MX hosted its Fintech Reads book club with Fintech Takes to discuss "The Verifiers" and how data use ties to the fintech industry.

“The Verifiers” teaches key lessons about data use, trust, and privacy — with key lessons for the fintech industry from Fintech Reads.

Fintech Reads Book Club: The Verifiers

A novel, community-focused experience has emerged in the fintech sector for individuals who believe groundbreaking ideas originate from creative inspiration and insightful reading. In April, MX&rsquo;s Fintech Reads was born &mdash; with its inaugural event at New York Fintech Week. Filled with everything from fiction to the latest best-selling business book, Fintech Reads brought together finance and fintech leaders for open conversations and networking opportunities about the books, business and ethical challenges, and opportunities that keep us up at night.
The event was such a hit that MX and <a href="https://fintechtakes.com/">Fintech Takes</a> continued the conversation with a virtual Fintech Reads Book Club meeting to discuss Jane Pek's debut novel. The Verifiers spins a captivating mystery around the burgeoning world of online dating and the increasingly blurred lines between our digital and real-life personas. This witty, contemporary detective story is a sharp examination of privacy and the pervasive nature of data collection. With the ethical considerations in the data space, this book has close ties to the finance industry and was a natural choice as our first fiction selection for Fintech Reads Book Club.&nbsp;
The novel introduces Claudia Lin, a sharp, Jane Austen-loving, Chinese-American woman who finds herself drawn to the secretive world of Veracity &mdash; a detective agency that specializes in vetting individuals that meet on dating apps. Clients hire Veracity to uncover the truth behind carefully curated online profiles, seeking assurance before investing emotionally or otherwise.
The Verifiers quickly establishes a world where personal data is the ultimate commodity. The online dating industry, as depicted by Pek, thrives on the accumulation and analysis of vast amounts of user information. In our book club discussion, we explored the following key themes in the book, and how it made us think about our responsibilities to our customers when it comes to data stewardship:&nbsp;
<h2>The Ethics of Data Collection and Algorithmic Influence</h2>
Veracity's very existence highlights the anxieties surrounding online authenticity. The novel delves into how dating platforms collect extensive personal data, using complex algorithms not only to match individuals, but also to potentially shape their desires and choices. This raises critical questions about the extent to which users are aware of, and consent to, this level of data harvesting and algorithmic manipulation.&nbsp;
The book club group discussed the important role that companies can play in consumer outcomes by influencing consumer behaviors. In the fintech industry, this may look like <a href="https://www.mx.com/products/financial-insights/">prompting users</a> to deposit more of their paycheck directly into their savings account &mdash; which can benefit the consumer. Or, they can push consumers toward outcomes that are better for the business (rather than the consumer), by making the button to share more user data more visible than the button to exit a popup window.&nbsp;
<h2>Privacy in the Digital Age</h2>
Claudia's investigations often involve delving deep into the digital footprints of individuals, blurring the boundaries of privacy. While the characters in the book did give permission for their data to be used, they were unaware of negative data use applications. The ease with which online information can be accessed and pieced together to form a picture of someone &mdash; accurate or otherwise &mdash; is a central theme.&nbsp;
In the fintech space, there are novel (and often beneficial!) applications of user data to improve their financial lives, like non-traditional credit underwriting. If misused, however, these details can be pieced together by bad actors to <a href="https://www.mx.com/blog/fraud-on-the-rise-and-how-to-fight-it/">facilitate financial fraud</a> and other bad consumer outcomes.
<h2>Corporate Deceit, Data Misuse, and Surveillance</h2>
As Claudia investigates a client's suspicious death, she uncovers a web of corporate deceit within the lucrative matchmaking industry. This plotline shines a light on the potential for powerful tech companies to exploit user data for profit, control, or even more sinister purposes, often with little transparency or accountability. The novel also subtly critiques a society growing accustomed to trading privacy for convenience, whether in finding a partner or navigating daily life.&nbsp;
Our book club discussion highlighted the need for extensive consumer education to make it clear what consumers are consenting to when they check a box or start using a service. In the financial services and fintech industries, consumers are sharing extremely sensitive data &mdash; which calls for a need for greater visibility and trust from those they are sharing it with.&nbsp;
<h2>Building Trust and Securing the Future</h2>
Through Claudia's engaging narration and the unfolding mystery, The Verifiers serves as a timely commentary on our relationship with technology. Pek masterfully weaves together a compelling whodunit with a thought-provoking exploration of how our data is collected, controlled, and commodified, leaving readers to ponder the true cost of navigating love and life in the digital age. As financial services and fintech professionals, we owe it to our customers to think deeply about these issues and do the right thing by them and their data. Their financial outcomes depend on it!

Beyond the Swipe: What "The Verifiers" Taught Us About Data Trust

MX's innovative new and and updated products will transform your data into action. 

Learn about the latest MX product innovations including Direct Deposit, Manage Money Dashboard, live data-sharing reports, and more.

MX Product Innovations | Get the Most Out of Your Data

&rdquo;Growth isn&rsquo;t your biggest challenge. Your biggest challenge is how you use your data to power growth,&rdquo; says Wes Hummel, MX&rsquo;s Chief Product and Technology Officer.&nbsp;
Financial institutions have more data than ever, but making it actionable and turning it into real results isn&rsquo;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 <a href="https://www.mx.com/product-updates/2025/spring/">latest product innovations</a> 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 <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> to drive growth, build stronger relationships, and deliver better experiences.
<h2>Making Data More Actionable</h2>
When it comes to growth, deposits are at the top of most financial institutions&rsquo; list. But, how do you identify the right opportunities to grow deposits? MX&rsquo;s <a href="https://docs.mx.com/use-cases/direct-deposit/">Direct Deposit solution</a> helps you easily identify account holders without a direct deposit relationship or with deposits flowing to external accounts.
In addition, MX&rsquo;s <a href="https://www.mx.com/products/customer-analytics/">Customer Analytics</a> 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.
<h2>Driving Stronger Engagement&nbsp;</h2>
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.&nbsp;
With this in mind, MX completely reimagined our <a href="https://www.mx.com/products/personal-financial-management/">Manage Money Dashboard</a> to make it more intuitive, actionable, and configurable. Now, the new Manage Money Dashboard is available for you to use to:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Simplify how consumers interact with financial management tools</li>
<li style="font-weight: 400;" aria-level="1">Deliver the insights most relevant to them</li>
<li style="font-weight: 400;" aria-level="1">Help them understand their money in real-time</li>
<li style="font-weight: 400;" aria-level="1">Provide guidance, offers, and recommended next-best actions throughout the digital banking experience.</li>
</ul>
This is more than a budgeting tool. It&rsquo;s an intelligent, automated way to help consumers engage with their finances in a meaningful way.
<h2>Gaining Better Insights&nbsp;</h2>
Our new data sharing reports within <a href="https://www.mx.com/products/data-access/">Data Access</a> help you understand where customers are sharing their financial data beyond your institution. Without these insights, you can&rsquo;t see where customers are turning to other providers for solutions &mdash; and might be missing opportunities to better serve them and grow your business.&nbsp;
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 &mdash; with easy export options for deeper analysis.
We&rsquo;ve also continued to make <a href="https://www.mx.com/blog/data-enhancement-upgrade/">updates to our Data Enhancement</a> solution to deliver clear, accurate data using machine learning.&nbsp;
<h2>Connecting the Dots</h2>
Everything we do is based on our ability to facilitate fast, reliable connections. That&rsquo;s why we&rsquo;ve made major improvements to our connectivity solutions to ensure seamless data flow and stronger performance. And, these enhancements are already making an impact &mdash; financial institutions using multiple MX products have seen a 30% increase in conversion rates.&nbsp;
The financial institutions that thrive aren&rsquo;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&nbsp; turn raw information into real business impact &mdash; 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 <a href="https://www.mx.com/product-updates/2025/spring/">Spring Product Update page</a> or watch the <a href="https://www.mx.com/product-forums/harness-data-drive-growth/watch/">replay of our latest Product Forum</a>.

Solving Your Biggest Challenge: Putting Data into Action

What is financial wellness and why does it matter? See how financial institutions can promote financial wellness.

Financial wellness is the ability to comfortably manage one’s finances and build better habits.

What Is Financial Wellness? Definitions, Benefits, and Examples

Families in the U.S. are wealthier than ever &mdash; with total family wealth quadrupling between 1989 and 2022, according to <a href="https://www.cbo.gov/publication/60807">a report from the Congressional Budget Office</a>. But this newfound wealth distribution has been anything but equal. The top 10% of households have 60% of the wealth.
<a href="https://www.mx.com/research/financial-apps-fall-short/">According to MX research</a>, 44% of consumers say they struggle to make ends meet. The stress of money and the widening wealth gap make prioritizing financial wellness more important now than ever before &mdash; for both consumers and their financial providers.
So what is financial wellness and why does it matter? This blog will answer every question about financial wellness and how financial institutions can help:
<ul>
<li><a href="#what-is-financial-wellness">What Is Financial Wellness?</a></li>
<li><a href="#examples-of-financial-wellness">Examples of Financial Wellness</a></li>
<li><a href="#financial-wellness-and-well-being">What Is the Difference Between Financial Wellness and Financial Well-Being?</a></li>
<li><a href="#benefits-of-financial-wellness">Benefits of Financial Wellness</a></li>
<li><a href="#financial-providers-promote-financial-wellness">How Financial Providers Can Promote Financial Wellness</a></li>
<li><a href="#mx-empowers-financial-wellness">How MX Empowers Financial Providers</a></li>
</ul>
<h2 id="what-is-financial-wellness">What Is Financial Wellness?</h2>
A quick search for &ldquo;what is financial wellness&rdquo; turns up many results &mdash; without a single agreed-upon definition.&nbsp;
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX asked consumers how they define financial wellness</a> and, unsurprisingly, the results were widespread&nbsp; &mdash;&nbsp;and influenced by their past, present, and future. Financial wellness means different things to different people but each definition has a common thread: how well a person manages their money, if certain financial needs are met, and financial comfort. 
<img src="https://cms.mx.com/assets/82661b41-ad70-4db1-9465-d84cdc2bedfe?width=3891&amp;height=1698" alt="Asset 1@4x" />
The <a href="https://www.americanbanker.com/opinion/banks-should-embrace-new-tools-for-measuring-consumer-financial-health">Office of the Comptroller of the Currency</a> (OCC) gives a more practical definition of financial wellness: &ldquo;having stable day-to-day finances, resilience to withstand shocks, and security for the future.&rdquo;&nbsp;
Rolling all of these definitions into one, financial wellness is defined as the ability to comfortably manage one&rsquo;s finances.
Check out our blog <a href="https://www.mx.com/blog/consumers-define-and-measure-financial-wellness/">Metrics and Mindsets: How Consumers Define and Measure Financial Wellness</a> to learn more about how different genders and generations view financial wellness.
<h2 id="examples-of-financial-wellness">Examples of Financial Wellness</h2>
Because financial wellness is influenced by our past, present, and future, consumers can see practical application in each of these areas. Here are some examples of financial wellness practices for consumers:
<h3>Debt Management</h3>
Understanding our past money habits can help consumers on their journey towards financial wellness. Financial wellness can mean keeping debt at manageable levels or completely paying off debt.
<h3>Daily Spend Stability</h3>
Financial wellness is also about everyday money habits. Consumers should strive to live within their means. Budgeting and paying bills in full and on time can help consumers to control their daily spend &mdash; promoting financial wellness.&nbsp;
<h3>Emergency Preparedness</h3>
Nineteen percent of consumers find that being able to save for the future defines financial wellness, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX</a>. Consumers can look towards the future with emergency preparedness in mind. Being proactive about savings, contributing to retirement accounts, and setting financial goals are examples of financial wellness.
<h2 id="financial-wellness-and-well-being">What Is the Difference Between Financial Wellness and Financial Well-Being?</h2>
Financial health, financial well-being, and financial literacy are all commonly used in conversations surrounding consumers and their ability to manage their finances effectively. Now that we&rsquo;ve defined financial wellness, what is financial well-being? Financial well-being is the ability for a person to effectively meet all of their financial obligations.&nbsp;
Financial wellness and financial well-being are 2 phrases can generally be used interchangeably. They all have the same goal, emphasizing the importance of proper financial management and how it can impact consumers.
<h2 id="benefits-of-financial-wellness">Benefits of Financial Wellness</h2>
Financial wellness is a powerful goal. It&rsquo;s a cause that will provide long-term benefits to consumers and financial institutions. Financially strong consumers lead to financially stronger businesses and communities. When people have the tools, resources, and knowledge to improve their financial health, it creates a win-win scenario for all parties involved.
Financial providers that invest in <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness tools</a> will be able to connect with their customers on a deeper level and contribute to higher levels of financial well-being. This translates to higher customer engagement, retention, and loyalty &mdash;&nbsp;and drives business growth, higher deposits, and long-term stability.&nbsp;
<h3>Benefits of Financial Wellness for Consumers</h3>
Able to Manage Day-to-Day Expenses
Financial wellness can benefit consumers right away. Fifty-five percent of consumers report that they are currently living paycheck to paycheck, <a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">MX recently discovered</a>. Financial wellness can help consumers prepare for and handle upcoming everyday expenses to get out of the paycheck to paycheck cycle.
Prepare for the Future
Financial wellness can teach consumers important skills like saving, budgeting, and investing. Consumers that prioritize their financial health will become more prepared financially for unexpected life events. Ultimately, financial wellness will empower consumers to make more informed financial decisions that will have a lasting impact.
Mental and Physical Health
Fifty-one percent of consumers say money is their main source of stress, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX research</a>. Financial wellness helps consumers to limit the stress caused by financial issues, offering them a greater sense of optimism and security. Because <a href="https://www.cuimc.columbia.edu/news/link-between-health-and-financial-well-being">health and financial well-being are connected</a>, investing in financial wellness can give consumers more fulfilling lives.
<h3>Benefits of Financial Wellness for Financial Providers</h3>
Stronger Customer Retention
There is rigorous competition within the financial services industry. So if a consumer doesn&rsquo;t like something about their financial provider, they are more than willing to find one that is a better fit for them. In fact, <a href="https://www.mx.com/research/the-missing-link/">MX found that</a> 57% of consumers said they&rsquo;d likely seek out a new financial provider if their current one couldn&rsquo;t deliver on these most wanted features. Financial providers must be willing to increase their service offerings so that consumers are more willing to stick around long term.
Increased Deposits
Banks, credit unions, and other financial providers that work to promote financial wellness will have consumers that are financially healthier, making them more likely to pay off their loans and increase their deposits.
Data-Driven Insights
Financial institutions that partner with consumers on their financial journeys will gain access to greater insights based on additional consumer-permissioned data. This data&rsquo;s power is two-fold. Banks will be able to better understand their customers, while also using that information to offer more relevant products and services that will help them to retain customers.
<h2 id="financial-providers-promote-financial-wellness">How Financial Providers Can Promote Financial Wellness</h2>
According to the <a href="https://finhealthnetwork.org/research/financial-health-pulse-2023-u-s-trends-report/">Financial Health Network</a>, 47% of unbanked households were considered financially vulnerable. Banks have the opportunity to turn the financially vulnerable population around through financial wellness promotion.
Financial providers should rethink how they are approaching financial wellness and its accessibility for their consumers. Thanks to today&rsquo;s advances in technology across the financial industry, financial institutions have easier access to the tools that promote financial wellness. There are various ways that providers can promote financial wellness:
Connect the Dots
Do your consumers know where their finances stand? Financial wellness is nearly impossible without full visibility into financial accounts. The majority of consumers have various financial apps, so switching between them is an inefficient way to fully understand their financial state. By implementing an <a href="https://www.mx.com/blog/what-is-open-banking/">open banking solution</a> to help consumers connect the dots across their various financial accounts, they&rsquo;ll gain a 360-degree view of their finances.
Leverage Data to Better Engage and Inform
Even centralized financial data can be messy and hard to understand at times. Financial institutions that prioritize <a href="https://www.mx.com/blog/what-is-data-enhancement/">data enhancement</a> will empower consumers to better understand their finances. Likewise, banks and credit unions will have more clarity into the data to tailor the right messages for the consumers at the right time.
Engage Through Personalization
Every consumer is different, so they should be treated that way. Understand who your customers are through their data and engage with them appropriately. Give your customers <a href="https://www.mx.com/products/financial-insights/">proactive insights</a> or nudges to better manage spending, pay down debt, or increase savings based on their account activity. These insights can empower your customers to recognize how they can make more informed financial decisions.
Nudge Consumers to Action
Your consumers are sharing high amounts of information with you. Use it to your advantage. Did they recently connect a new account? Have they opened up a mortgage? Could they benefit from a <a href="https://www.mx.com/case-studies/global-credit-union/winning-the-fight-for-deposits/">deposit switch</a>? With the right tools, you can understand more about your customers and act accordingly with targeted offers and services &mdash; helping you gain primacy.
<h2 id="mx-empowers-financial-wellness">How MX Empowers Financial Providers</h2>
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX found</a> that 31% of consumers don&rsquo;t feel financial providers do enough to support their financial needs. What can they do to better meet customer expectations? Jane Barratt, MX Chief Advocacy Officer, offered the solution when she said, &ldquo;Data, or the lack thereof, can make or break financial wellness.&rdquo;
MX helps financial institutions connect, analyze, engage, and act on <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> to create better customer experiences. MX&rsquo;s suite of <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness tools</a> can help you make the most of your financial data. Discover <a href="https://www.mx.com/case-studies/verabank/">how MX helped VeraBank transform financial wellness</a> across its customer base for a 65% increase in engagement.

What Is Financial Wellness and Why It’s Not Just Important for Consumers

Regardless of regulatory uncertainty, MX continues to focus on customer outcomes driven by open banking, financial inclusion, etc.

In the face of uncertainty at the CFPB, MX remains steadfast in its commitment to supporting financial consumers and the companies that serve them.

Prioritizing Consumer Outcomes In the Face of CFPB Uncertainty

Just a few weeks ago, we shared a <a href="https://www.mx.com/blog/what-cfpb-turbulence-means-for-open-banking/">recap and early thoughts</a> on all the happenings at the Consumer Financial Protection Bureau. Since then, quite a bit has changed. On February 11, President Trump <a href="https://www.bankingdive.com/news/cfpb-mckernan-fdic-nomination-70-employees-fired/739892/">nominated civil service veteran Jonathan McKernan</a> to serve as Director of the CFPB. McKernan has most recently been serving a five-year term as a director at the FDIC, where he advocated for &ldquo;responsible risk-taking&rdquo; and against &ldquo;duplicative&rdquo; regulatory requirements on financial institutions across agencies.&nbsp;
The in-progress nomination of McKernan signals a potential longer term &ldquo;settling of the dust&rdquo; for all the recent tumult at the agency. But at present, uncertainty continues in the face of multiple actions from Administration leaders and multiple lawsuits in the courts.&nbsp;
While MX can&rsquo;t predict where things will end up, we do know that our mission of supporting financial consumers and the companies that serve them remains unchanged in the face of political uncertainty. We&rsquo;re proud to work closely with banks, credit unions, and other financial providers to help them drive better financial outcomes for consumers. To uphold our mission and continue to support financial institutions in meeting consumer needs, we&rsquo;re staying focused on five key principles:&nbsp;
<h2>1. Open Banking is the path forward regardless of regulation.&nbsp;</h2>
MX is committed to open banking adoption and secure APIs because we believe that it is the path forward for financial consumers and the companies that serve them. <a href="https://www.mx.com/blog/what-is-open-banking/">Open Banking</a> allows consumers to securely share their financial data with trusted third-party providers, which can then provide them with innovative financial products and services that can help them manage their money more effectively. Secure APIs are essential for ensuring that this data is shared safely and securely. By focusing on <a href="https://www.mx.com/products/data-access/">open banking and secure APIs</a>, MX is helping to create a more competitive and innovative financial services landscape that benefits consumers and businesses alike.
<h2>2. Financial inclusion is a key ingredient of societal strength and stable democracies.&nbsp;</h2>
When individuals and communities have access to &mdash;&nbsp;and can effectively use &mdash;&nbsp;a range of financial services, it fosters economic empowerment, reduces inequality, and promotes social mobility. This, in turn, creates a more equitable and resilient society, where all citizens can participate fully in economic life and contribute to the nation's overall well-being. By breaking down barriers to financial access and promoting financial literacy &mdash; and arming consumers with <a href="https://www.mx.com/products/financial-insights/">personalized advice</a> and intelligent tools, we can build stronger, more inclusive, and more democratic societies that benefit everyone. We see this in the work that our clients do to use consumer-permissioned data to support those customers with the personalized advice and insights they want to help them better manage their finances.&nbsp;
<h2>3. Helping to fight fraud remains a top priority.</h2>
<a href="https://www.mx.com/blog/fraud-on-the-rise-and-how-to-fight-it/">Financial fraud</a> is a huge problem, with no signs of slowing down. According to the Federal Trade Commission (FTC), consumers reported losing more than $10 billion to fraud in 2023. MX helps bolster <a href="https://www.mx.com/use-cases/fraud-risk-management/">fraud prevention and mitigate risk</a> with tokenized connections that eliminate credential sharing, real-time verifications and balance checks, and cleansed and enhanced transaction data that can help you spot anomalies faster. Through these robust tools and insights, we work hard to play a crucial role in maintaining the integrity of the financial system and protecting consumers from the devastating effects of fraud.
<h2>4. Building in a privacy-first way is a corporate value.&nbsp;</h2>
Since Day 1, MX has focused on building products in a way that protects consumer privacy. We also believe consumers should have the right to control their financial data and choose how it is shared and used. Unlike some others in the aggregation space, our approach ensures that consumers maintain anonymity when they connect to multiple financial institutions or fintechs that use our products to connect. We intentionally ensure we don&rsquo;t know that the same consumer has connected to two of our clients so that we avoid &ldquo;profile building&rdquo; in our systems without consumer consent. We believe consumers should provide clear and explicit permission for use of their data, including how it will be used to perform the requested service. Regardless of what happens, we think Rule 1033 is a signal in the right direction by promoting secure, permissioned transfer of data, and is moving the industry away from less secure, more expensive screen scraping. 
<h2>5. Assessing risk in bank-fintech partnerships should put the consumer first.&nbsp;&nbsp;</h2>
We&rsquo;re committed to continuing to practice responsible, consistent due diligence in our bank-fintech partnership arrangements. We believe that risk assessments should be based on the level of risk to consumers, with higher-risk use cases (e.g., money movement, credit scoring) requiring more stringent controls. We will continue to protect consumer data through bilateral agreements and consistent due diligence practices, regardless of the current uncertainty among U.S. financial regulatory agencies.&nbsp;
<h2>Conclusion&nbsp;</h2>
Regardless of political headwinds and regulatory uncertainty, MX will continue to focus on open banking, financial inclusion, fraud prevention, privacy protection, and responsible risk assessments in bank-fintech partnerships. We believe that these principles will help us to create a more competitive and innovative financial services landscape that benefits consumers and businesses alike.
And, a financial ecosystem driven by these principles &mdash; which all tie back to protecting consumer-permissioned data &mdash; creates a win-win scenario for both consumers and financial institutions. Simply put, better data management leads to happier customers, increases engagement and retention, and drives growth from increased deposits and more. The financial institutions and fintechs who understand this and are already implementing open banking APIs and new data strategies are poised for success regardless of what happens in the new regulatory environment in the United States.&nbsp;

Prioritizing Consumer Outcomes in the Face of Uncertainty 

Here's a current list of the largest banks in the United States ranked by asset size. 

Looking for a quick way to understand open banking?

A list of the 250 largest American Banks ranked by asset size according to data from the FDIC as of March 31, 2025.

Largest Banks in the U.S.A. by Asset Size (2025)

Largest U.S. Banks by Asset Size (2025)

It's hard to find a current list of the largest banks in the United States ranked by domestic deposits, so we made one. 

A list of the 250 largest banks in the United States ranked by total domestic deposits according to data from the FDIC as of March 31, 2025. 

Largest U.S. Banks by Total Domestic Deposits in 2025 | MX

Largest U.S. Banks by Total Deposits (2025)

We recognized how hard it was to obtain a current list of the biggest credit unions in the United States ranked by asset size.

A list of the 250 largest credit unions in the United States by asset size according to data from the NCUA as of March 2025.

Largest U.S. Credit Unions by Asset Size in 2025 | MX

Largest U.S. Credit Unions by Asset Size (2025)

MX research reveals how consumers currently use direct deposit and what might push consumers to switch their direct deposit.


MX research shows how consumers use direct deposit, how it signals primacy, and what drives direct deposit switch.

The Data Behind Direct Deposit Switches

MX&rsquo;s <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">latest research</a> found that 89% of consumers use direct deposit today, with the majority depositing the full amount into one account. Because direct deposit plays a significant role in the lives of the vast majority of consumers &mdash;&nbsp;and a key component in every financial institution&rsquo;s growth strategy, better understanding these consumer behaviors can create a powerful opportunity for financial providers.
MX&rsquo;s recent survey of 1,000+ U.S. adults reveals how consumers currently use direct deposit and what might push consumers to switch their direct deposit.
<h2>Today&rsquo;s Direct Deposit Use</h2>
Across generations, most consumers deposit their entire direct deposit into a single account. Baby Boomers lead the way with the highest percentage (85%) that use a single account.&nbsp;
Among younger generations, consolidating to a single account appears to be on the rise. When we asked the same question <a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">more than a year ago</a>, only 59% of Gen Z said this. Today, 64% of Gen Z say this &mdash; a 5-point increase during this time.&nbsp;
<img src="https://cms.mx.com/assets/e00257c8-d24e-4ee9-a43b-1699f7599baa?width=3334&amp;height=2500" alt="Figure4 (2)" />
<h2>The Data Behind Direct Deposit Switches</h2>
Sixty percent of consumers say they have never switched their direct deposit to a different financial institution. So, how can you encourage consumers to switch?&nbsp;
Although the majority of consumers have never switched their direct deposit, 44% of consumers say a cash incentive would encourage them to switch their direct deposit account.
<img src="https://cms.mx.com/assets/3baa9b36-2579-4846-931d-7d019484a913?width=3334&amp;height=1699" alt="Callout.6" />
More broadly, consumers care about how a financial provider can benefit and protect them. When asked what is likely to make them switch their direct deposit, the top 3 factors for consumers are:
<ul>
<li style="font-weight: 400;" aria-level="1">Ability to earn higher interest rates (42%)</li>
<li style="font-weight: 400;" aria-level="1">Concerns about fraud (15%)</li>
<li style="font-weight: 400;" aria-level="1">A data breach or privacy concerns (13%)</li>
</ul>
Of those who have switched a direct deposit, the most popular reason was money motivated &mdash; 28% of consumers switched to an account that earns a higher interest rate.&nbsp;
Beyond providing strong interest rates and security, financial institutions should focus on delivering an <a href="https://www.mx.com/case-studies/global-credit-union/winning-the-fight-for-deposits/">easy, convenient way for consumers to make a direct deposit switch</a>. Our broader research report shows consumers crave simplicity and convenience. <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">Read the full report to learn more</a>.&nbsp; <img src="https://cms.mx.com/assets/17c62c77-9a54-4192-ac71-690844bfc524?width=3334&amp;height=2501" alt="Figure5" />
Consumer behaviors surrounding direct deposit use and switch are complex. By offering higher rates and better security, financial institutions may win the war on deposits and gain primacy among their customer base.
Check out <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">MX's latest research report</a> for more insights into what consumers expect from their financial providers today.

Better Rates and Security: The Driving Forces Behind Direct Deposit Switches

MX research shows consumers are consolidating their financial lives and active in their search for the right financial provider.

MX research shows consumers want fewer accounts but more personalization from their financial institutions. 

Consumers Looking for Fewer Accounts and Better Experiences

MX&rsquo;s research shows evidence that consumers are simplifying and consolidating their financial lives by reducing the number of financial accounts, providers, and apps they have.&nbsp;
However, while they may be seeking to reduce the number of financial accounts and providers they use, this doesn&rsquo;t mean they will settle for less when it comes to exceptional experiences and outcomes.&nbsp;
<h2>Consumers Consolidating Financial Accounts and Providers</h2>
MX&rsquo;s <a href="https://www.mx.com/research/financial-apps-fall-short/">previous research</a> detailed how consumers are consolidating the financial apps on their phone. Similarly, MX&rsquo;s <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">latest consumer research</a> of 1,000+ U.S. consumers shows most consumers only have 1 to 2 financial accounts (46%).&nbsp;
<img src="https://cms.mx.com/assets/e8879a86-c22a-447b-9cfc-29a519c63dcd?width=1200&amp;height=875" alt="Figure1 (1)" />
But, it&rsquo;s not just the number of accounts that consumers are consolidating. When asked how many financial providers with which they hold accounts, 61% say just 1 to 2 financial providers. This is a <a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">10-point increase in the past 2 years</a>, showing more evidence that financial account consolidation is on the rise.&nbsp;
As consumers continue to consolidate to a few key accounts and providers that best meet their needs, financial institutions need to prioritize how they effectively leverage data to drive better outcomes for consumers.&nbsp;&nbsp;&nbsp;
<h2>Prioritizing Data-Driven Experiences and Insights</h2>
Our <a href="http://mx.com/research/financial-apps-fall-short">previous research</a> shows most consumers would give their financial provider access to more of their data if they knew it would result in a better experience. In fact, 82% of consumers expect their financial providers to use their data to offer some kind of personalization including:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Proactive reminders about actions to take (45% of consumers want this)</li>
<li style="font-weight: 400;" aria-level="1">Targeted offers for new products and services that meet their needs (43%)</li>
<li style="font-weight: 400;" aria-level="1">Personalized insights about their spending habits (30%)</li>
</ul>
However, many financial providers still struggle to leverage data effectively. In fact, 30% of consumers agreed they often see messages from their financial provider that are not personalized or relevant for them.&nbsp;
<h2>Finding the Best Financial Fit: Consumers Embrace Frequent Account Openings</h2>
On average, more than 1 in 4 consumers open a new financial account at least once per year. This is even higher among younger generations.&nbsp;
<img src="https://cms.mx.com/assets/6b7a949c-18e8-4155-bf42-2f1dd31f3c8e?width=1200&amp;height=943" alt="Figure 3 (1)" />
Why? Many consumers are likely to open new accounts or switch their direct deposits at key moments in their lifetime. From moving to a new city to starting a new job, consumers look for financial providers that can meet them where they are.&nbsp;
Today&rsquo;s consumers want less complication but more personalization, more insights, and more support to reach their financial goals. And, they&rsquo;re quick to open new accounts when the occasion calls for it.&nbsp;
Check out <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">MX's latest research report</a> for more insights into what consumers expect from financial institutions today.&nbsp;

Less Is More: Are Consumers Ready to Consolidate Financial Lives? 

MX's latest research shows convince drives consumers to have a top of wallet account and save cards on file.

MX’s latest consumer research reveals that consumers are likely to prioritize convenience in choosing a “top of wallet” account. 

MX Research Shows Convenience Is King in Choosing Top of Wallet

MX&rsquo;s <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">latest research</a> shows that nearly half (44%) of consumers say they have a &ldquo;top of wallet&rdquo; account they use for the majority of their purchases and payments.
As <a href="https://fintechtakes.com/articles/2025-06-26/the-primacy-directive/">primary financial relationships</a> are no longer defined simply by where money is deposited, how can financial providers leverage this top of wallet mindset to increase engagement, primacy, and deposits?&nbsp;
In a survey of 1,000+ U.S. adults, MX&rsquo;s latest research shows that while trustworthiness and competitive rewards are compelling to many customers, more customers reach for convenience first when it comes to choosing a &ldquo;top of wallet&rdquo; account.
Of those who say they have a &ldquo;top of wallet&rdquo; account, we asked what was the primary reason they chose that account. The top reason by far was it&rsquo;s the easiest to use.&nbsp;
<img src="https://cms.mx.com/assets/7675dc74-b2b5-4cf2-8fa9-7575e1717614?width=1200&amp;height=890" alt="Figure6 (1)" />
As with so many things in financial services, a difficult or clunky experience will lose you customers faster than anything else.&nbsp;
This is not to say that being easy to use is a consumer&rsquo;s only concern when prioritizing one card or account over another. A significant number of consumers said they chose the account with the best rewards (22%) or because they have the most trust in the provider (21%). But, it does suggest that for many consumers, the baseline for choosing a primary card or account is that it is easy for them to use.
Another area where consumers showed their desire for convenience is in saving a card or bank account on file for recurring bills and services. Sixty-seven percent of consumers say they keep their bank or credit card information on file for recurring bills and/or services.&nbsp;
Beyond that, 1 in 5 consumers report saving their bank or credit card information whenever it is an option when shopping online. This may show more than anything else how much consumers value convenience above all.&nbsp;
<img src="https://cms.mx.com/assets/6c6e13b2-c94c-4168-8b95-ddfeb803d8f4?width=1200&amp;height=898" alt="Figure8 (1)" />
As consumers continue to prioritize convenience for top of wallet and card on file accounts, financial institutions need to prioritize a streamlined, easy to use, and convenient financial experience that consumers will want to reach for.

Convenience Drives Consumer Choice for “Top of Wallet”

Check out this recap of MX sponsored deep dive with Fintech Takes on the evolving nature of primary financial relationships.

Most consumers have a primary financial institution. Financial providers can follow 3 steps for gaining primacy across their customer bases.


Gaining Primacy in the Financial Industry

Eighty percent of consumers say they have a financial provider they consider as their primary financial provider, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX research</a>. But, there&rsquo;s no longer one definition for what determines primacy. Today, money movement and engagement were ranked as the top reasons why consumers consider a certain institution as their primary one.&nbsp;
So what does primacy look like today? What do consumers really need from their banks? How can financial providers stand out and gain primacy?&nbsp;
Alex Johnson from <a href="https://fintechtakes.com/">Fintech Takes</a> recently took a deep dive into all things primacy, sponsored by MX. He said, &ldquo;While many of the factors driving primacy make intuitive sense, there is no one silver bullet for establishing primary financial relationships, and such relationships are assured to change over time as consumers age into different life stages.&rdquo;
Here are the top takeaways from <a href="https://fintechtakes.com/articles/2025-06-26/the-primacy-directive/">Fintech Take&rsquo;s Deep Dive</a> into primacy, including steps providers can take to gain primacy:
<h2>The Hierarchy of Needs: Banking Edition</h2>
In the article, Alex suggests a hierarchy of banking needs for consumers including:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Safety: Is their money safe?&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Convenience: Is the account easy to access and use?&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Utility: Will this financial product or account help them meet their long-term goals?&nbsp;</li>
</ul>
Safety and convenience are the bare minimum expectations that consumers have for their financial providers. There should be no question of if their money is safe or accessible. Alex points out that utility &mdash; or the ability to do more with money &mdash; is where providers can differentiate and win.
As it stands today, 31% of consumers agree they don&rsquo;t feel financial providers do enough to support their financial needs <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX research</a>. MX also found that 55% of consumers would give their financial provider access to more of their data if they knew it would result in a better experience. The data backs up Alex&rsquo;s point that consumers expect their provider to increase the functionality of their financial experience. Consumers want more from their providers and are willing to share their data to make sure that better experience happens.
<h2>3 Steps to Win Primacy in Today&rsquo;s Landscape</h2>
Alex shares three tips for how financial institutions can stand out and gain primacy.
<h3>1. Tie Convenience and Utility Together</h3>
56% of consumers ranked ease of use as the top reason for selecting a fintech provider, according to the <a href="https://www.ftassociation.org/new-state-of-fintech-survey-reveals-high-levels-of-satisfaction-value-and-trust-in-fintech/">FTA State of Fintech Survey</a>. Consumers like easy and accessible &mdash; especially when it comes to their finances.
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX found</a> that 65% of consumers expect financial institutions to use the data they have about them to provide them with actionable and clear insights about their finances. Let&rsquo;s break down this stat and its tie to convenience and utility.&nbsp;
&ldquo;Clear&rdquo; shows the need for easy to understand financial data &mdash; or convenience. And, &ldquo;actionable insights&rdquo; can help consumers actually reach their financial goals &mdash; utility. MX works to bring these 2 together by offering <a href="https://www.mx.com/products/financial-insights/">dynamic and personalized insights</a> that elevate the customer experience.
<h3>2. Become the Hub for Daily Operations</h3>
Too often, consumers look at their financial institutions as simply a place where they can store their money. There is no dynamic relationship between consumers and their providers. Financial providers should seek to become a trusted hub for operations as a partner on consumers&rsquo; financial journeys.
<a href="https://www.forbes.com/sites/ronshevlin/2020/02/10/the-slow-death-of-checking-accounts/">Ron Shelvin</a> emphasized this point when he said, &ldquo;The value that a checking account provides falls short of what consumers want and need.&rdquo; The basic state of financial accounts don&rsquo;t provide value beyond storing and showing money within a specified account. Financial institutions can take it a step further by providing consumers with real insights where they can move their money in a way that supports their financial goals.
<h3>3. Personalization Above All</h3>
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX found</a> that 67% of consumers expect their financial provider to know them. So, how can they have the confidence that their providers do? Through personalization. Personalized products. Personalized services. Personalized marketing. Using data to <a href="https://www.mx.com/blog/what-is-customer-segmentation/">understand and segment your customers</a> will help you to meet unique customer needs.&nbsp;
In a recent <a href="https://www.mx.com/webinars/data-in-action-retain-grow-deposits/watch/">MX webinar</a>, Jana Manley, Senior Vice President of Marketing &amp; Digital Strategy at Suncoast Credit Union talked about the need to avoid &ldquo;batch and blast marketing&rdquo; and &ldquo;start marketing to the need that members have&rdquo; by giving personalized offers to consumers.
By personalizing customer experiences at every level, financial providers can meet customer expectations and win primacy.

The Evolution of Primacy: A Deep Dive with Fintech Takes

Consumer-permissioned data is key to growing business and improving customer experiences.

Making the most of consumer-permissioned data can be transformative for financial institutions. And, customers expect it.

Putting Data in Action with Suncoast Credit Union

Data can help financial institutions understand their customers better and increase their impact. And, as Jas Shah in <a href="https://www.thisweekinfintech.com/from-bits-to-gold-the-alchemy-of-data-in-financial-services/">This Week in Fintech said</a>, &ldquo;Data is valuable, but only when it&rsquo;s given context, meaning, and put into action to make intelligent, informed decisions.&rdquo; It all boils down to action.
Last month, Jana Manley, Senior Vice President of Marketing and Digital Strategy at Suncoast Credit Union sat down with MX&rsquo;s Heather Warner, Vice President of Client Success, to discuss the <a href="https://www.mx.com/webinars/data-in-action-retain-grow-deposits/">role of data in growing business and improving customer experiences</a>.
Here are the key takeaways:
<h2>1. The Biggest Data Problem Is Unclear Transaction Data</h2>
Data is power. And, this gold mine of information extends benefits to consumers and financial providers &mdash; as long as it has been properly translated into clear, actionable information. Raw transaction data presents itself in a jumble of words and letters that is difficult for consumers to make sense of. This can lead to poor customer experiences as they face the challenge of figuring out mystery charges and fully understanding their finances.
On the other hand, <a href="https://www.mx.com/blog/what-is-data-enhancement/">cleansed transaction data</a> can help consumers clearly recognize and understand their transactions &mdash; without time-consuming investigation or frustration. Likewise, financial institutions can readily determine details surrounding a transaction, offering quick and comprehensive support as needed.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Data in Action Webinar - Clip 1" src="https://player.vimeo.com/video/1095987013?h=948d4567d3&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
<h2>2. Personalization Comes Through Data</h2>
Money is personal, so consumer experiences should be too. In fact, <a href="https://www.mx.com/research/financial-apps-fall-short/">MX found that</a> 67% of consumers expect their financial provider to know them.
Consumer-permissioned data helps financial providers understand their customers and needs better. And, it creates opportunities for personalization. This data can help financial institutions identify what stage of life their consumers are in, and provide them with relevant offers.&nbsp;
For example, if a customer shows signs of an increased income from a new job, banks can suggest their savings account options to help consumers grow their savings. If they are getting married, they can offer a relevant offer for a home loan.&nbsp;
With today&rsquo;s digital tools, financial providers can begin to communicate in ways that are more meaningful and generate offers that will provide the most value to their customers.&nbsp;
<h2>3. Don&rsquo;t Be Afraid to Use Data</h2>
Financial providers know more about their customers&rsquo; lifestyle than even their own medical team. Data tells them where they like to eat, whether they go to the gym, and how often they travel. But, too often, financial providers worry that consumers will feel uneasy about the extent of consumer knowledge that providers possess.
Jana said &ldquo;[Consumers] are disappointed that their financial institutions don&rsquo;t look to help them.&rdquo; Consumers are already opting into data sharing. It&rsquo;s time to leverage that data for good and transform money experiences &mdash; leading them on the path to increase their <a href="https://www.mx.com/blog/financial-wellness/">financial wellness</a> and full-scale financial empowerment.
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> has found that consumers aren&rsquo;t indifferent to their financial provider using their data &mdash; they expect it:
<img src="https://cms.mx.com/assets/7e975d70-b267-4bf3-b0d3-853a09d3541a?width=2163&amp;height=2141" alt="Asset 8@2x 100" />
<h2>4. Kicking off Your Data Journey</h2>
It may seem overwhelming to overhaul your data process to give consumers better experiences. When it comes to kicking off your data journey, start small. It will take time to completely reshape your current practices and priorities to become more data-driven, but small steps now will be transformative for the long term. And, you don&rsquo;t have to do it alone. <a href="https://www.mx.com/request-demo/">MX is here to help you better connect, engage, analyze, and act on your financial data</a>.
<a href="https://www.mx.com/webinars/data-in-action-retain-grow-deposits/">To watch the full webinar on demand, click here.</a>

Putting Data in Action: Why Consumers Expect It — and Deserve It

The Financial Technology Association released key findings on the state of fintech for consumers and SMBs.

Consumers and SMBs are using fintech more to process payments and drive better money management in their financial lives.

FTA Surveys Consumers About Fintech Attitudes

Publicly traded fintechs represent a market capitalization of $550 billion <a href="https://www.mckinsey.com/industries/financial-services/our-insights/fintechs-a-new-paradigm-of-growth">as of July 2023</a>. And, <a href="https://www.mx.com/research/financial-apps-fall-short/">MX research found</a> that 40% of consumers have 3+ finance-related apps on their phone. This is telling to where we are in the industry &mdash; consumers are more technologically-savvy than ever before and are using multiple tools to help them fulfill their financial goals.
The Financial Technology Association (FTA) released its <a href="https://www.ftassociation.org/new-state-of-fintech-survey-reveals-high-levels-of-satisfaction-value-and-trust-in-fintech/">June 2025 State of Fintech Survey</a> revealing consumer attitudes towards fintech, top use cases, and the strong role it plays in financial management today.
Here are the key findings from the report and what you should take away:
<h2>Ease of Use Wins Every Time</h2>
Consumers and small-to-medium-sized businesses (SMBs) have the same priority when selecting their financial tools: ease of use. Fifty-six percent of consumers and 57% of SMB respondents say ease of use tops the list of priorities when selecting a fintech provider.&nbsp;
These priorities are something that financial institutions and fintechs alike should take seriously &mdash; it could be the reason that consumers decide to switch providers. <a href="https://www.mx.com/research/the-missing-link/">MX research</a> found that 57% of consumers would likely seek out a new provider if their current one couldn&rsquo;t deliver on their most wanted features. And, our latest research (coming soon) shows that 67% of consumers say they will stop using a mobile app if the experience changes for the worse. Consumers are willing to take action when their accounts don&rsquo;t live up to their expectations &mdash; with 51% of consumers saying they have closed or switched a financial account.
<h2>Financial Tools Drive Better Money Management</h2>
Financial providers have the opportunity to promote <a href="https://www.mx.com/blog/financial-wellness/">financial wellness</a> across their customer base by equipping them with the right tools. FTA&rsquo;s report found that fintechs promote better financial well-being for both consumers (86%) and SMBs (95%).
Consumers are stressed about money &mdash; <a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> shows 51% of consumers say money is their main source of stress. But, at the same time, <a href="https://www.mx.com/research/financial-apps-fall-short/">MX also found</a> that 31% of consumers don&rsquo;t feel that financial providers do enough to support their financial needs. Financial providers can work with fintechs to offer tools that directly support consumer needs and help them build financial strength &mdash; like providing <a href="https://www.mx.com/products/financial-insights/">personalized insights</a> into their financial lives.
<h2>Payments Made Easy with Fintech</h2>
Transactions are a key part of every consumer&rsquo;s financial life. FTA found that 59% of consumers use fintech to send money to their friends and family on an app, while 64% of SMBs have used fintech for faster payment processing.
As financial providers dive into how their customers are using new financial tools to process payments, there&rsquo;s an opportunity to help them tie back into broader financial health and money management with data aggregation solutions. With <a href="https://www.mx.com/products/account-aggregation/" target="_blank" rel="noopener">data aggregation solutions&nbsp;like MX</a>, financial providers can help consumers see a 360-degree view of their financial picture.

The State of Fintech: Key Takeaways from the Financial Technology Association Survey

We’re excited to put FinHealth Standards into action with data-driven experiences and insights.


Financial health and conversations at EMERGE tie back to one critical component — enabling consumers to seamlessly access and share their financial data. 

Enabling Financial Health Starts with Data Access

<blockquote>
&ldquo;We need more than good intentions. We need standards.&rdquo;
</blockquote>
This one was one of the key points from Financial Health Network&rsquo;s CEO Jennifer Tescher at the recent EMERGE conference when the Network unveiled its new FinHealth Standards, the first framework to help businesses build better financial health solutions.&nbsp;
The reality is that the majority of Americans struggle financially and money remains the top source of stress for consumers. Consumers and regulators are looking to financial providers to help them close this gap. According to the Financial Health Network, the &ldquo;<a href="https://finhealthnetwork.org/tools/finhealth-standards/">FinHealth Standards</a> offer a path to meaningful change. By embedding financial health into product design and delivery, the Standards are shifting industry practice and helping institutions turn commitment into impact.&rdquo;&nbsp;
Many of the FinHealth Standards, as well as conversations throughout the EMERGE conference, tie back to one critical component &mdash; enabling consumers to seamlessly access and share their financial data.&nbsp;
Here&rsquo;s a deeper look at a few of those key themes from the EMERGE conference and how they tie back to the need for consistent, safe <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> sharing.&nbsp;
<h2>Empowering Consumer Choice</h2>
In Poverty by America, the author says, &ldquo;Poverty isn't simply the condition of not having enough money. It's the condition of not having enough choice and being taken advantage of because of that.&rdquo;&nbsp;
When individuals and communities have access to &mdash; and can effectively use &mdash; a range of financial services, it fosters better financial health, promotes economic empowerment, and reduces inequality. We can help break down barriers to financial access &mdash; and arm consumers with personalized advice and intelligent tools &mdash; by leveraging consumer-permissioned data more effectively. As we&rsquo;ve <a href="https://www.mx.com/blog/prioritizing-consumer-outcomes/">shared before</a>, we see this in the work that our clients do to use consumer-permissioned data to support those customers with the personalized advice and insights they want to help them better manage their finances.&nbsp;
<h2>Enabling Holistic Financial Health</h2>
Several conversations during EMERGE centered on how to look at financial health more holistically both within financial institutions and for consumers. The majority of consumers have multiple financial apps, accounts, and providers. In fact, most consumers have 3+ finance-related apps &mdash; and some have upwards of 10 or more, according to MX research.&nbsp;
As a result, very few consumers &mdash; and few financial providers &mdash; have a complete picture of their finances in one place. This makes it difficult for consumers to manage their money. It also means financial providers can&rsquo;t deliver the best experiences for consumers with only a fraction of the picture. To truly enable holistic financial health, you need a holistic financial picture.&nbsp;
<h2>Building Customer-Centric Outcomes</h2>
EMERGE speakers continually shared their personal stories of financial stress, resilience, and the relationships they&rsquo;ve built with financial providers to reach their financial goals. Better data access is critical to delivering positive customer outcomes like these. And, better data management doesn&rsquo;t just lead to happier customers &mdash; it also increases engagement and retention and drives growth from increased deposits, loan volume, and number of accounts opened.
We see tremendous opportunity to leverage these FinHealth standards alongside data-sharing standards from the <a href="https://www.mx.com/blog/why-fdx-matters/" target="_blank" rel="noopener">Financial Data Exchange (FDX)</a> as a powerful driver of positive, data-driven financial outcomes for consumers. Whether mandated in regulation or driven by an industry-led effort, we believe the implementation of safe, secure, standardized APIs to enable consumers to share their data on their terms will be important for financial health now and in the future.&nbsp;
At MX, we&rsquo;re excited to work with the Financial Health Network and our clients on how to put these FinHealth Standards into action using the power of data-driven experiences and insights.

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Largest U.S. Banks by Asset Size (2025)

Largest U.S. Banks by Total Deposits (2025)

Largest U.S. Credit Unions by Asset Size (2025)

Better Rates and Security: The Driving Forces Behind Direct Deposit Switches

Less Is More: Are Consumers Ready to Consolidate Financial Lives?

Convenience Drives Consumer Choice for “Top of Wallet”

The Evolution of Primacy: A Deep Dive with Fintech Takes

Putting Data in Action: Why Consumers Expect It — and Deserve It

The State of Fintech: Key Takeaways from the Financial Technology Association Survey

Setting the Standard for Financial Health Starts with Data Access

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Featured

Beyond the Swipe: What "The Verifiers" Taught Us About Data Trust

Solving Your Biggest Challenge: Putting Data into Action

What Is Financial Wellness and Why It’s Not Just Important for Consumers

Prioritizing Consumer Outcomes in the Face of Uncertainty

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Largest U.S. Banks by Asset Size (2025)

Largest U.S. Banks by Total Deposits (2025)

Largest U.S. Credit Unions by Asset Size (2025)

Better Rates and Security: The Driving Forces Behind Direct Deposit Switches

Less Is More: Are Consumers Ready to Consolidate Financial Lives?

Convenience Drives Consumer Choice for “Top of Wallet”

The Evolution of Primacy: A Deep Dive with Fintech Takes

Putting Data in Action: Why Consumers Expect It — and Deserve It

The State of Fintech: Key Takeaways from the Financial Technology Association Survey

Setting the Standard for Financial Health Starts with Data Access