-nomination-70-employees-fired/739892/">nominated civil service veteran Jonathan McKernan</a> to serve as Director of the CFPB. McKernan has most recently been serving a five-year term as a director at the FDIC, where he advocated for &ldquo;responsible risk-taking&rdquo; and against &ldquo;duplicative&rdquo; regulatory requirements on financial institutions across agencies.&nbsp;
The in-progress nomination of McKernan signals a potential longer term &ldquo;settling of the dust&rdquo; for all the recent tumult at the agency. But at present, uncertainty continues in the face of multiple actions from Administration leaders and multiple lawsuits in the courts.&nbsp;
While MX can&rsquo;t predict where things will end up, we do know that our mission of supporting financial consumers and the companies that serve them remains unchanged in the face of political uncertainty. We&rsquo;re proud to work closely with banks, credit unions, and other financial providers to help them drive better financial outcomes for consumers. To uphold our mission and continue to support financial institutions in meeting consumer needs, we&rsquo;re staying focused on five key principles:&nbsp;
<h2>1. Open Banking is the path forward regardless of regulation.&nbsp;</h2>
MX is committed to open banking adoption and secure APIs because we believe that it is the path forward for financial consumers and the companies that serve them. <a href="https://www.mx.com/blog/what-is-open-banking/">Open Banking</a> allows consumers to securely share their financial data with trusted third-party providers, which can then provide them with innovative financial products and services that can help them manage their money more effectively. Secure APIs are essential for ensuring that this data is shared safely and securely. By focusing on <a href="https://www.mx.com/products/data-access/">open banking and secure APIs</a>, MX is helping to create a more competitive and innovative financial services landscape that benefits consumers and businesses alike.
<h2>2. Financial inclusion is a key ingredient of societal strength and stable democracies.&nbsp;</h2>
When individuals and communities have access to &mdash;&nbsp;and can effectively use &mdash;&nbsp;a range of financial services, it fosters economic empowerment, reduces inequality, and promotes social mobility. This, in turn, creates a more equitable and resilient society, where all citizens can participate fully in economic life and contribute to the nation's overall well-being. By breaking down barriers to financial access and promoting financial literacy &mdash; and arming consumers with <a href="https://www.mx.com/products/financial-insights/">personalized advice</a> and intelligent tools, we can build stronger, more inclusive, and more democratic societies that benefit everyone. We see this in the work that our clients do to use consumer-permissioned data to support those customers with the personalized advice and insights they want to help them better manage their finances.&nbsp;
<h2>3. Helping to fight fraud remains a top priority.</h2>
<a href="https://www.mx.com/blog/fraud-on-the-rise-and-how-to-fight-it/">Financial fraud</a> is a huge problem, with no signs of slowing down. According to the Federal Trade Commission (FTC), consumers reported losing more than $10 billion to fraud in 2023. MX helps bolster <a href="https://www.mx.com/use-cases/fraud-risk-management/">fraud prevention and mitigate risk</a> with tokenized connections that eliminate credential sharing, real-time verifications and balance checks, and cleansed and enhanced transaction data that can help you spot anomalies faster. Through these robust tools and insights, we work hard to play a crucial role in maintaining the integrity of the financial system and protecting consumers from the devastating effects of fraud.
<h2>4. Building in a privacy-first way is a corporate value.&nbsp;</h2>
Since Day 1, MX has focused on building products in a way that protects consumer privacy. We also believe consumers should have the right to control their financial data and choose how it is shared and used. Unlike some others in the aggregation space, our approach ensures that consumers maintain anonymity when they connect to multiple financial institutions or fintechs that use our products to connect. We intentionally ensure we don&rsquo;t know that the same consumer has connected to two of our clients so that we avoid &ldquo;profile building&rdquo; in our systems without consumer consent. We believe consumers should provide clear and explicit permission for use of their data, including how it will be used to perform the requested service. Regardless of what happens, we think Rule 1033 is a signal in the right direction by promoting secure, permissioned transfer of data, and is moving the industry away from less secure, more expensive screen scraping. 
<h2>5. Assessing risk in bank-fintech partnerships should put the consumer first.&nbsp;&nbsp;</h2>
We&rsquo;re committed to continuing to practice responsible, consistent due diligence in our bank-fintech partnership arrangements. We believe that risk assessments should be based on the level of risk to consumers, with higher-risk use cases (e.g., money movement, credit scoring) requiring more stringent controls. We will continue to protect consumer data through bilateral agreements and consistent due diligence practices, regardless of the current uncertainty among U.S. financial regulatory agencies.&nbsp;
<h2>Conclusion&nbsp;</h2>
Regardless of political headwinds and regulatory uncertainty, MX will continue to focus on open banking, financial inclusion, fraud prevention, privacy protection, and responsible risk assessments in bank-fintech partnerships. We believe that these principles will help us to create a more competitive and innovative financial services landscape that benefits consumers and businesses alike.
And, a financial ecosystem driven by these principles &mdash; which all tie back to protecting consumer-permissioned data &mdash; creates a win-win scenario for both consumers and financial institutions. Simply put, better data management leads to happier customers, increases engagement and retention, and drives growth from increased deposits and more. The financial institutions and fintechs who understand this and are already implementing open banking APIs and new data strategies are poised for success regardless of what happens in the new regulatory environment in the United States.&nbsp;

Prioritizing Consumer Outcomes in the Face of Uncertainty 

Consumer-permissioned data is key to growing business and improving customer experiences.

Making the most of consumer-permissioned data can be transformative for financial institutions. And, customers expect it.

Putting Data in Action with Suncoast Credit Union

Data can help financial institutions understand their customers better and increase their impact. And, as Jas Shah in <a href="https://www.thisweekinfintech.com/from-bits-to-gold-the-alchemy-of-data-in-financial-services/">This Week in Fintech said</a>, &ldquo;Data is valuable, but only when it&rsquo;s given context, meaning, and put into action to make intelligent, informed decisions.&rdquo; It all boils down to action.
Last month, Jana Manley, Senior Vice President of Marketing and Digital Strategy at Suncoast Credit Union sat down with MX&rsquo;s Heather Warner, Vice President of Client Success, to discuss the <a href="https://www.mx.com/webinars/data-in-action-retain-grow-deposits/">role of data in growing business and improving customer experiences</a>.
Here are the key takeaways:
<h2>1. The Biggest Data Problem Is Unclear Transaction Data</h2>
Data is power. And, this gold mine of information extends benefits to consumers and financial providers &mdash; as long as it has been properly translated into clear, actionable information. Raw transaction data presents itself in a jumble of words and letters that is difficult for consumers to make sense of. This can lead to poor customer experiences as they face the challenge of figuring out mystery charges and fully understanding their finances.
On the other hand, <a href="https://www.mx.com/blog/what-is-data-enhancement/">cleansed transaction data</a> can help consumers clearly recognize and understand their transactions &mdash; without time-consuming investigation or frustration. Likewise, financial institutions can readily determine details surrounding a transaction, offering quick and comprehensive support as needed.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Data in Action Webinar - Clip 1" src="https://player.vimeo.com/video/1095987013?h=948d4567d3&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
<h2>2. Personalization Comes Through Data</h2>
Money is personal, so consumer experiences should be too. In fact, <a href="https://www.mx.com/research/financial-apps-fall-short/">MX found that</a> 67% of consumers expect their financial provider to know them.
Consumer-permissioned data helps financial providers understand their customers and needs better. And, it creates opportunities for personalization. This data can help financial institutions identify what stage of life their consumers are in, and provide them with relevant offers.&nbsp;
For example, if a customer shows signs of an increased income from a new job, banks can suggest their savings account options to help consumers grow their savings. If they are getting married, they can offer a relevant offer for a home loan.&nbsp;
With today&rsquo;s digital tools, financial providers can begin to communicate in ways that are more meaningful and generate offers that will provide the most value to their customers.&nbsp;
<h2>3. Don&rsquo;t Be Afraid to Use Data</h2>
Financial providers know more about their customers&rsquo; lifestyle than even their own medical team. Data tells them where they like to eat, whether they go to the gym, and how often they travel. But, too often, financial providers worry that consumers will feel uneasy about the extent of consumer knowledge that providers possess.
Jana said &ldquo;[Consumers] are disappointed that their financial institutions don&rsquo;t look to help them.&rdquo; Consumers are already opting into data sharing. It&rsquo;s time to leverage that data for good and transform money experiences &mdash; leading them on the path to increase their <a href="https://www.mx.com/blog/financial-wellness/">financial wellness</a> and full-scale financial empowerment.
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> has found that consumers aren&rsquo;t indifferent to their financial provider using their data &mdash; they expect it:
<img src="https://cms.mx.com/assets/7e975d70-b267-4bf3-b0d3-853a09d3541a?width=2163&amp;height=2141" alt="Asset 8@2x 100" />
<h2>4. Kicking off Your Data Journey</h2>
It may seem overwhelming to overhaul your data process to give consumers better experiences. When it comes to kicking off your data journey, start small. It will take time to completely reshape your current practices and priorities to become more data-driven, but small steps now will be transformative for the long term. And, you don&rsquo;t have to do it alone. <a href="https://www.mx.com/request-demo/">MX is here to help you better connect, engage, analyze, and act on your financial data</a>.
<a href="https://www.mx.com/webinars/data-in-action-retain-grow-deposits/">To watch the full webinar on demand, click here.</a>

Putting Data in Action: Why Consumers Expect It — and Deserve It

The Financial Technology Association released key findings on the state of fintech for consumers and SMBs.

Consumers and SMBs are using fintech more to process payments and drive better money management in their financial lives.

FTA Surveys Consumers About Fintech Attitudes

Publicly traded fintechs represent a market capitalization of $550 billion <a href="https://www.mckinsey.com/industries/financial-services/our-insights/fintechs-a-new-paradigm-of-growth">as of July 2023</a>. And, <a href="https://www.mx.com/research/financial-apps-fall-short/">MX research found</a> that 40% of consumers have 3+ finance-related apps on their phone. This is telling to where we are in the industry &mdash; consumers are more technologically-savvy than ever before and are using multiple tools to help them fulfill their financial goals.
The Financial Technology Association (FTA) released its <a href="https://www.ftassociation.org/new-state-of-fintech-survey-reveals-high-levels-of-satisfaction-value-and-trust-in-fintech/">June 2025 State of Fintech Survey</a> revealing consumer attitudes towards fintech, top use cases, and the strong role it plays in financial management today.
Here are the key findings from the report and what you should take away:
<h2>Ease of Use Wins Every Time</h2>
Consumers and small-to-medium-sized businesses (SMBs) have the same priority when selecting their financial tools: ease of use. Fifty-six percent of consumers and 57% of SMB respondents say ease of use tops the list of priorities when selecting a fintech provider.&nbsp;
These priorities are something that financial institutions and fintechs alike should take seriously &mdash; it could be the reason that consumers decide to switch providers. <a href="https://www.mx.com/research/the-missing-link/">MX research</a> found that 57% of consumers would likely seek out a new provider if their current one couldn&rsquo;t deliver on their most wanted features. And, our latest research (coming soon) shows that 67% of consumers say they will stop using a mobile app if the experience changes for the worse. Consumers are willing to take action when their accounts don&rsquo;t live up to their expectations &mdash; with 51% of consumers saying they have closed or switched a financial account.
<h2>Financial Tools Drive Better Money Management</h2>
Financial providers have the opportunity to promote <a href="https://www.mx.com/blog/financial-wellness/">financial wellness</a> across their customer base by equipping them with the right tools. FTA&rsquo;s report found that fintechs promote better financial well-being for both consumers (86%) and SMBs (95%).
Consumers are stressed about money &mdash; <a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> shows 51% of consumers say money is their main source of stress. But, at the same time, <a href="https://www.mx.com/research/financial-apps-fall-short/">MX also found</a> that 31% of consumers don&rsquo;t feel that financial providers do enough to support their financial needs. Financial providers can work with fintechs to offer tools that directly support consumer needs and help them build financial strength &mdash; like providing <a href="https://www.mx.com/products/financial-insights/">personalized insights</a> into their financial lives.
<h2>Payments Made Easy with Fintech</h2>
Transactions are a key part of every consumer&rsquo;s financial life. FTA found that 59% of consumers use fintech to send money to their friends and family on an app, while 64% of SMBs have used fintech for faster payment processing.
As financial providers dive into how their customers are using new financial tools to process payments, there&rsquo;s an opportunity to help them tie back into broader financial health and money management with data aggregation solutions. With <a href="https://www.mx.com/products/account-aggregation/" target="_blank" rel="noopener">data aggregation solutions&nbsp;like MX</a>, financial providers can help consumers see a 360-degree view of their financial picture.

The State of Fintech: Key Takeaways from the Financial Technology Association Survey

We’re excited to put FinHealth Standards into action with data-driven experiences and insights.


Financial health and conversations at EMERGE tie back to one critical component — enabling consumers to seamlessly access and share their financial data. 

Enabling Financial Health Starts with Data Access

<blockquote>
&ldquo;We need more than good intentions. We need standards.&rdquo;
</blockquote>
This one was one of the key points from Financial Health Network&rsquo;s CEO Jennifer Tescher at the recent EMERGE conference when the Network unveiled its new FinHealth Standards, the first framework to help businesses build better financial health solutions.&nbsp;
The reality is that the majority of Americans struggle financially and money remains the top source of stress for consumers. Consumers and regulators are looking to financial providers to help them close this gap. According to the Financial Health Network, the &ldquo;<a href="https://finhealthnetwork.org/tools/finhealth-standards/">FinHealth Standards</a> offer a path to meaningful change. By embedding financial health into product design and delivery, the Standards are shifting industry practice and helping institutions turn commitment into impact.&rdquo;&nbsp;
Many of the FinHealth Standards, as well as conversations throughout the EMERGE conference, tie back to one critical component &mdash; enabling consumers to seamlessly access and share their financial data.&nbsp;
Here&rsquo;s a deeper look at a few of those key themes from the EMERGE conference and how they tie back to the need for consistent, safe <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> sharing.&nbsp;
<h2>Empowering Consumer Choice</h2>
In Poverty by America, the author says, &ldquo;Poverty isn't simply the condition of not having enough money. It's the condition of not having enough choice and being taken advantage of because of that.&rdquo;&nbsp;
When individuals and communities have access to &mdash; and can effectively use &mdash; a range of financial services, it fosters better financial health, promotes economic empowerment, and reduces inequality. We can help break down barriers to financial access &mdash; and arm consumers with personalized advice and intelligent tools &mdash; by leveraging consumer-permissioned data more effectively. As we&rsquo;ve <a href="https://www.mx.com/blog/prioritizing-consumer-outcomes/">shared before</a>, we see this in the work that our clients do to use consumer-permissioned data to support those customers with the personalized advice and insights they want to help them better manage their finances.&nbsp;
<h2>Enabling Holistic Financial Health</h2>
Several conversations during EMERGE centered on how to look at financial health more holistically both within financial institutions and for consumers. The majority of consumers have multiple financial apps, accounts, and providers. In fact, most consumers have 3+ finance-related apps &mdash; and some have upwards of 10 or more, according to MX research.&nbsp;
As a result, very few consumers &mdash; and few financial providers &mdash; have a complete picture of their finances in one place. This makes it difficult for consumers to manage their money. It also means financial providers can&rsquo;t deliver the best experiences for consumers with only a fraction of the picture. To truly enable holistic financial health, you need a holistic financial picture.&nbsp;
<h2>Building Customer-Centric Outcomes</h2>
EMERGE speakers continually shared their personal stories of financial stress, resilience, and the relationships they&rsquo;ve built with financial providers to reach their financial goals. Better data access is critical to delivering positive customer outcomes like these. And, better data management doesn&rsquo;t just lead to happier customers &mdash; it also increases engagement and retention and drives growth from increased deposits, loan volume, and number of accounts opened.
We see tremendous opportunity to leverage these FinHealth standards alongside data-sharing standards from the <a href="https://www.mx.com/blog/why-fdx-matters/" target="_blank" rel="noopener">Financial Data Exchange (FDX)</a> as a powerful driver of positive, data-driven financial outcomes for consumers. Whether mandated in regulation or driven by an industry-led effort, we believe the implementation of safe, secure, standardized APIs to enable consumers to share their data on their terms will be important for financial health now and in the future.&nbsp;
At MX, we&rsquo;re excited to work with the Financial Health Network and our clients on how to put these FinHealth Standards into action using the power of data-driven experiences and insights.

Setting the Standard for Financial Health Starts with Data Access

For Fintech Reads Book Club, we discussed Beyond Resilience and the key lessons for the fintech industry.

Our latest Fintech Reads book club discussed Beyond Resilience by Leda Glyptis and key takeaways for the financial industry.

Fintech Reads Book Club: Beyond Resilience

We&rsquo;re continuing our series of Fintech Reads &mdash; bringing&nbsp; together finance and fintech leaders for open conversation and networking about books, challenges, and opportunities &mdash; with this month&rsquo;s nonfiction pick: Beyond Resilience: Patterns of Success in Fintech and Digital Transformation by Leda Glyptis. We recently joined Leda and others from the <a href="https://network.fintechtakes.com/">Fintech Takes Network</a> for an open discussion about the book and what inspired Leda to write it.&nbsp;
Here are 3 of the key takeaways from our discussion about Beyond Resilience:
<h2>1. Learn Success (and Failure) from Others</h2>
Leda&rsquo;s innate curiosity of patterns for success within the banking industry drove her to author Beyond Resilience. The best way to find that answer? Talking to real people with real success stories. Leda interviewed many professionals across the industry to find out exactly what they did to find success &mdash; and highlighted 65 of those stories in the book.
These individuals shared powerful stories about the missteps they experienced on their path to reach their ultimate goals. Success isn&rsquo;t about never failing &mdash;&nbsp;it&rsquo;s about getting back up and trying again. When we feel like we&rsquo;re hitting speed bump after speed bump, we can think back on what Leda said in the discussion: &ldquo;Even the most successful people I talked to don&rsquo;t see themselves as success stories.&rdquo;
<h2>2. Avoid Writing Plans that End Up in a Drawer</h2>
Leda shared how too many leaders come forward with the best intentions to change their business with a well-thought out plan, only to stick it in a drawer without any real action.
The banking industry is seeing changes left and right. While it&rsquo;s easy to see the direction we want to go, it can be incredibly difficult to put the plan in motion without alignment from all the key stakeholders. To avoid falling prey to this lack of action, organizations should make smaller, less rigid plans that are actionable. For instance, instead of trying to complete a full digital transformation in a single pass, break it down into a 3- to 6-month plan that keeps us on the right track. Taking the time to create an actionable plan pays dividends down the road.&nbsp;
<h2>3. Don&rsquo;t Let Habits Hold You Back&nbsp;</h2>
In addition to creating actionable plans, the book reminds us that sometimes, old habits die hard. And, they can hold us back. Leda says that our own habits pull us back because, without support, we will table problems, concerns, innovations, and strategic decisions. As we look ahead to rapid innovation and technology developments like artificial intelligence, the industry is at an inflection point. The time is now to be creative and not held back by habits.

Key Lessons from "Beyond Resilience" and Patterns of Success in Banking

We list several major financial data aggregators in the United States that play a key role in the financial ecosystem, starting with MX for obvious reasons.

Learn more about how MX enables faster, more dependable connections.

A list of the major financial data aggregators in the U.S. These aggregators enable customers to see all of their financial accounts in one place.

Top Financial Data Aggregators in the United States

<h2>What Is Financial Data Aggregation?</h2>
Financial data aggregation, also known as <a href="https://www.mx.com/blog/what-is-account-aggregation/" target="_blank" rel="noopener">account aggregation</a>, is the process of bringing together information from financial accounts at different financial institutions and fintechs into a single place. It enables consumers to connect, or aggregate, their various accounts so they can view all of their financial data together and gain a comprehensive picture of their finances. With financial data aggregation, consumers can combine data from checking accounts, savings accounts, investment accounts, credit card accounts, mortgages, HSAs, FSAs, and more.&nbsp;&nbsp;
There are a number of financial data aggregators that help facilitate this process across the world. In the United States, financial data aggregation has existed since the mid-1990s when banks and credit unions created the first digital banking applications.
Without financial data aggregation, consumers must look across a multitude of financial accounts to try to manage their financial life. Today, the average consumer has 3 to 5 financial accounts with various banks, credit unions, fintech apps, and other financial providers. This can be overwhelming for consumers to manage. And most want the ability to bring all of that disparate data into a single view. In fact, our research found that <a href="https://www.mx.com/research/the-missing-link/" target="_blank" rel="noopener">57% of consumers</a> said they would pull together all of their finances into a single mobile app to make them easier to track and manage if they had the option.
On the other side, financial providers only glimpse a fragment of a consumer&rsquo;s financial picture and <a href="https://www.mx.com/research/the-missing-link/" target="_blank" rel="noopener">lack visibility</a> into where consumers are sharing data from their systems with others. They are unable to understand where their consumers bank, what types of loans they have, and other information that can help them provide more personalized products and services and more meaningful money experiences to their customers.
This is why financial data aggregation is more important than ever. But, not all account aggregation experiences are created equal. There are several ways that financial institutions and fintechs can enable consumers to link their financial accounts today:
<ul>
<li>Screen Scraping or Credential Sharing: <a href="https://www.mx.com/blog/screen-scraping-vs-bank-apis-whats-the-difference/">Screen scraping</a> requires consumers to share their username and password with the data recipient to gain access to their data.&nbsp;</li>
<li>Whitelisted IPs: This allows a financial institution to sanction data sharing with specific IP addresses and see who is accessing their consumers&rsquo; data.</li>
<li>Open Finance APIs, or Open Banking APIs: <a href="https://www.mx.com/use-cases/open-finance/">Open finance APIs</a> allow consumers to access their transaction data without the need to share usernames and passwords, replacing credentials with tokens, delivering higher levels of security, faster speeds, and higher connection success rates.</li>
</ul>
However, with screen scraping and whitelisted IPs, connections frequently break and consumers are left wondering who has access to their data while businesses have little visibility into where data is shared. This leads to frustration for consumers and could <a href="https://www.mx.com/whitepapers/open-finance-creates-a-better-money-experience/" target="_blank" rel="noopener">potentially cost businesses in the long run</a> as consumers seek out a better experience. For example, previous research shows <a href="https://www.mx.com/research/the-missing-link/" target="_blank" rel="noopener">57% of consumers</a> said they&rsquo;d likely seek out a new financial provider if their current one couldn&rsquo;t deliver on these most wanted features. Learn more about <a href="https://www.mx.com/whitepapers/open-finance-creates-a-better-money-experience/" target="_blank" rel="noopener">How Open Finance Creates a Better Money Experience</a>.
<a href="https://www.mx.com/blog/what-is-open-finance/#open-finance-benefits" target="_blank" rel="noopener">Open Finance</a> puts the consumer in control of their data by enabling a more seamless and secure way to connect accounts into that single view. It also enables financial institutions and fintechs to deliver more personalized money experiences that drive better outcomes for consumers.
<h2>Top U.S. Financial Data Aggregators</h2>
As Open Finance continues to take hold, we list several major financial data aggregators in the United States that play a key role in the financial ecosystem. We start with MX for obvious reasons.
<h3>MX Technologies, Inc.</h3>
MX&rsquo;s <a href="https://www.mx.com/products/account-aggregation/">account aggregation solutions</a> enable consumers to easily connect and view all of their financial accounts in one place &mdash; and give financial providers full visibility into consumer financial data to better meet their needs. In addition to connecting accounts, MX also enables financial institutions and fintechs to surface insights from transaction and investment data, and build better money experiences that grow their business and improve consumer outcomes. MX also provides key solutions for personal financial management, financial insights and mobile banking.
<h3>Mastercard Finicity</h3>
Finicity, which launched its first financial product in 2000, has since grown to provide financial data APIs, credit decisioning tools, and financial wellness solutions. It was acquired by Mastercard in 2020.
<h3>Envestnet | Yodlee</h3>
Yodlee was founded in 1999 and purchased by Envestnet in 2015. The company offers data aggregation, with a focus on investment data, and data analytics. Envestnet partners with advisors, banks, wealth management and brokerage firms, RIAs, and other companies.
<h3>Plaid</h3>
Plaid was founded in 2013 with an initial aim to be a money management tool but has since pivoted to help companies &mdash; mainly fintechs &mdash; aggregate data. In 2019, Plaid acquired Quovo, which offers an API management toolkit that helps clients connect to financial data. <a href="https://plaid.com/blog/plaid-cra/" target="_blank" rel="noopener">Plaid also announced</a> the formation of a new entity that will serve as a consumer reporting agency that will build solutions that deliver ready-made credit risk insights using this information.
<h3>Akoya</h3>
Akoya was spun out of Fidelity into its own company in 2020, but remains owned and operated by Fidelity and 11 major U.S. banks. Its focus is on serving as an intermediary between data providers and data recipients through its Akoya Data Access Network.
***
An article titled <a href="https://tearsheet.co/data/a-buyers-guide-for-data-aggregation/">"A Buyer's Guide to Data Aggregation"</a> from TearSheet contains more information about all these financial aggregators.
<h2>What's Next for Open Finance?</h2>
In the U.S. and Canada, the adoption of Open Banking and Open Finance has been primarily market-driven to date. The <a href="https://www.financialdataexchange.org/FDX/FDX/News/Announcements/FDX%20Hits%2094%20Million%20Accounts,%20CFPB%20Publishes%20FDX's%20Standard-Setting%20Application.aspx" target="_blank" rel="noopener">Financial Data Exchange last reported</a> that more than 94 million consumer accounts use their API for secure, permissioned data sharing. While industry-led adoption is strong, regulatory requirements and government mandates may soon catch up.
Canada&rsquo;s open banking framework is underway with the release of its <a href="https://www.mx.com/blog/canada-open-banking/" target="_blank" rel="noopener">2024 Fall Economic Statement</a>. With a goal to have an operational open banking framework operational by early 2026, Canadian financial institutions should be proactive in getting their data strategies off the ground.&nbsp;
In the United States, the Consumer Financial Protection Bureau (CFPB) issued a rule under Section 1033 of the Dodd-Frank Act to establish formal consumer financial data rights at the end of 2024. However, legal proceedings and government regime changes have created uncertainty that may require the process to restart.
<h2>Businesses Can't Afford for Connections to Break</h2>
In fact, <a href="https://www.mx.com/research/consumer-trends-digital-and-mobile-banking" target="_blank" rel="noopener">72% of consumers</a> would likely seek out a different bank or credit union if their current provider couldn&rsquo;t connect their financial accounts to financial apps or other online accounts.
We hope you will choose to partner with a financial data aggregator regardless of who you choose to work with. It's one of the best ways to become the primary financial institution for your customers since it gives them the ability to see all their finances in one place &mdash; in your portal.
Learn more about how MX enables faster, more dependable connections with <a href="https://www.mx.com/products/account-aggregation/" target="_blank" rel="noopener">MX Account Aggregation Solutions</a>.
<img src="https://cms.mx.com/assets/406138d7-e413-4b7b-985d-1d106dbaf233?width=985&amp;height=886" alt="Account Aggregation.png" />

A List of Financial Data Aggregators in the United States

Financial providers should leverage AI, while ensuring that they maintain human touch for better customer experiences.

While AI can be a powerful tool, financial institutions must ensure that they maintain human touch in their customer experience.

Striking a Balance Between Human and AI for Financial Institutions

Sixty-four percent of business owners said that they anticipate artificial intelligence (AI) will improve customer relationships and boost productivity across their business, <a href="https://www.forbes.com/advisor/business/software/ai-in-business/">according to Forbes</a>. And, this expectation has made AI the perceived answer to nearly any problem facing the financial services industry.
While AI and its impact will be incredible, financial institutions must be aware of how it affects customer relationships. AI has the power to make countless business processes more efficient &mdash; but efficiency does not always translate to an improved customer experience. Financial providers should take advantage of the efficiency boost that AI can provide, while still maintaining a high level of human touch for the customers.
<h2>Where AI Wins &mdash; and Where it Fails</h2>
Getting the most out of AI comes down to recognizing where AI wins &mdash; and where it fails. One of AI&rsquo;s greatest strengths is enabling businesses to automate highly repeatable processes. And, in the financial services industry, there are many opportunities for just that.&nbsp;
Certain customer interactions are filled with repeatable processes where AI can have a direct impact on consumers and how they manage their finances. For instance, AI can deliver proactive reminders about upcoming bills. Transactions can be <a href="https://www.mx.com/products/data-enhancement/">automatically categorized</a> for better visibility into where money is going. Institutions can generate <a href="https://www.mx.com/products/financial-insights/">personalized recommendations</a> based on spending habits to help consumers make better financial decisions.
However, money is personal and one of AI&rsquo;s biggest shortcomings is its inability to empathize with humans. When AI is the only touchpoint between consumers and their financial provider, customer experiences can lose the human touch that drives higher engagement, loyalty, and customer satisfaction.
<h2>Make Human Interactions Accessible</h2>
More than half of consumers (51%) say money is their main source of stress, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX research</a>. And, they want their financial providers to help them navigate their money anxiety. In this light, financial providers need to assess whether their processes and solutions are alleviating or contributing to consumer stress.
In some ways, AI and machine learning can greatly reduce the burden on customer support teams. Providing checking account balances, learning the due date of an upcoming payment, or confirming transactions, and other informational tasks can all be automated and improved through AI and digital tools.
But sometimes, consumers just want to talk to a real person &mdash; and not have to jump through hoops to do so. For instance, too often consumers find themselves on a seemingly never-ending loop of automated voice messages that just add to frustration when a simple conversation with a representative could solve their problem. It is not that AI needs to be removed from customer interactions, but rather it needs to be able to recognize where it can help and where it needs to refer consumers more quickly to a human representative.&nbsp;
<h2>Finding Harmony in the Human and AI Experiences</h2>
<a href="https://www.pymnts.com/artificial-intelligence-2/2025/will-ai-eventually-replace-human-workers-or-augment-them/">David Autor</a>, MIT economics professor said, &ldquo;There are two competing visions of AI. One is [that] machines make us irrelevant. Another is [that] machines make us more useful.&rdquo;&nbsp;
In the early days of AI, financial institutions jumped on the possibility of AI making people in customer-facing positions irrelevant. Instead, we should see it as making us more useful. There is an ideal middle ground where AI and machine learning improve the impact and efficiency of human-led customer experiences. Luckily, financial institutions do not have to choose between AI and humans. They are not at odds with each other. The best financial services providers will use both.
AI empowers financial services teams to focus their human efforts on what they do best &mdash; providing care and understanding to those that need it. And, by finding a balance between human and machine, financial service providers can accomplish more than they ever could with manual processes.

How Financial Institutions Can Leverage AI While Maintaining the Human Touch

MX had the privilege of sponsoring a table at Encircle’s Only Love Gala — which featured actress Kristin Chenoweth.

Kristin Chenoweth shared 4 life lessons for bettering the world at Encircle’s Only Love Gala.

Key Lessons from Actress Kristin Chenoweth at Encircle’s Only Love Gala

Financial wellness isn&rsquo;t just about money &mdash; it&rsquo;s about being able to afford the things that can help with mental and physical wellness as well. Did you know that 49% of LGBTQ+ youth that wanted mental health care were unable to receive it because they could not afford it, according to the <a href="https://www.thetrevorproject.org/state-reports-utah-2024/">Trevor Project</a>? <a href="https://encircletogether.org/">Encircle</a>, a nonprofit dedicated to providing resources to LGBTQ+ individuals, offers community programs, support groups, and therapy services at its Encircle homes to combat this challenge and more.
For the second year in a row, MX had the privilege of sponsoring a table at Encircle&rsquo;s Only Love Gala &mdash; an event filled with opportunities to donate, individuals sharing personal stories of Encircle&rsquo;s impact, and performances by musical guests. Kristin Chenoweth, known for her role as Glinda in Broadway's Wicked, shared words of wisdom as a self-proclaimed &ldquo;ally until the day [she] dies.&rdquo;
Here are the main takeaways from Chenoweth&rsquo;s message:
<h2>1. We Are All Lights</h2>
Chenoweth performed some of her most well-known songs throughout her time on stage and made a powerful point with &ldquo;We Are Light.&rdquo; She shared that all of us have the unique opportunity to use our own light to become positive influences, make a difference in others&rsquo; lives, and lift each other up.
<h2>2. When We Band Together, We Are Unstoppable</h2>
&ldquo;Alone, we can&rsquo;t do anything. But together, we can do everything,&rdquo; said Chenoweth. Standing up alone can often be difficult. But, when we gather together to stand for change, we can have an incredible impact. This is especially important when it comes to standing for those in historically underrepresented groups.
<h2>3. Take Pride in Who You Are</h2>
Chenoweth shared a personal experience of meeting and mentoring a young woman who was hopeful to follow in her footsteps &mdash; to land the Broadway role of Glinda. She offered her the advice coined by Oscar Wilde: Be yourself; everyone else is already taken.&nbsp;
While this young woman did not perform the role on Broadway, she did go on to achieve her dreams of playing Glinda in the major motion picture adaptation of Wicked. Chenoweth&rsquo;s advice to Ariana Grande shows the power of accepting our individual strengths and weaknesses, and valuing what makes us who we are.
<h2>4. Do Something That Matters</h2>
Chenoweth ended her remarks with a push for everyone to take part in things that matter. Our lives are short, so everyone should hone their passions into something that can make the world a better place. We all have the ability &mdash; and responsibility &mdash; to use our time, energy, and talents to create a meaningful change in the world
If you&rsquo;d like to learn more about Encircle&rsquo;s mission or how you can make a difference, visit <a href="http://encircletogether.org">EncircleTogether.org</a>.

4 Key Lessons from Kristin Chenoweth at the Only Love Gala

Key takeaways from the Experience Generation Next report on how to serve consumers of each generations in the coming years,

Read key highlights from Experian’s Generation Next report and how to meet consumer needs in the next decade and beyond.

Understanding Different Generational Customer Needs

Meeting the needs of customers requires financial providers to constantly evolve their offerings to address the shifting sands of the generational landscape. In an increasingly competitive landscape, it is no longer enough for financial providers to simply meet consumers where they are. Financial providers need to get there first &mdash; creating experiences that will deliver what consumers need, when they need them.&nbsp;
By anticipating upcoming financial milestones for consumers, financial providers can develop competitive strategies to win new customers and keep them for the long haul. Experian's latest <a href="https://www.experian.com/thought-leadership/business/generation-next-key-generational-insights" target="_self">Generation Next report</a> highlights key trends and milestones on the horizon for each generation:
<h2>Upcoming Generational Milestones&nbsp;</h2>
<img class="enlargeable" src="https://cms.mx.com/assets/d15ab0f1-cae8-46be-a228-be89ae129c43?width=1200&amp;height=615" alt="Image (31)" />
Gen Z Reaches Independent Credit Eligibility
At 18 years old, U.S. consumers are eligible to apply for credit independently &mdash;&nbsp;and the majority of Gen Z will reach this milestone in the next 5 years. More than 21 million Americans will turn 18 in the next 5 years, presenting a tremendous opportunity for banks and credit providers to establish new relationships with these consumers. How can you win their business? Focus on strong <a href="https://www.mx.com/products/mobile-banking/">mobile banking</a> experiences, seamless digital <a href="https://www.mx.com/use-cases/account-opening/">account opening</a> processes, and integrating with contactless payment options.&nbsp;
Millennial Home Buyers
Home ownership is a huge financial milestone and many Millennials are rapidly approaching the average age of first-time homebuyers &mdash; 38 years old. In order to successfully navigate this milestone, first-time Millennial home buyers will seek out new financial products and services to help them build their credit. In fact, credit-building products remain most popular among Millennials. By offering <a href="https://www.mx.com/products/financial-insights/">personalized insights</a> to guide them and products that help build their credit now, you can become a trusted financial provider that they turn to when it&rsquo;s time to buy a home.
Gen X Readies for Retirement
While most of Gen X is still several years away from retirement, the first wave of Gen X will reach the average age of retirement in the next 5 years. And, even for those further away from retirement, it is certainly on their mind. <a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> shows that the top financial goal in 2025 for Gen X is to save for retirement. However, at the same time, Experian&rsquo;s report shows Gen X has the highest annual expenditures, spending more than $25,000 annually than their largely retired Baby Boomer counterparts. Financial providers have an opportunity to win Gen X customers by offering <a href="https://www.mx.com/products/personal-financial-management/">financial wellness tools</a> and insights that can help them track their spending today and save for the future.&nbsp;
Baby Boomers Require a Human Touch
Unsurprisingly, Baby Boomers are retiring at an earlier age and spend more on healthcare than their younger counterparts. More than half of this generation also still prefers brick and mortar bank branches to learn about new products and services &mdash; and places strong importance on human interactions when purchasing financial products (64% say it is extremely or very important). Financial institutions should consider these factors in how they approach targeted messaging and offers to support this generation, ensuring personalized insights and personal touches are at the forefront.&nbsp;
<h2>Understanding Trends Doesn&rsquo;t Replace Understanding Your Customers</h2>
With any trend reports like this, it is easy to make assumptions about what each generation will want and when they will want it. But, it is crucial to meet every assumption with data, otherwise your strategies will be designed for the customers you think you have rather than the ones you actually have. There is an important distinction between thinking you know your customer and actually knowing them.&nbsp;
Everyone is different. Every generation is different. But, more importantly, managing money is a very personal thing. Every person, regardless of generation, will view things slightly differently. This is why putting the data consumers choose to share with financial providers into action is so critical. And, consumers expect it. In fact, <a href="https://www.mx.com/research/financial-apps-fall-short/">our research shows</a>:
<ul>
<li style="font-weight: 400;" aria-level="1">55% agree they would give their financial provider access to more of their data if they knew it would result in a better experience.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">58% agree they expect their financial provider to leverage the data they have about them to personalize their experience.</li>
<li style="font-weight: 400;" aria-level="1">65% agree they expect financial institutions to use the data they have about them to provide them with actionable and clear insights about their finances.&nbsp;</li>
</ul>
Are you putting consumer-permissioned data to work for you and your customers? <a href="https://www.mx.com/product-forums/harness-data-drive-growth/" target="_blank" rel="noopener">Watch</a> or <a href="https://www.mx.com/blog/spring-product-forum-recap/" target="_blank" rel="noopener">read about</a> our recent Product Forum&nbsp;to see how MX can help.

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