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Good morning.
Thank you. Welcome to the Money Experience Summit.
As you can see, we timed the event just right so you could see the beautiful colors outside.
Isn't it beautiful out there?
How many of you went on the hike this morning?
Yeah, so we were expecting you to have also a beautiful mountain air, but we have a little bit of smoke.
We have another hike tomorrow morning.
So hopefully those of you who didn't get out this morning will be able to get out tomorrow.
I hope that you'll build new connections and make new friends this week.
Money Experience Summit is about bringing together the brightest minds in the industry to build connections that increase the pace of innovation and drive both business and customer outcomes.
And this year's format is a little different.
We purposefully designed this as a smaller, more intimate gathering so that you can really have meaningful conversations This morning you'll hear from some of the top leaders in the industry talking about the topics that matter most — growing deposits, the power of data, AI, and crypto, increasing engagement, and much, much more.
And you'll get to ask questions of our keynote speakers this year. Later this morning, we will have our keynote speakers up here.
So if you have questions, write them down and you'll have an opportunity to ask them.
Our hope is that you leave this week feeling inspired and empowered to drive change within your organizations with a focus on improving customer and business outcomes.
Now, I want to welcome to the stage MX founder and CEO Ryan Caldwell.
He's going to share his thoughts on where we stand today and the opportunities ahead.
Let's welcome him.
Well, thank you. Thank you for all of our speakers, including you, for sharing your insights this morning.
I actually have, just so you guys know, I have the wrong, we have the wrong monitor up here.
There you go. So Ryan, you're, you're recently back as CEO.
So tell us a little bit about what it's, been like to be back.
Well, thanks Crystal for the warm welcome from everybody. About the smoke...
I was wondering if our team curated that as like a backdrop to — there's smoke and not clarity in the industry, and through data we can drive clarity.
I definitely did that. I'm waiting for the well-timed rain to just clear it out this afternoon.
I like that. So, what was your question again?
What has it been like to be back? You came back in June, right?
Yeah it's been exhilarating.
You know, I'm always really frank and honestly, part of the reasons why I don't do a lot of monologues is because I just want natural conversation.
I'm not very good at scripted stuff. It's not who I am.
I like just candid conversation. Yeah.
Real answers, things like that.
So the real answer is, you know, it's, it's been a lot.
There's a lot going on in the industry.
There's a lot of change that occurred.
You know, I only stepped away from the company, because my daughter had some medical needs that I needed to focus on and, and relocated my family.
My daughter started doing better.
It was just absolutely awesome to get the full support of the family to say, okay, go back and, and look after your work child, you know?
Yeah. And, MX truly is like a child to me.
And, it's like a family.
I mean, I care about our clients. I care about our partners.
I care a tremendous amount about all the end users that we all serve.
I think everyone knows that MX is incredibly mission-driven and there's a lot to do in this industry.
I mean, we have this regulatory change right now, and rightfully so.
We gotta make sure it's done right — that it does the right thing by everybody.
And, that it empowers banks — the good actors that enables fintechs to do rapid innovation, but it protects those consumers.
So there's a lot to do.
So it's very exhilarating, but it's a little bit overwhelming. Yeah.
So you, you shared a bit about why you stepped back.
Can you tell us more about why you came back?
Yes. So, you know, it's interesting.
What we've always thought was possible in this entire industry and with data has always been quite a bit ahead of where I think the world is generally thinking.
And so, from the very beginning, I remember I went in and I talked to banks and credit unions, and online banking providers.
And I would say, look, there's this data, the things you could do with it, the ways in which you could serve your consumers and protect them and guide them, I mean, it's almost limitless, right?
This is one of the most valuable things that exist in the world, and it's completely untapped, right?
And we saw all these other industries that were using every little bit of nuanced, almost unimportant data and still deriving value out of it.
If you look at social companies and you look at all these other different players that were some of the newer industries that were out there, and banking was still doing what it needs to do, focusing on the bread and butter of what it does, but not realizing that its data could completely change the experiences they could make for their consumers.
And so we had this vision of this, and I always thought this will be, it's gonna change the entire way that banking works.
It's gonna make banking turn into like the truest advocates.
And you had these phenomenal banks, credit unions, and even the beginnings of fintechs that were wanting to change what banking was. They wanted to empower and protect the consumer.
And we believe that in a world of rapidly increasing choice and lower switching costs, the people who were the advocates who took really good care of the consumers would win.
And so we had such a strong belief in this that we knew that the data would become a critical part of it.
In the last two years, I feel like that complete vision of what it could be drifted a little bit.
Yeah. and we need to get back to the roots of our only reason for existing. It’s not to be a company and to grow and this and that.
It's to deliver phenomenal solutions for our partners and for our clients that can take great care of their consumers.
And I wanted us to get back to that.
Yeah. We have customers in the room who have been with us for over a decade and we have others that are just starting on this journey with us.
What do you want everyone here to know and what do you want them to think of when they think of MX?
I want them to think of a real partner.
I mean, we are supposed to be a true technology partner.
Um, I hate the word vendor.
Vendor relationships are fraught with conflict and a conflict of interest and all those types of things.
Partners really view things in the long term.
If we can't make you successful, if we can't make your consumers successful, the people that you serve, then we don't have a reason for existing.
And so, if we're not waking up every single day obsessed with how we made them actually stronger.
And so a huge part of what we talked about a lot at MX is we need to understand as we have in the past, the real business that our partners are in and that, that these FIs are in.
And then what the consumer, the pressures that the consumers have.
And so if we can understand that every day, and we're building products that are completely oriented towards that, and then a key part of it is results.
So we can't just say, well, we gave you this great data and great insights.
Good luck with it. We're responsible for helping guide you.
Yeah. I use the example of Everest, right? Yes.
In the sherpa example, we need to get you the top of Everest.
And it's our job as a sherpa.
If we've gotta carry the extra oxygen, if we've gotta have, you know, all the medical equipment, whatever we need, we need to be able to get you safely there and back and guide you.
That's a real partnership.
It's two-way communication. It's demands on both sides.
And that's what I feel like we need to do.
We're not just a yes shop that takes the money and just says yes to solutions that don't make sense, right?
We have to be responsible for the success of the journey.
Yeah. We don't have to name the client, of course we wouldn't.
But that sherpa analogy has really been resonating with our partners and with our clients.
Can you share a little bit more?
I know you'll know the situation I'm talking about of how you're using that to help clients see who we can be with them and how we can help them.
Yeah. So from a sherpa standpoint, it’s results.
If you're doing it right, there's a challenge to it, right?
I don't want a sherpa that I show up and I say, Hey, I paid this huge amount to get me to the top of Everest and these are the tennis shoes that I wanna wear.
And, I like these jeans.
I think they'll be fine in the weather.
I need the sherpa to say, that's a bad idea.
You know, those shoes won't work. You know, whatever.
I don't need to pick axe, I'm good. Right?
I need someone who will tell me, Hey, look, this is what the journey looks like.
Now I need to listen to them too, where they're like, right, but it's really important to me that I want to climb up this side of the mountain and this way because that's part of the reason why I'm taking this whole journey.
I'm like, okay, we can take you up that part of the mountain, but here's what it'll cost you.
But these are the benefits you'll get.
We have to be that expert.
Where I've been frustrated with how many companies act is when they don't take that responsibility.
When they're just like, look, you know, you told me you wanted this and I gave you that.
It's like, right. But we need to ask them, okay, but where do you want to go after that?
Where do you want to go after that? And what does that mean for your success 5 and 10 years out?
Right? If we're not thinking that way, we're not truly a strategic partner. Yeah.
I've heard you say that to clients And, they've said, you're right.
We did get off onto a different path, a path that we shouldn't have been on.
And so we really appreciate since, you know, you've come back and you've shared that perspective and said, no, this is the way we need to do this.
This is how you're truly going to realize value out of this partnership. Yeah.
What's really interesting is I've had certain partners say, thank you for telling us no.
Right? Because they were feeling like they, felt a little bit directionless.
'cause we were saying yes to some things that even they were wondering if it made sense, but they kind of almost couldn't help but ask for it.
And they needed that partner that would truly listen to them and, and even be willing to adjust where it might make sense.
So we're all ears, but we're actually really an expert in guiding them.
And that kickback actually has resulted in a deeper relationship.
I had one of our clients that had reached a little bit of frustration in the process of the last year and a half.
But then they came back and they said, look, we're happier now than when you sold us.
They're like, we haven't had that happen with a partner.
We haven't had that happen. Usually when you sell, that's the happiest 'cause everything's all rainbows and sunshine, and they're just like things got harder for a while but the way in which you've come in and challenged us and pushed us, but done it in such a constructive way, we're better for it.
Right. Can you talk more about the value that we provide?
So we've talked a lot about increasing deposits and increasing loan volume.
Talk more about that and you know, what MX’s role can be in that for our partners?
Well, so we're right in the middle of this data so we can see things.
I mean, we're watching funnels like crazy.
In the modern age, everything is about a funnel. We're trying to get our partners, we're trying to get the banks, we serve the financial institutions, and the fintechs to get to certain levels of success.
We're so buried in the data across all these banks, across all these different entities that we can see what’s not working, right?
And so the idea that we don't surface that in a constructive way, but we have to also know where they are trying to get to.
They don't just want, yes, they want a compelling banking experience or fintech experience.
They want that. But that's not the end goal.
The end goal is to drive some sort of business outcome.
And, we hope, and we want to, you know, help banks fully understand — which the best banks innately get this — that if it doesn't make the consumer's life better, if they're not financially more secure if they're not more financially empowered, then eventually they're gonna abandon that bank.
'cause they're not getting enough out of that relationship.
And so, for banks, if we're not moving loan volume, if we're not, you know, increasing deposits, if we're not increasing interchange, if we're not doing the fundamentals for them, all the steps that we did before are nice.
And it's like, oh, cool, you did that for me. Right?
But they need that. And right now it's incredibly true.
There's pressure, there's compression on, you know, I've gotta make every single bit of expense count, right?
And so that's how we ensure that it counts, is we're never thinking, well, they asked us for this shiny object, and, and we're like, right, but why do they ask for it?
What do they need? What do they need it to do?
What do they need it to convert?
How do we get them to the end goal?
That's absolutely critical.
And the end goal beyond that, right?
We have to get to the deposits and the loans and the increased interchange.
Um, we have to get to all of that.
But the end goal of that is that as a result of that, they make that consumer's life better, right?
And then it builds that loyalty back to them. Well, That's really the spirit of what we're talking about this week is how we leverage all of this data, AI, etc.
to drive business and consumer outcomes.
So, what are you most excited about for the industry right now?
I think that we are still at the very beginning of actually leveraging the data to take action.
And, we're seeing the beginning of it that’s just mind blowing.
I mean, we're talking billions of dollars of loans moved, hundreds of millions of profit for individual FIs, right?
And, and we've seen these little campaigns where we adjust them just slightly, like one, as an example, won't get into the nuance of it, but had to do with moving deposits and with the slightest tweak on the funnel of changing one step and reducing its complexity, it tripled the number of people making it all the way through the funnel.
Yep. And so what we're seeing is we're saying, okay, we can see this.
We have a front row seat to this.
We need to be helping our banks understand that, right?
And, I need all of the banks and partners to not view us as we care so much about things like a great mobile experience or a great PFM experience, because it helps us display the data in a meaningful way that engages the consumer to drive them to an action.
But make no mistake about it, we're focused on that end result in that action.
And so everything else is only to create the right environment to make those actions conducive and to get that result Right.
Well, it's no surprise, everyone, this is a slightly different format than we've had in the past.
A much more intimate experience.
And we're getting ready to hear from Wes Hummel.
He's going to share what our product and technology teams have been up to.
So tell the group a bit about why this intimate experience and how we should all be thinking about what we're gonna hear from Wes in terms of like, you're gonna be the first to hear about this.
We want your feedback. Can you tell us more about that? So This is a really exciting stage for the company because we laid foundations.
I mean, what Wes has done in the last year and a half, that's one of the areas that the company has done so well.
We've laid this innovative foundation.
I mean, the way in which, like everything from how we're able to test code and move it forward, how the entire platform is performing.
how it's been distributed across multi availability zones that are about to turn live.
All of these things gives us this exact foundation we need to now do this next level of innovation.
So the question that was asked at the beginning of the year was, okay, do we want to have a giant event where we're saying, okay, here's the three examples of exactly how this has worked.
We're right in the early testing phases of some of these things.
So we wanted a smaller, more intimate group of the people that will say, you should try this, you should try this.
You're gonna be the first two or three that we're going to be launching this with and seeing how this data works.
We wanted that tighter group of really trusted relationships.
And then around the next corner, there'll be more of, okay, here's the examples of how this is working in a highly demonstrable way.
And then scale from there.
And so we've obviously already scaled the core of what we do, but this next step, it's like almost taking a step into the next bit of innovation of really driving that action.
And that's a more intimate process, right?
With Wes and all I'm so excited about is we're finally, and I know that Wes feels the energy of this too, all the hard work going into, I always talk about the ticket to play.
A lot of people talk about, I wanna go do this, I wanna go do this.
And I'm like, right. But you don't really get to earn the ticket to go do that unless you've done the hard work of laying this foundation.
And it's hard work. And sometimes it doesn't come with a lot of visibility.
But once you've really done that, if you understand it, then you have that next step.
And, I think both of us are really excited about that.
Yeah, I think that's a great segue for us to bring Wes up here.
Any parting thoughts for everyone before Wes joins us on stage or comes up on stage?
As you know, almost all of our town halls at MX, I end on this, this similar thing — just a huge amount of gratitude.
Um, we are grateful for our partners.
We're grateful for all the people that we serve.
We're grateful for the opportunity to serve.
Thank you for coming out. Thank you for being here.
We're gonna have a Q&A in a bit. Ask the questions.
We love hard questions, real questions.
We like real interactions, challenge us.
We're gonna challenge you back.
But mostly just gratitude. Thank you for being here.
Yeah. Thank you. Okay.
Well help me welcome Wes Hummel, our Chief Product and Technology Officer to the stage, and he's going to share some exciting product innovation updates.
Thank you, Ryan.
Welcome from MX's Founder and CEO
MXS 2024 kicks off with a meaningful conversation with MX's founder and CEO.
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Transcript
Thank you. Welcome to the Money Experience Summit.
As you can see, we timed the event just right so you could see the beautiful colors outside.
Isn't it beautiful out there?
How many of you went on the hike this morning?
Yeah, so we were expecting you to have also a beautiful mountain air, but we have a little bit of smoke.
We have another hike tomorrow morning.
So hopefully those of you who didn't get out this morning will be able to get out tomorrow.
I hope that you'll build new connections and make new friends this week.
Money Experience Summit is about bringing together the brightest minds in the industry to build connections that increase the pace of innovation and drive both business and customer outcomes.
And this year's format is a little different.
We purposefully designed this as a smaller, more intimate gathering so that you can really have meaningful conversations This morning you'll hear from some of the top leaders in the industry talking about the topics that matter most — growing deposits, the power of data, AI, and crypto, increasing engagement, and much, much more.
And you'll get to ask questions of our keynote speakers this year. Later this morning, we will have our keynote speakers up here.
So if you have questions, write them down and you'll have an opportunity to ask them.
Our hope is that you leave this week feeling inspired and empowered to drive change within your organizations with a focus on improving customer and business outcomes.
Now, I want to welcome to the stage MX founder and CEO Ryan Caldwell.
He's going to share his thoughts on where we stand today and the opportunities ahead.
Let's welcome him.
Well, thank you. Thank you for all of our speakers, including you, for sharing your insights this morning.
I actually have, just so you guys know, I have the wrong, we have the wrong monitor up here.
There you go. So Ryan, you're, you're recently back as CEO.
So tell us a little bit about what it's, been like to be back.
Well, thanks Crystal for the warm welcome from everybody. About the smoke...
I was wondering if our team curated that as like a backdrop to — there's smoke and not clarity in the industry, and through data we can drive clarity.
I definitely did that. I'm waiting for the well-timed rain to just clear it out this afternoon.
I like that. So, what was your question again?
What has it been like to be back? You came back in June, right?
Yeah it's been exhilarating.
You know, I'm always really frank and honestly, part of the reasons why I don't do a lot of monologues is because I just want natural conversation.
I'm not very good at scripted stuff. It's not who I am.
I like just candid conversation. Yeah.
Real answers, things like that.
So the real answer is, you know, it's, it's been a lot.
There's a lot going on in the industry.
There's a lot of change that occurred.
You know, I only stepped away from the company, because my daughter had some medical needs that I needed to focus on and, and relocated my family.
My daughter started doing better.
It was just absolutely awesome to get the full support of the family to say, okay, go back and, and look after your work child, you know?
Yeah. And, MX truly is like a child to me.
And, it's like a family.
I mean, I care about our clients. I care about our partners.
I care a tremendous amount about all the end users that we all serve.
I think everyone knows that MX is incredibly mission-driven and there's a lot to do in this industry.
I mean, we have this regulatory change right now, and rightfully so.
We gotta make sure it's done right — that it does the right thing by everybody.
And, that it empowers banks — the good actors that enables fintechs to do rapid innovation, but it protects those consumers.
So there's a lot to do.
So it's very exhilarating, but it's a little bit overwhelming. Yeah.
So you, you shared a bit about why you stepped back.
Can you tell us more about why you came back?
Yes. So, you know, it's interesting.
What we've always thought was possible in this entire industry and with data has always been quite a bit ahead of where I think the world is generally thinking.
And so, from the very beginning, I remember I went in and I talked to banks and credit unions, and online banking providers.
And I would say, look, there's this data, the things you could do with it, the ways in which you could serve your consumers and protect them and guide them, I mean, it's almost limitless, right?
This is one of the most valuable things that exist in the world, and it's completely untapped, right?
And we saw all these other industries that were using every little bit of nuanced, almost unimportant data and still deriving value out of it.
If you look at social companies and you look at all these other different players that were some of the newer industries that were out there, and banking was still doing what it needs to do, focusing on the bread and butter of what it does, but not realizing that its data could completely change the experiences they could make for their consumers.
And so we had this vision of this, and I always thought this will be, it's gonna change the entire way that banking works.
It's gonna make banking turn into like the truest advocates.
And you had these phenomenal banks, credit unions, and even the beginnings of fintechs that were wanting to change what banking was. They wanted to empower and protect the consumer.
And we believe that in a world of rapidly increasing choice and lower switching costs, the people who were the advocates who took really good care of the consumers would win.
And so we had such a strong belief in this that we knew that the data would become a critical part of it.
In the last two years, I feel like that complete vision of what it could be drifted a little bit.
Yeah. and we need to get back to the roots of our only reason for existing. It’s not to be a company and to grow and this and that.
It's to deliver phenomenal solutions for our partners and for our clients that can take great care of their consumers.
And I wanted us to get back to that.
Yeah. We have customers in the room who have been with us for over a decade and we have others that are just starting on this journey with us.
What do you want everyone here to know and what do you want them to think of when they think of MX?
I want them to think of a real partner.
I mean, we are supposed to be a true technology partner.
Um, I hate the word vendor.
Vendor relationships are fraught with conflict and a conflict of interest and all those types of things.
Partners really view things in the long term.
If we can't make you successful, if we can't make your consumers successful, the people that you serve, then we don't have a reason for existing.
And so, if we're not waking up every single day obsessed with how we made them actually stronger.
And so a huge part of what we talked about a lot at MX is we need to understand as we have in the past, the real business that our partners are in and that, that these FIs are in.
And then what the consumer, the pressures that the consumers have.
And so if we can understand that every day, and we're building products that are completely oriented towards that, and then a key part of it is results.
So we can't just say, well, we gave you this great data and great insights.
Good luck with it. We're responsible for helping guide you.
Yeah. I use the example of Everest, right? Yes.
In the sherpa example, we need to get you the top of Everest.
And it's our job as a sherpa.
If we've gotta carry the extra oxygen, if we've gotta have, you know, all the medical equipment, whatever we need, we need to be able to get you safely there and back and guide you.
That's a real partnership.
It's two-way communication. It's demands on both sides.
And that's what I feel like we need to do.
We're not just a yes shop that takes the money and just says yes to solutions that don't make sense, right?
We have to be responsible for the success of the journey.
Yeah. We don't have to name the client, of course we wouldn't.
But that sherpa analogy has really been resonating with our partners and with our clients.
Can you share a little bit more?
I know you'll know the situation I'm talking about of how you're using that to help clients see who we can be with them and how we can help them.
Yeah. So from a sherpa standpoint, it’s results.
If you're doing it right, there's a challenge to it, right?
I don't want a sherpa that I show up and I say, Hey, I paid this huge amount to get me to the top of Everest and these are the tennis shoes that I wanna wear.
And, I like these jeans.
I think they'll be fine in the weather.
I need the sherpa to say, that's a bad idea.
You know, those shoes won't work. You know, whatever.
I don't need to pick axe, I'm good. Right?
I need someone who will tell me, Hey, look, this is what the journey looks like.
Now I need to listen to them too, where they're like, right, but it's really important to me that I want to climb up this side of the mountain and this way because that's part of the reason why I'm taking this whole journey.
I'm like, okay, we can take you up that part of the mountain, but here's what it'll cost you.
But these are the benefits you'll get.
We have to be that expert.
Where I've been frustrated with how many companies act is when they don't take that responsibility.
When they're just like, look, you know, you told me you wanted this and I gave you that.
It's like, right. But we need to ask them, okay, but where do you want to go after that?
Where do you want to go after that? And what does that mean for your success 5 and 10 years out?
Right? If we're not thinking that way, we're not truly a strategic partner. Yeah.
I've heard you say that to clients And, they've said, you're right.
We did get off onto a different path, a path that we shouldn't have been on.
And so we really appreciate since, you know, you've come back and you've shared that perspective and said, no, this is the way we need to do this.
This is how you're truly going to realize value out of this partnership. Yeah.
What's really interesting is I've had certain partners say, thank you for telling us no.
Right? Because they were feeling like they, felt a little bit directionless.
'cause we were saying yes to some things that even they were wondering if it made sense, but they kind of almost couldn't help but ask for it.
And they needed that partner that would truly listen to them and, and even be willing to adjust where it might make sense.
So we're all ears, but we're actually really an expert in guiding them.
And that kickback actually has resulted in a deeper relationship.
I had one of our clients that had reached a little bit of frustration in the process of the last year and a half.
But then they came back and they said, look, we're happier now than when you sold us.
They're like, we haven't had that happen with a partner.
We haven't had that happen. Usually when you sell, that's the happiest 'cause everything's all rainbows and sunshine, and they're just like things got harder for a while but the way in which you've come in and challenged us and pushed us, but done it in such a constructive way, we're better for it.
Right. Can you talk more about the value that we provide?
So we've talked a lot about increasing deposits and increasing loan volume.
Talk more about that and you know, what MX’s role can be in that for our partners?
Well, so we're right in the middle of this data so we can see things.
I mean, we're watching funnels like crazy.
In the modern age, everything is about a funnel. We're trying to get our partners, we're trying to get the banks, we serve the financial institutions, and the fintechs to get to certain levels of success.
We're so buried in the data across all these banks, across all these different entities that we can see what’s not working, right?
And so the idea that we don't surface that in a constructive way, but we have to also know where they are trying to get to.
They don't just want, yes, they want a compelling banking experience or fintech experience.
They want that. But that's not the end goal.
The end goal is to drive some sort of business outcome.
And, we hope, and we want to, you know, help banks fully understand — which the best banks innately get this — that if it doesn't make the consumer's life better, if they're not financially more secure if they're not more financially empowered, then eventually they're gonna abandon that bank.
'cause they're not getting enough out of that relationship.
And so, for banks, if we're not moving loan volume, if we're not, you know, increasing deposits, if we're not increasing interchange, if we're not doing the fundamentals for them, all the steps that we did before are nice.
And it's like, oh, cool, you did that for me. Right?
But they need that. And right now it's incredibly true.
There's pressure, there's compression on, you know, I've gotta make every single bit of expense count, right?
And so that's how we ensure that it counts, is we're never thinking, well, they asked us for this shiny object, and, and we're like, right, but why do they ask for it?
What do they need? What do they need it to do?
What do they need it to convert?
How do we get them to the end goal?
That's absolutely critical.
And the end goal beyond that, right?
We have to get to the deposits and the loans and the increased interchange.
Um, we have to get to all of that.
But the end goal of that is that as a result of that, they make that consumer's life better, right?
And then it builds that loyalty back to them. Well, That's really the spirit of what we're talking about this week is how we leverage all of this data, AI, etc.
to drive business and consumer outcomes.
So, what are you most excited about for the industry right now?
I think that we are still at the very beginning of actually leveraging the data to take action.
And, we're seeing the beginning of it that’s just mind blowing.
I mean, we're talking billions of dollars of loans moved, hundreds of millions of profit for individual FIs, right?
And, and we've seen these little campaigns where we adjust them just slightly, like one, as an example, won't get into the nuance of it, but had to do with moving deposits and with the slightest tweak on the funnel of changing one step and reducing its complexity, it tripled the number of people making it all the way through the funnel.
Yep. And so what we're seeing is we're saying, okay, we can see this.
We have a front row seat to this.
We need to be helping our banks understand that, right?
And, I need all of the banks and partners to not view us as we care so much about things like a great mobile experience or a great PFM experience, because it helps us display the data in a meaningful way that engages the consumer to drive them to an action.
But make no mistake about it, we're focused on that end result in that action.
And so everything else is only to create the right environment to make those actions conducive and to get that result Right.
Well, it's no surprise, everyone, this is a slightly different format than we've had in the past.
A much more intimate experience.
And we're getting ready to hear from Wes Hummel.
He's going to share what our product and technology teams have been up to.
So tell the group a bit about why this intimate experience and how we should all be thinking about what we're gonna hear from Wes in terms of like, you're gonna be the first to hear about this.
We want your feedback. Can you tell us more about that? So This is a really exciting stage for the company because we laid foundations.
I mean, what Wes has done in the last year and a half, that's one of the areas that the company has done so well.
We've laid this innovative foundation.
I mean, the way in which, like everything from how we're able to test code and move it forward, how the entire platform is performing.
how it's been distributed across multi availability zones that are about to turn live.
All of these things gives us this exact foundation we need to now do this next level of innovation.
So the question that was asked at the beginning of the year was, okay, do we want to have a giant event where we're saying, okay, here's the three examples of exactly how this has worked.
We're right in the early testing phases of some of these things.
So we wanted a smaller, more intimate group of the people that will say, you should try this, you should try this.
You're gonna be the first two or three that we're going to be launching this with and seeing how this data works.
We wanted that tighter group of really trusted relationships.
And then around the next corner, there'll be more of, okay, here's the examples of how this is working in a highly demonstrable way.
And then scale from there.
And so we've obviously already scaled the core of what we do, but this next step, it's like almost taking a step into the next bit of innovation of really driving that action.
And that's a more intimate process, right?
With Wes and all I'm so excited about is we're finally, and I know that Wes feels the energy of this too, all the hard work going into, I always talk about the ticket to play.
A lot of people talk about, I wanna go do this, I wanna go do this.
And I'm like, right. But you don't really get to earn the ticket to go do that unless you've done the hard work of laying this foundation.
And it's hard work. And sometimes it doesn't come with a lot of visibility.
But once you've really done that, if you understand it, then you have that next step.
And, I think both of us are really excited about that.
Yeah, I think that's a great segue for us to bring Wes up here.
Any parting thoughts for everyone before Wes joins us on stage or comes up on stage?
As you know, almost all of our town halls at MX, I end on this, this similar thing — just a huge amount of gratitude.
Um, we are grateful for our partners.
We're grateful for all the people that we serve.
We're grateful for the opportunity to serve.
Thank you for coming out. Thank you for being here.
We're gonna have a Q&A in a bit. Ask the questions.
We love hard questions, real questions.
We like real interactions, challenge us.
We're gonna challenge you back.
But mostly just gratitude. Thank you for being here.
Yeah. Thank you. Okay.
Well help me welcome Wes Hummel, our Chief Product and Technology Officer to the stage, and he's going to share some exciting product innovation updates.
Thank you, Ryan.
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