All About the Data: New Product Innovations Unlock New Insights and Capabilities

It’s more competitive - and expensive - than ever for financial providers to grow deposits, acquire new customers, and market the right products and services to the right consumers. And, consumers are also facing higher prices in their day-to-day lives. 

In this challenging environment, financial providers have a clear opportunity to win trust with consumers, which leads to higher engagement and retention. 

“When you solve problems for customers in times like these, it creates a noticeable shift in their lives, and loyalty follows,” said Wes Hummel, MX’s Chief Product and Technology Officer at the 2024 Money Experience Summit.

MX’s latest product innovations are helping financial providers make things easier and more streamlined for consumers. Here’s a rundown of the latest innovations from MX: 

Simplified Connectivity

Consumers want to connect accounts for various reasons, ranging from financial management to payment facilitation to loan applications. But, when the process doesn’t work or is too slow, consumers are quick to abandon the process. MX’s Simplified Connectivity is designed to reduce abandonment and failure rates by merging multiple API calls into a single request. This also helps decrease session duration and remove challenges for the consumer trying to connect. 

Investment Data

With MX’s Investment Data Enhancement, financial providers can deliver more personalized investment management services, increase customer retention, and drive better financial outcomes for their customers. It does this by:  

• Providing enriched, normalized investment holdings data for deeper insights into a customer's investment portfolio. 
• Allowing consumers to securely consolidate their investment holdings into a single, holistic view using a unified API. 
• Cleansing and classifying data into clear, human-readable descriptions– making it easier to identify, organize, and act on investment data. 
• Enabling financial providers to leverage comprehensive customer portfolio insights and enable hyper-targeted cross-selling, upselling, and personalized loan offerings.

Deposit Switching

MX also launched new integrations that will enable financial services providers to streamline the direct deposit switching process for consumers. MX will integrate with Atomic to help financial providers more easily identify customers who could benefit from an account switch, and make it simple for consumers to actually switch.

Wes also shared demos and overviews of MX’s Data Access, Customer Analytics, and Manage Money Dashboard. Behind every new innovation, it all comes down to how to more effectively leverage consumer-permissioned data to drive better outcomes for consumers. 

With expanded data and clearer understanding, you can understand your customer’s goals and you can be there for them helping them in their financial lives. This is the power of MX. We are a data company. -Wes Hummel, MX Chief Product and Technology Officer

Check out the full replay of this session to learn more.