How MX Uses AI to Personalize and Guide the Money Experience

Imagine the life of someone who’s living paycheck to paycheck.

They’re constantly worried about an unexpected expense, particularly (in the US) a healthcare-related expense. (After all, the average U.S. citizen spends roughly $10,739 per year on healthcare.) In addition, these people worry about an economic downturn, the costs of childcare, rising tuition expenses, and more.

What can you do to alleviate this anxiety? You can’t possibly reach out individually to each customer, setting up one-on-one appointments for everyone who uses your products and services. 

However, you can implement technology that understands the personal needs of each user.  To do this well, you must first aggregate and enhance data so you’re able to bring everything in one place. Only with this foundation of data, personalized money experiences via artificial intelligence is possible.

The truth is, customers want this level of personalization. Research from Epsilon suggests that 80% of consumers are “more likely to do business with a company if it offers personalized experiences” and Statistica finding that 90% of U.S. consumers find personalization somewhat or very appealing. 

Our own research in the Ultimate Guide to Digital Transformation shows that 94% of consumers want their financial services company to let them know if they have a better deal on a product they already have (something that’s only possible if you have data on what they already have). In addition, 77% of consumers say they would value personalized financial advice presented directly in their digital banking experience.

This is where MX Insights comes in.

MX enables financial services companies to offer a newsfeed of personalized insights that empowers users to be financially strong. Users can view a list of everything they currently subscribe to (and might be surprised to know how much it all adds up). They can also see notifications about how they’re doing in real time and even see offers for products that might be a better fit for them, a feature that, as we mentioned above, 94% of consumers say they want.

How are you doing on this front? Can you see whether a customer’s mortgage rate with your competitor is too high? Can you see whether they’re paying too much for a car loan? 

With the foundation of aggregated and enhanced data, coupled with the AI of MX Insights, you can make these hyper-personalized experiences a reality and protect, guide, and inform your customers. 

The system learns, based on each user’s financial patterns and choices, how to make the experience unique to them.

Here are just a few examples of what’s possible.

Protect

Giving your customers immediate and personalized alerts around potential fraud saves you time and money, especially as it relates to what could otherwise become a cumbersome legal process that wraps up your contact center. In addition, helping customers avoid unwise spending habits leads to long-term trust.

• Duplicate payment detected
• Uncategorized transactions
• Higher subscription amount notification

Guide

As you guide your customers step by step to financial strength, you pave the way for them to build their savings with you.

• Savings opportunity
• Monthly subscriptions
• Budget notifications

Inform

By helping your customers know exactly what’s happening with their money in a way that is far less cumbersome than budgeting, you transform from an intermediary to a true advocate.

• Upcoming subscriptions
• Payroll advance notification
• Debt payment reminders

A Personalized Money Experience

These examples are just a small insight into the possibilities, which caters to the individual needs of each user. As you can see from these examples, the right foundation gives you the ability to use this data to make hyper-personalized offers, win business directly from your competitors, and positively impact the lives of your customers.