Solving Your Biggest Challenge: Putting Data into Action

”Growth isn’t your biggest challenge. Your biggest challenge is how you use your data to power growth,” says Wes Hummel, MX’s Chief Product and Technology Officer. 

Financial institutions have more data than ever, but making it actionable and turning it into real results isn’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 latest product innovations 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 consumer-permissioned data to drive growth, build stronger relationships, and deliver better experiences.

Making Data More Actionable

When it comes to growth, deposits are at the top of most financial institutions’ list. But, how do you identify the right opportunities to grow deposits? MX’s Direct Deposit solution helps you easily identify account holders without a direct deposit relationship or with deposits flowing to external accounts.

In addition, MX’s Customer Analytics 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.

Driving Stronger Engagement 

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. 

With this in mind, MX completely reimagined our Manage Money Dashboard to make it more intuitive, actionable, and configurable. Now, the new Manage Money Dashboard is available for you to use to: 

• Simplify how consumers interact with financial management tools
• Deliver the insights most relevant to them
• Help them understand their money in real-time
• Provide guidance, offers, and recommended next-best actions throughout the digital banking experience.

This is more than a budgeting tool. It’s an intelligent, automated way to help consumers engage with their finances in a meaningful way.

Gaining Better Insights 

Our new data sharing reports within Data Access help you understand where customers are sharing their financial data beyond your institution. Without these insights, you can’t see where customers are turning to other providers for solutions — and might be missing opportunities to better serve them and grow your business. 

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 — with easy export options for deeper analysis.

We’ve also continued to make updates to our Data Enhancement solution to deliver clear, accurate data using machine learning. 

Connecting the Dots

Everything we do is based on our ability to facilitate fast, reliable connections. That’s why we’ve made major improvements to our connectivity solutions to ensure seamless data flow and stronger performance. And, these enhancements are already making an impact — financial institutions using multiple MX products have seen a 30% increase in conversion rates. 

The financial institutions that thrive aren’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  turn raw information into real business impact — 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 Spring Product Update page or watch the replay of our latest Product Forum.