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Thank you.
Thank you all for coming and welcome to beautiful Park City.
I hope you're enjoying it out here so far.
And thank you so much for coming here to socialize, network, get together, and just talk through ideas.
We're very excited to have you.
And you know, as I go through these events, whoa, we got a little bit of misfire there.
I'm blank over here, but that's okay.
As I go through these events, the common question that I get asked is how do we take the data that we have for our customers and make it actionable?
How can we make sense of it?
How can we help our customers live better lives?
Financial services are hard. They're hard for everyone.
And building these products are hard.
And when we think about your customers, your customers are everyone.
And so you're building products for everyone and we're building products for you.
We're building products for everyone. It's very difficult.
Now we've had a fun but tough year doing this and it's been a tough year for all of us from a business perspective.
So before I jump into the innovations we're gonna talk about today, I want to talk about that.
The first challenge is around the battle for deposits.
It's a very competitive landscape and the cost of deposits continues to rise and, to add insult to injury, the ticket to play — your marketing and acquisition costs — are going up too.
Now, these aren't just your problems and our problems.
Your customers are feeling this every single day.
The cost to live every single day is getting more and more expensive to them.
Now, I don't want this to sound like a very hopeless cause, right?
This is actually a great moment for us.
We've talked about building the foundation, we're ready to move on this.
And we know that with the data that you have, the MX data and the insights that we can provide to you, we can create a huge opportunity to win trust with your customers.
And when you connect with your customers in this way, when they have the right data to act on, you create loyalty with them. They're excited to be part of that.
So how do we make this process better?
How do we make it more streamlined?
And how are we gonna help you meet your customers where you are?
Well, first and foremost has been by listening to you and hearing your feedback.
You know, Ryan talked about partnership and one of the reasons I joined MX is I really value the fact that we're true partners.
We're not a vendor. I've worked with vendors before where it's like, sign the contract, done, talk to them.
When you have problems, we wanna work with you and help you solve those problems.
And we heard you talk about one of the things that with our connectivity products is that we need to make them better.
So I'm really excited to announce Simplified Connectivity.
Now you have customers who have various use cases using our connectivity products ranging from financial management, payment facilitation and loan applications.
And your feedback to us has been you want to reduce abandonment and failure rates, you want to decrease session duration and you want to, you know, remove the number of challenges that your users run into as they're going through the flow.
And this is where Simplified Connectivity comes in.
Our new user flows in Simplified Connectivity, merge multiple API calls into a single request.
And as a result of those changes, we've seen a huge 67% reduction in latency.
Now what we also found in talking through you and looking through the flows is that users will encounter errors and they just abandon 'cause they don't know what to do.
And we've been working on making those errors more understandable and giving them tips on how to get through that experience better.
So here we have a user that runs into a problem with permissions and we tell them, Hey, next time you go through this, click the profile information box.
So they log in, they say they want to share information, they actually pick Checking, and they pick the profile information box.
So we're making it much easier for users to understand the flow and understand what's going to help them be successful to achieve their goals.
Another thing we're doing to address the reliability of our connectivity is our OAuth coverage.
We have 50 plus million accounts that we've enabled through OAuth.
And these durable connections provide increased security and coverage with accounts such as Citizens Bank, American Express, Robin Hood, Novo, Suncoast Credit Union, Lilli, Unit, and hundreds of Jack Henry institutions.
And we have a full pipeline of partnerships coming up as well.
This is incredibly important to us.
Now that I'm talking about OAuth, now that I'm talking about open banking, you're probably thinking how in the world did he get 10 slides in and he hasn't said the number 1033.
Looking at Jane here, this is a topic that's keeping quite a few up at night, so I don't want to call anyone out.
So I want you to mentally do this.
Remember the assignment — mentally do this, not physically.
If you have not read the 1033 proposal, raise your hand mentally.
It's tough. It's around a hundred pages of material to go through.
So I like Star Wars.
So I went to our incredible marketing team and said, Hey, can you all put this in a form that people will better understand, that will make it easier for them to see, you know what the regulation says, how it works, and why isn't this coming out?
Let's try again.
The reality is it's not any easier to read that way either, but don't worry, we've got you.
We have teams of people that are really focused on ensuring that you're 1033 ready, right?
So as you're going through this conferences, as you're walking through, find someone at MX, find me in your one-on-ones and say you want to talk about your 1033 journey.
Now a key part of our journey and our contribution to 1033 is Data Access.
Our product Data Access was built before 1033.
I mean, as you know, we've been the leaders in open banking and consumer-permissioned data sharing for a decade.
And Data Access was built upon the notion that we want to enable consumers to permission their own data.
We want open banking.
And it's more than just satisfying regulation.
There's a huge opportunity here to understand your customer's relationship with entities outside, where are their money going and to better solve for their needs.
So our Data Access product is the most efficient way for FIs to not only just launch, but also scale their compliant open banking platform.
But you can't wait on this. The clock is ticking.
The time is now.
A big gap will be created between those that who injest data and those that don't.
Lemme show you how this looks.
You have your core data from your consumers and you have data that you pull in through aggregation and now you have open banking data where you can see data being sent to other entities.
Now as these sources come together, you get a true 360-degree view that's unlocked for each customer’s held data, data in, data out.
Now you know that we've been the leaders in data enhancement for a very long time, and our retail data that we enhance has provided amazing ways for you to actually get insights for you to understand the data better and for your customers to understand the data better.
And I'm really thrilled to announce the fact that we're now doing Investment Data Enhancement.
A lot of you have been asking for this.
Now, Investment Data Enhancement delivers clean, standardized holding data with over 40 enriched comprehensive fields.
This unlocks numerous use cases.
One example of this is the complete net worth.
We've been doing this with retail data where you get a good view in into your consumer's finances and how they're managing them.
And when we add on investment data, you get a much more comprehensive picture of your of your consumers' financial lives, and it opens up so many more opportunities for a relationship with them.
Another example is asset allocation.
There's so much room for error when an advisor is talking to one of your customers on the phone and asking them for information.
And this gives you the ability to remove those errors and open the door, look for missing accounts, make sure that risk is aligned with their goals, find potential tax efficiency opportunities, look for uninvested funds and look for opportunities to rebalance our portfolio.
Now this is a space where innovation has been limited, and so we're excited to offer more data to help people provide more accurate net worth calculations, deepen engagement with your customers, identify new customer segments, and reduce the cognitive load for your customers.
So let's look at this again, held data, data in data out with a much richer set of data, with expanded data becomes better targeting and better conversion.
And so how do we make that that identification and understanding who the target audiences can be more even more seamless?
The visualization and prowess of MX data lives within our Customer Analytics product.
The days of over-reliance on an endless waiting on data queries and where is my data and patching it together in multiple places is over.
We have pre-built audiences in this tool and we're continuing to expand them.
But what I want to show today is Messaging Hub.
This is the ability to create custom and personalized messages to dynamic audiences.
Here we have a target audience of travelers.
They rent hotel rooms, they rent cars, we know they travel a lot.
It's a prebuilt audience for you.
And you say, well, I wanna offer a travel credit card.
I'm gonna start a campaign on the mobile application product.
I want it to be a banner ad. You take an image and upload it to show what do you want that campaign to look like?
Shows you here, what that's gonna look like for your end consumer.
Hit next, schedule the campaign and launch.
Now, if you were checking your email or messages, you missed that. That was like 15 seconds.
As we build out more and more of these pre-preplanned audiences, you have a much better ability for higher conversion, for targeting the right customers because we've heard you.
You care about conversion, you care about deposits.
It's a big topic now and I'm super thrilled to talk about our Deposit Switching product.
This is gonna help you increase deposits, something that's very important to you right now.
We find the right users to target at the right time and provide a frictionless onboarding process Here, we give the option to switch your direct deposit.
You simply choose your payroll provider, enter your employer's organization ID, your credentials that confirm and you're there.
It doesn't get much more frictionless than that.
Beautiful, amazing experiences using this data about your customers, that 360-degree view of data of your customers.
So let's visit this one more time.
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 now.
Our team tells me all the time that successful marketing is the right message to the right person at the right time.
And this is what we provide.
Engagement is easy when you know what someone wants and what they need.
So let's bring it all together with our Manage Money Dashboard.
Earlier this year we talked about our Manage Money Dashboard and this dashboard is designed to drive deposits and engage users, and it's tested to give the most critical features front and center.
A few of the features include upcoming activity and transactions on a very easy to read calendar view, cashflow spend versus income spending overview.
This brings connectivity, PFM, insights and mobile into one perfect financial wellness package.
It becomes a one stop shop for users when it comes to managing their personal finances.
We’ve got a lot of really, really exciting product innovations through MX right now.
And I'm so excited about the foundational work we've done.
And like Ryan, I believe we've just started this journey.
We’ve just scratched the surface of connecting you to your users better, to their data better, and helping you as a business.
And look, our success is inextricably linked to yours.
Another key reason I came to MX is the customer obsession.
The customer focus.
If you're not successful, we're not successful.
So let's work together and help us on our mission to empower the world to be financially strong.
Thank you.
Product Innovation Keynote
Chief Product and Technology Officer Wes Hummel highlights MX's latest product innovations and strategy.
Request a Demo
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Transcript
Thank you all for coming and welcome to beautiful Park City.
I hope you're enjoying it out here so far.
And thank you so much for coming here to socialize, network, get together, and just talk through ideas.
We're very excited to have you.
And you know, as I go through these events, whoa, we got a little bit of misfire there.
I'm blank over here, but that's okay.
As I go through these events, the common question that I get asked is how do we take the data that we have for our customers and make it actionable?
How can we make sense of it?
How can we help our customers live better lives?
Financial services are hard. They're hard for everyone.
And building these products are hard.
And when we think about your customers, your customers are everyone.
And so you're building products for everyone and we're building products for you.
We're building products for everyone. It's very difficult.
Now we've had a fun but tough year doing this and it's been a tough year for all of us from a business perspective.
So before I jump into the innovations we're gonna talk about today, I want to talk about that.
The first challenge is around the battle for deposits.
It's a very competitive landscape and the cost of deposits continues to rise and, to add insult to injury, the ticket to play — your marketing and acquisition costs — are going up too.
Now, these aren't just your problems and our problems.
Your customers are feeling this every single day.
The cost to live every single day is getting more and more expensive to them.
Now, I don't want this to sound like a very hopeless cause, right?
This is actually a great moment for us.
We've talked about building the foundation, we're ready to move on this.
And we know that with the data that you have, the MX data and the insights that we can provide to you, we can create a huge opportunity to win trust with your customers.
And when you connect with your customers in this way, when they have the right data to act on, you create loyalty with them. They're excited to be part of that.
So how do we make this process better?
How do we make it more streamlined?
And how are we gonna help you meet your customers where you are?
Well, first and foremost has been by listening to you and hearing your feedback.
You know, Ryan talked about partnership and one of the reasons I joined MX is I really value the fact that we're true partners.
We're not a vendor. I've worked with vendors before where it's like, sign the contract, done, talk to them.
When you have problems, we wanna work with you and help you solve those problems.
And we heard you talk about one of the things that with our connectivity products is that we need to make them better.
So I'm really excited to announce Simplified Connectivity.
Now you have customers who have various use cases using our connectivity products ranging from financial management, payment facilitation and loan applications.
And your feedback to us has been you want to reduce abandonment and failure rates, you want to decrease session duration and you want to, you know, remove the number of challenges that your users run into as they're going through the flow.
And this is where Simplified Connectivity comes in.
Our new user flows in Simplified Connectivity, merge multiple API calls into a single request.
And as a result of those changes, we've seen a huge 67% reduction in latency.
Now what we also found in talking through you and looking through the flows is that users will encounter errors and they just abandon 'cause they don't know what to do.
And we've been working on making those errors more understandable and giving them tips on how to get through that experience better.
So here we have a user that runs into a problem with permissions and we tell them, Hey, next time you go through this, click the profile information box.
So they log in, they say they want to share information, they actually pick Checking, and they pick the profile information box.
So we're making it much easier for users to understand the flow and understand what's going to help them be successful to achieve their goals.
Another thing we're doing to address the reliability of our connectivity is our OAuth coverage.
We have 50 plus million accounts that we've enabled through OAuth.
And these durable connections provide increased security and coverage with accounts such as Citizens Bank, American Express, Robin Hood, Novo, Suncoast Credit Union, Lilli, Unit, and hundreds of Jack Henry institutions.
And we have a full pipeline of partnerships coming up as well.
This is incredibly important to us.
Now that I'm talking about OAuth, now that I'm talking about open banking, you're probably thinking how in the world did he get 10 slides in and he hasn't said the number 1033.
Looking at Jane here, this is a topic that's keeping quite a few up at night, so I don't want to call anyone out.
So I want you to mentally do this.
Remember the assignment — mentally do this, not physically.
If you have not read the 1033 proposal, raise your hand mentally.
It's tough. It's around a hundred pages of material to go through.
So I like Star Wars.
So I went to our incredible marketing team and said, Hey, can you all put this in a form that people will better understand, that will make it easier for them to see, you know what the regulation says, how it works, and why isn't this coming out?
Let's try again.
The reality is it's not any easier to read that way either, but don't worry, we've got you.
We have teams of people that are really focused on ensuring that you're 1033 ready, right?
So as you're going through this conferences, as you're walking through, find someone at MX, find me in your one-on-ones and say you want to talk about your 1033 journey.
Now a key part of our journey and our contribution to 1033 is Data Access.
Our product Data Access was built before 1033.
I mean, as you know, we've been the leaders in open banking and consumer-permissioned data sharing for a decade.
And Data Access was built upon the notion that we want to enable consumers to permission their own data.
We want open banking.
And it's more than just satisfying regulation.
There's a huge opportunity here to understand your customer's relationship with entities outside, where are their money going and to better solve for their needs.
So our Data Access product is the most efficient way for FIs to not only just launch, but also scale their compliant open banking platform.
But you can't wait on this. The clock is ticking.
The time is now.
A big gap will be created between those that who injest data and those that don't.
Lemme show you how this looks.
You have your core data from your consumers and you have data that you pull in through aggregation and now you have open banking data where you can see data being sent to other entities.
Now as these sources come together, you get a true 360-degree view that's unlocked for each customer’s held data, data in, data out.
Now you know that we've been the leaders in data enhancement for a very long time, and our retail data that we enhance has provided amazing ways for you to actually get insights for you to understand the data better and for your customers to understand the data better.
And I'm really thrilled to announce the fact that we're now doing Investment Data Enhancement.
A lot of you have been asking for this.
Now, Investment Data Enhancement delivers clean, standardized holding data with over 40 enriched comprehensive fields.
This unlocks numerous use cases.
One example of this is the complete net worth.
We've been doing this with retail data where you get a good view in into your consumer's finances and how they're managing them.
And when we add on investment data, you get a much more comprehensive picture of your of your consumers' financial lives, and it opens up so many more opportunities for a relationship with them.
Another example is asset allocation.
There's so much room for error when an advisor is talking to one of your customers on the phone and asking them for information.
And this gives you the ability to remove those errors and open the door, look for missing accounts, make sure that risk is aligned with their goals, find potential tax efficiency opportunities, look for uninvested funds and look for opportunities to rebalance our portfolio.
Now this is a space where innovation has been limited, and so we're excited to offer more data to help people provide more accurate net worth calculations, deepen engagement with your customers, identify new customer segments, and reduce the cognitive load for your customers.
So let's look at this again, held data, data in data out with a much richer set of data, with expanded data becomes better targeting and better conversion.
And so how do we make that that identification and understanding who the target audiences can be more even more seamless?
The visualization and prowess of MX data lives within our Customer Analytics product.
The days of over-reliance on an endless waiting on data queries and where is my data and patching it together in multiple places is over.
We have pre-built audiences in this tool and we're continuing to expand them.
But what I want to show today is Messaging Hub.
This is the ability to create custom and personalized messages to dynamic audiences.
Here we have a target audience of travelers.
They rent hotel rooms, they rent cars, we know they travel a lot.
It's a prebuilt audience for you.
And you say, well, I wanna offer a travel credit card.
I'm gonna start a campaign on the mobile application product.
I want it to be a banner ad. You take an image and upload it to show what do you want that campaign to look like?
Shows you here, what that's gonna look like for your end consumer.
Hit next, schedule the campaign and launch.
Now, if you were checking your email or messages, you missed that. That was like 15 seconds.
As we build out more and more of these pre-preplanned audiences, you have a much better ability for higher conversion, for targeting the right customers because we've heard you.
You care about conversion, you care about deposits.
It's a big topic now and I'm super thrilled to talk about our Deposit Switching product.
This is gonna help you increase deposits, something that's very important to you right now.
We find the right users to target at the right time and provide a frictionless onboarding process Here, we give the option to switch your direct deposit.
You simply choose your payroll provider, enter your employer's organization ID, your credentials that confirm and you're there.
It doesn't get much more frictionless than that.
Beautiful, amazing experiences using this data about your customers, that 360-degree view of data of your customers.
So let's visit this one more time.
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 now.
Our team tells me all the time that successful marketing is the right message to the right person at the right time.
And this is what we provide.
Engagement is easy when you know what someone wants and what they need.
So let's bring it all together with our Manage Money Dashboard.
Earlier this year we talked about our Manage Money Dashboard and this dashboard is designed to drive deposits and engage users, and it's tested to give the most critical features front and center.
A few of the features include upcoming activity and transactions on a very easy to read calendar view, cashflow spend versus income spending overview.
This brings connectivity, PFM, insights and mobile into one perfect financial wellness package.
It becomes a one stop shop for users when it comes to managing their personal finances.
We’ve got a lot of really, really exciting product innovations through MX right now.
And I'm so excited about the foundational work we've done.
And like Ryan, I believe we've just started this journey.
We’ve just scratched the surface of connecting you to your users better, to their data better, and helping you as a business.
And look, our success is inextricably linked to yours.
Another key reason I came to MX is the customer obsession.
The customer focus.
If you're not successful, we're not successful.
So let's work together and help us on our mission to empower the world to be financially strong.
Thank you.
View Full Transcript