How Financial Data Intelligence Improves Consumer and Business Outcomes

April 2, 2024|0 min read

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Consumers today have more money in more places than ever before, and as a result, often don’t have a holistic view of their financial lives. This makes it challenging for both the consumer and their financial services providers to get a clear picture of their finances. It’s more difficult for consumers to understand, monitor, and manage their finances. And, financial providers struggle to truly understand consumer needs and personalize products, services, and experiences to meet consumers where they are.

Today’s consumers also expect more: 57% of consumers want their financial provider’s help to better manage their finances and 54% believe financial providers have a responsibility to teach them to be financially strong.

How can financial services providers deliver the proactive, personalized money experiences consumers now expect? Fortunately, financial institutions and fintechs already have the key component required: consumer-permissioned financial data. And, MX found that 48% of consumers would give their financial provider access to more of their data if they knew it would result in a better experience.

However, data left unrefined and kept in silos doesn’t do much on its own. It must be enhanced and made actionable in order to reap the benefits.

A recent study of 150 data strategy leaders in North American financial institutions, conducted by Forrester Consulting and commissioned by MX, found that, while financial services leaders agree on the value of data, the majority of organizations still struggle to effectively leverage that data to drive value for both consumers and their businesses.

For financial providers to deliver personalized money experiences that help consumers build financial strength, the ability to effectively connect to, understand, and act on consumer financial data is key. Cue financial data intelligence. It’s the ability to make financial data actionable to increase engagement and loyalty, improve results, and drive growth.

Powered by connected and enhanced data, financial data intelligence enables financial providers to deliver insights and recommended actions that help consumers on their financial journey, improving outcomes for both the consumer and the business in the process.