Winning the Connectivity Game: Why Connectivity Matters

See the whole board. In chess, this means being able to see what’s in front of you, as well as all possible moves to come so you can plan accordingly. This same principle applies to financial providers and consumers. Consumers struggle to manage finances across multiple different accounts and institutions, while financial providers struggle to gain a comprehensive view into their consumers when they only see part of the board. 

To see the whole board, consumers need to be able to seamlessly connect their various accounts together into one place. This connectivity is critical to enabling better financial decisions, products, and services. 

For consumers, connectivity brings their whole financial world in sight. Through account aggregation, consumers can link together their various accounts to better understand their comprehensive financial situation and make fully informed decisions on how best to pursue their financial health. Seeing the whole board of their finances allows them to see the possible moves they can make — how to save more, adjust spending behaviors, consolidate duplicate subscriptions, reduce debt, etc.

For financial providers, connectivity can translate to greater intelligence about their consumer’s behaviors and needs so that they can deliver better experiences that drive engagement, growth, and loyalty. Connectivity can create more engaged consumers, which translates to higher retention and higher deposit balances. For instance, MX’s data shows consumers who connect at least one or more external financial accounts are 48% more likely to be digitally active a year later than those who don’t. 

Ultimately, it is all about data. Data drives outcomes. Connectivity can show consumers the bigger picture of their finances and support better financial outcomes. And, for financial providers, connectivity allows them to better engage and retain individual consumers and gain insight into larger holistic patterns and trends. 

If you want to learn more about why connectivity matters, read the full eBook on Everything You Need to Know about Connectivity!