How can financial providers drive primary financial relationships in such a crowded competitive market?



At MXS 2025, industry experts shared how financial institutions can leverage data to win primacy.

How Data Redefines Primary Financial Accounts

One word to describe today&rsquo;s financial industry is &ldquo;more.&rdquo; More financial accounts. More financial mobile apps. And, more competition. Forty-seven percent of consumers report they have more than 3 finance apps downloaded to their mobile phones (<a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX</a>). So, how can financial providers cut through all the noise to drive primary financial relationships in such a crowded competitive market?
Industry leaders across large financial institutions, midsize credit unions, and fintechs dove into that question &mdash; uncovering key strategies defining primacy in a recent conversation at <a href="https://www.mx.com/summit/">Money Experience Summit 2025</a>.
<a href="https://www.mx.com/summit/2025/data-and-primacy/">The full panel discussion</a> features insights from industry leaders Martha Beard (JPMorgan), Darlene Johnson (Suncoast Credit Union), David Metz (Prizeout), and Nathan Quezada (Bank of America).&nbsp;
<h2>The Digital State of Primacy</h2>
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX recently found</a> that 83% of consumers say they have a primary financial account, proving that gaining primacy is still a realistic goal. But, primacy is no longer about proximity or history.&nbsp;
Today, financial institutions can no longer rely on dated strategies or in-person interactions to drive personalized relationships. As the industry changes, primacy strategies must change too. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX recently found</a> that 1 in 2 people see their mobile banking experience as a non-negotiable part in their daily lives. Financial institutions have to meet their consumers where they are &mdash; primarily their phones.
In addition to prioritizing digital banking experiences, consumers also increasingly rely on non-traditional banking providers for their financial needs. For example, David&rsquo;s team at Prizeout uncovered some surprising data: 24% of consumers said Cash App or Venmo was their primary bank. This means that financial institutions aren&rsquo;t just competing with other institutions for mindshare, they are also competing with digital-only, non-traditional options. To compete in the hyper-personalized digital landscape, a new approach to personalization is required.
<h2>Data as the Ultimate Driver</h2>
Data-driven personalization is the single most important strategy that institutions should employ to win primacy.
Financial institutions that know their customers on a personal level have a leg up on those that treat each of their customers the same. Data informs financial providers about consumers&rsquo; financial journeys and leads them to the heart of their financial lives. Martha said, &ldquo;Maybe it's not deposits, maybe it's loans, or maybe it's access. But, you can't understand what that center [of their financial life] is without having the data and understanding the right data points.&rdquo;&nbsp;
Data can help financial institutions create personalized, targeted, and simplified financial experiences that drive financial wellness for consumers.
<h2>The Demand for Simplified Experiences</h2>
Consumers want financial providers that help them easily achieve their personalized financial goals. The financial service providers that can anticipate consumer needs before they ask will become key financial partners.&nbsp;
Today, consumer-permissioned data can help financial providers understand exact needs and tailor offers and services to the consumer. This behind-the-scenes data analysis provides powerful information about where your consumers are spending money, how much they&rsquo;re saving, and their top financial goals. And, you can turn that data into proactive &mdash; yet simple &mdash; financial help.
Creating simple, intuitive, and data-driven consumer experiences can help financial providers stand out &mdash; and drive better outcomes for consumers.
<h2>The Need for Financial Wellness Support</h2>
Supporting financial wellness is not just a nice-to-have, it&rsquo;s a clear consumer expectation. Fifty-six percent of consumers believe financial providers have a responsibility to help them become financially strong &mdash; <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">according to MX</a>. And, it must be an essential part of any provider&rsquo;s strategy to drive primacy.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MXS 25 - The Role of Data in Primacy - clip 2" src="https://player.vimeo.com/video/1137917624?h=b6b7e60ea8&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
Financial providers can support financial wellness efforts by providing consumers with bite-size financial educational resources. Offering personalized nudges based on their financial habits can help consumers effectively translate their newfound financial knowledge into tangible financial wellness.
For example, Nathan shared how Bank of America uses consumer-permissioned transaction data to give consumers the help and education they&rsquo;ll need for the next step on their financial wellness journey. The bank analyzes transaction data to see what financial services could be the most beneficial to the consumer&rsquo;s situation.
If the data shows consumers are living paycheck to paycheck, the bank gives them resources related to building an emergency savings plan instead of an investment portfolio. On the other hand, if consumers have indicated that they&rsquo;re interested in building credit, the bank connects them with a third-party credit coaching organization.&nbsp;
Countless financial institutions are investing in programs like this because they know that financial wellness matters. Through these programs, consumers not only learn to manage their money better, but how to make lasting changes in their financial lives. This gives consumers a financial partner they can trust. And, it&rsquo;s only possible through data.
Data empowers financial institutions to build deeper relationships and trust with consumers. As David said, &ldquo;It's going to not only be able to show them what they need today, but predict what they need in the future.&rdquo;&nbsp;
Primacy is all about giving consumers a personal experience &mdash; where their providers actually know them deeply. And, with data, primacy is more than a goal. It becomes reality. Through data-driven personalization, financial providers can gain primacy in today&rsquo;s digital banking world.
<a href="https://www.mx.com/summit/2025/data-and-primacy/">Watch the full panel discussion here</a>.

Using Data-Driven Personalization to Unlock Primacy

Consumers are turning to strategic moments, new payment options, and AI assistance to navigate holiday shopping. 

Discover how consumers are strategically navigating 2025’s holiday season with AI enhanced shopping and smarter payment options to stay financially resilient.

Festive and Focused: Holiday Spending Trends for 2025

For many consumers, the 2025 holiday season arrives in the middle of an uneasy economic moment. Inflation has cooled but not disappeared. Wage growth has stabilized but isn&rsquo;t stretching as far as many hoped.&nbsp;
And, while consumer confidence is holding, household budgets remain tight. In fact, new<a href="https://insights.resonate.com/consumer-trends?utm_source=linkedin&amp;utm_medium=paid-social&amp;utm_campaign=CORP-25-Consumer-Trends-PT51-WP-PDLI&amp;Last_Campaign_Form_Fill=CORP-25-Consumer-Trends-PT51-WP-PDLI&amp;source=CORP-25-Consumer-Trends-PT51-WP-PDLI&amp;li_fat_id=59e1661d-0727-4445-b8ab-352997840969"> research</a> shows 64% of Americans are decreasing their household spending in at least one category heading into the holidays, reflecting a cautious but pragmatic mindset.
This holiday season consumers are embracing new tools, leaning on flexible payment options, and making highly intentional choices about where and how they shop.&nbsp;
Check out these key themes this holiday season and how they impact consumer financial health.
<h3>1. Consumers Are More Strategic with Spending Than Ever</h3>
Even in a tough economy, shoppers are still showing up for major retail moments. Black Friday and Cyber Monday both saw meaningful year-over-year increases. <a href="https://news.adobe.com/news/2025/12/adobe-cyber-monday-hits-record">Adobe Analytics</a> reported consumers spent a staggering $25 billion between these two days &mdash; up between 6% and 9% from 2024.&nbsp;
Overall, it&rsquo;s clear consumers are still participating in seasonal shopping milestones. And, further analysis shows many are&nbsp; doing so more strategically, when deals and sales are at their height.&nbsp;&nbsp;
<h3>2. Stockings Filled by AI with Care</h3>
AI-generated gift recommendations, price monitoring, and intelligent checkout experiences are shaping a large portion of this year&rsquo;s online shopping growth. In fact, retailers using artificial intelligence drove record-breaking online shopping numbers over Black Friday and Cyber Monday. AI-driven traffic to U.S. retail sites increased 805% on Black Friday and 670% on Cyber Monday, according to <a href="https://news.adobe.com/news/2025/12/adobe-cyber-monday-hits-record">Adobe Analytics.</a>
In addition, <a href="https://www.pymnts.com/study_posts/black-friday-on-a-budget-how-discipline-and-deals-shaped-holiday-shopping-in-2025#second_title">PYMNTS </a>reports that 1 in 2 consumers actively used AI at least once during their Black Friday shopping. And, while nearly 1 in 3 (30%) consumers said AI was helpful for generating gift ideas, the top use centered on getting the best deals. Thirty-five percent of consumers said AI was helpful in price tracking and 42% said AI was helpful in finding discount codes or deals.&nbsp;
<h3>3. Presents Now, Pay Later Continues to Surge</h3>
This holiday season, Buy Now, Pay Later (BNPL) transactions surged, <a href="https://news.adobe.com/news/2025/12/adobe-cyber-monday-hits-record">driving over $1.03 billion</a> in online sales on Cyber Monday alone.&nbsp;
For many, BNPL likely wasn&rsquo;t about being able to buy more stuff. It was helping them make spending more manageable by spreading the cost out over time. In fact, approximately <a href="https://www.pymnts.com/study_posts/black-friday-on-a-budget-how-discipline-and-deals-shaped-holiday-shopping-in-2025#second_title">37% of consumers </a>say they bought fewer items than last year.&nbsp;
Indeed, among shoppers living paycheck to paycheck, use of fixed credit-card installment plans and BNPL rose sharply &mdash; <a href="https://www.pymnts.com/consumer-insights/2025/consumers-lean-on-installments-to-manage-black-friday/?utm_source=chatgpt.com">up 9 points in the last year</a>.&nbsp;
Used wisely, BNPL can serve as a powerful budgeting ally for consumers in their holiday spending.&nbsp;
<h3>Looking Ahead: A Holiday Season Shaped by Awareness and Adaptation</h3>
Holiday spending is definitely here. But, data across the industry shows thoughtful, informed choices can help people stay grounded &mdash; and financially strong &mdash; during the holidays and beyond.

Festive and Focused: The Spending Habits Defining This Holiday Season

Communications Manager - Public Relations

Personalization is no longer optional. Consumers expect clarity, protection, and guidance from their financial providers.

MX research finds personalization is no longer optional. Consumers expect clarity, protection, and guidance from their financial providers.

MX | What Consumers Want From Personalized Banking

The average consumer generates <a href="https://thefinancialbrand.com/news/deposits/most-financial-institutions-have-a-data-problem-not-a-deposit-problem-187874">more financial data than ever</a> in more places than ever &mdash;&nbsp;making money management more confusing, fragmented, or overwhelming.&nbsp;
Consumers need a financial partner that can help them make sense of their financial data to better manage their money. But, more financial providers are falling behind on consumer expectations for personalized insights and financial guidance.&nbsp;
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s latest consumer research</a> shows 66% of consumers now expect greater levels of personalization than ever before (up from 46% in Q3 2024). This doesn&rsquo;t mean just using a first name in an email or sending a generic birthday greeting once a year. It&rsquo;s about interpreting real-time behavioral signals that reveal where someone is in their financial life and what they might need next. It&rsquo;s the difference between simply showing a balance and helping an individual avoid an overdraft, reduce a recurring expense, or qualify for a better financial services product.
Consumers expect clarity, protection, guidance, and a fair value exchange from the financial institutions they trust with their data. And these expectations are setting a new standard for quality in mobile and digital banking. Personalized experiences are no longer an enhancement. They&rsquo;re a core function that drives confidence, loyalty, and financial well-being. Here&rsquo;s what consumers expect:&nbsp;
<h2>Expectation #1: Help Me Understand My Financial Habits</h2>
Consumers don&rsquo;t want just more data displayed on their screens &mdash; they want meaning. They expect their financial institutions to identify patterns, interpret behaviors, and deliver insights that simplify their financial lives. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research</a> shows the three things consumers most expect their financial providers to know are:
<ul>
<li style="font-weight: 400;" aria-level="1">Where they have recurring transactions or bills (57%)</li>
<li style="font-weight: 400;" aria-level="1">Categories of where they spend their money (53%)</li>
<li style="font-weight: 400;" aria-level="1">How much money they can save and still pay their bills (50%)</li>
</ul>
These expectations reflect a deep human need: to feel in control. <a href="https://www.mx.com/products/data-enhancement/">Clean, categorized transactions</a> and intuitive summaries are no longer optional; they&rsquo;re baseline for personalized clarity. When institutions surface patterns and trends automatically, consumers feel supported instead of overwhelmed and empowered instead of confused.
<h2>Expectation #2: Warn Me Before Something Goes Wrong</h2>
According to the Aspen Institute, <a href="https://fraudtaskforce.aspeninstitute.org/">fraud and scams drain more than $158 billion from U.S. households each year</a>. But the financial loss is only the beginning. Fraud erodes trust, undermines confidence, and shakes the foundation of financial stability.
Consumers want &mdash; and increasingly expect &mdash; their financial institution to spot risks early and communicate quickly. Personalized protection is one of the strongest signals that a financial institution is paying attention. Whether it&rsquo;s an unusual spending spike, a forgotten subscription renewal, or a looming overdraft, consumers want their financial providers to <a href="https://www.mx.com/use-cases/fraud-risk-management/">connect the dots before the damage hits</a>. This isn&rsquo;t just loss prevention &mdash; it&rsquo;s a mechanism for reassurance, safety, and peace of mind.
<h2>Expectation #3: Guide Me Through Real Life, Not Just My Balance</h2>
Money becomes especially emotional &mdash; and complicated &mdash; during moments of transition. These moments rarely appear as a single, obvious cue. They show up in subtle shifts like a name change, a new recurring payment, a pause in tuition charges, or an uptick in moving expenses.
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s latest research</a> shows consumers want their financial institution to recognize these transactions and proactively help them navigate what comes next. The top life events consumers want support with are retirement (70%), buying a first home (67%), and moving to a new city (53%).
Consumers don&rsquo;t want cookie-cutter advice or broad marketing pushes. They want guidance that fits the moment they&rsquo;re in. When an institution recognizes a life transition and responds with relevance, care, and confidence, the relationship shifts from transactional to relational. It communicates, &ldquo;We see you. We know what this moment means, and we&rsquo;re here to help you move forward.&rdquo;
<h2>Expectation #4: Give Me Something Useful in Exchange for My Data</h2>
Consumers understand their data has value, and they expect a fair return. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">More than half (53%) would share more data if it led to a better experience</a>. But 37% still don&rsquo;t believe their financial institution is doing enough to support their financial needs. The expectation is simple: Be transparent about how data is used, clearly show the benefits, and make the experience easier, smarter, and more rewarding.
This value exchange is at the heart of trust. When consumers feel their data is working for them &mdash; not just being collected, they become more willing to engage, share, and explore new services. Transparency builds trust. Personalization sustains it.
Consumers aren&rsquo;t asking for perfection. They&rsquo;re asking to feel understood, protected, and guided by the financial institutions they depend on every day with a clear and fair value exchange for the data they share.&nbsp;
MX&rsquo;s research makes it clear: the path to trust and long-term loyalty lies in transforming raw data into real help. The financial institutions that embrace this shift will redefine what the modern banking relationship looks like. And those that don&rsquo;t will feel the growing cost of missed expectations.

From Raw Data to Real Help: What Today’s Consumers Expect From Truly Personalized Banking

Growth happens in mobile. Relationships happen in mobile. A recent MX webinar uncovers how to grow in mobile.

Financial providers can combat challenges like building relationships, losing to competition, and meeting customer expectations with mobile banking.


Solving 3 Digital Banking Challenges

Growth happens in mobile. Relationships happen in mobile. The future of finance is mobile. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">Recent MX research</a> found that 91% of consumers say a good mobile experience with their financial providers is important.
This tells us that mobile and digital banking experiences are top of mind for consumers across the board. Consumers are used to clean, straightforward, and automated experiences across their other day-to-day experiences. Finances are no different.&nbsp;
Recently, MX&rsquo;s Chief of Staff and Head of Product Crystal Anderson and Head of Revenue Matt West discussed the top challenges that financial providers face today &mdash; and how a strong mobile banking experience can provide solutions.
<a href="https://www.mx.com/webinars/greatest-growth-engine-mobile-experience/">Watch the full webinar here.</a>
<h2>Challenge: The Expectation Gap</h2>
Today, there is a significant gap between what consumers expect from their financial institutions and what financial institutions actually deliver. In fact, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research</a> found that 66% of consumers expect greater levels of personalization than ever before. But, financial providers are often missing the mark.
As Matt said, &ldquo;The reality is most institutions are still catching up. Not because they don&rsquo;t care. But because moving fast with old systems and layers of compliance can be very hard.&rdquo;&nbsp;
Too much dependence on legacy systems makes it hard to meet those customer expectations, even when they&rsquo;re doing all they can.
<h3>Solution: Personalization Through Digital Solutions</h3>
Turning to digital solutions like mobile banking apps that emphasize human and personalized experiences can close the expectation gap. As financial institutions work to juggle various customer requests, better digital and banking experiences can put more functionality into the hands of customers &mdash; not only meeting, but exceeding customer expectations.&nbsp;
<h2>Challenge: Data Without Relationships</h2>
Financial institutions have mountains of data that tell them where consumers are spending money, what additional financial accounts they have, and their deposits. Unfortunately, simply knowing your customers&rsquo; surface-level financial information does not guarantee a relationship.
Building those relationships are essential today. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX found</a> that 40% of consumers now use a non-traditional digital banking provider. Crystal shared, &ldquo;Consumers still trust their banks. They keep their paychecks there. But they&rsquo;re going elsewhere for help with planning, saving and feeling in control of their money.&rdquo;
<h3>Solution: Combine Data and Relationships</h3>
While data in itself doesn&rsquo;t equal a relationship, data is an essential piece to helping financial institutions build strong relationships with their customers. Turning <a href="https://www.mx.com/blog/data-into-action/">data into action</a> creates the opportunity for financial providers to become a dynamic contributor to consumers&rsquo; financial lives &mdash; instead of a place where consumers hold their deposits. Think: providing a 360-degree view of their finances, personalized nudges towards financial goals, and more.
<h2>Challenge: Losing to the Competition</h2>
Fifty-seven percent of consumers say they&rsquo;d find a new provider if their current one couldn&rsquo;t deliver the mobile features they want &mdash; <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">according to MX</a>. More than half of consumers are willing and ready to make a switch away from subpar mobile experiences.
And, people are switching based on convenience, not loyalty. The days of staying loyal to one financial institution for life are over. Digital banking solutions available to consumers whenever and wherever they want have created one key truth: financial providers have to fight for their customers.
<h3>Solution: Drive Engagement Through Mobile</h3>
Consumers have multiple mobile apps for finance-related tasks. Prioritize your mobile growth strategy to bring consumers into your mobile app &mdash; and get them to stay. You can do this by creating a dynamic, engaging experience.
Don&rsquo;t just tell consumers their savings account balance. Find out what their savings goal is and show them how they can achieve it.&nbsp;
Don&rsquo;t just show consumers their recent transactions. Help them identify where they&rsquo;re spending their money.&nbsp;
Don&rsquo;t wait for your customers to recognize an irregular transaction. Use the data to recognize potential fraud and flag it immediately.
Financial providers can offer so much more than basic financial statements. Meeting customers where they are &mdash; in their mobile banking app &mdash; can help providers thrive in the face of competition.
<h2>Solve Digital Challenges with MX</h2>
MX is the ultimate solution to solving all of your digital banking bottlenecks. MX helps financial institutions provide consumers with better digital banking tools &mdash; and take control of their financial journey. When MX powers the mobile experience, growth follows. Deposits grow. Loans increase. Engagement deepens. <a href="https://www.mx.com/request-demo/">Discover MX to boost your mobile banking strategy and experience real results</a>.
<a href="https://www.mx.com/webinars/greatest-growth-engine-mobile-experience/">Watch the full webinar here.</a>

Solving Growth Challenges with Mobile Banking

Check out these insights from Sol Rashidi's keynote address from MXS 2025!

At MXS, Sol Rashidi discussed how AI’s future will be determined by intention and not accident. Check out these key takeaways from her keynote. 

The Future of AI Isn’t Inevitable, It’s Shaped by Today’s Choices

AI isn&rsquo;t just the next wave of technology. It is changing the pace at which we work, the quality of decisions we make, and the expectations customers bring to every digital interaction. But, the future of AI is not predetermined. It will be shaped by the choices that businesses make now.&nbsp;
At this year&rsquo;s <a href="https://www.mx.com/summit/2025/">Money Experience Summit</a>, Sol Rashidi, the world&rsquo;s first Chief AI Officer, challenged us to rethink not only what AI can do, but what we should do with it. Put simply: &ldquo;AI has happened, it is happening, and our perspective has shifted.&rdquo;&nbsp;
Here are a few key takeaways &mdash; and what financial institutions and fintechs should think about next.
<h2>The Gap Between Using AI and Doing AI Is Wider Than We Think</h2>
Many organizations believe they&rsquo;re &ldquo;doing AI&rdquo; when they&rsquo;re simply using it. Rashidi drew the distinction sharply:
&ldquo;Using AI is applying ChatGPT, Copilot, or Perplexity to summarize an email. Doing AI means decomposing workflows, figuring out where machines automate and where humans must decide. That&rsquo;s a completely different level of effort.&rdquo;
For financial institutions navigating legacy systems, regulatory requirements, and high consumer expectations, this distinction matters. Using AI can improve efficiency, but doing AI can build long-term value, transform experiences, and unlock entirely new capabilities.
<h2>Not Every Problem Needs AI, but Every Problem Needs Clarity</h2>
In explaining the correct application of AI, Rashini played on the old adage of using the right tool for the right job. She said, &ldquo;If you&rsquo;re cutting a piece of paper, scissors work perfectly. Why introduce a chainsaw? That&rsquo;s the power, and the risk, of AI.&rdquo;
While some use cases will make sense for AI, there are just as many that will either be a blend of human and AI &mdash;&nbsp;or should remain human-only. For instance, our research shows consumers are not ready to trust AI when it comes to more complex financial actions such as financial advice and processing loans. When asked how likely they are to trust AI to help with specific finance-related actions, areas consumers were least likely to trust Ai were:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Providing basic financial advice(46%)</li>
<li style="font-weight: 400;" aria-level="1">Categorizing transactions to help understand where money is going (42%)</li>
<li style="font-weight: 400;" aria-level="1">Processing a loan or credit application based on their financial data (42%)</li>
<li style="font-weight: 400;" aria-level="1">Providing investment-related financial advice (39%)</li>
</ul>
&nbsp;For financial services, AI needs to be more nuanced than the catch-all buzzword it has become. And, the&nbsp; future isn&rsquo;t replacing humans with AI. It&rsquo;s leveraging AI to support humans where it can streamline efficiency, add data-driven value, and make a meaningful difference.
<h2>AI Is Only as Good as the Data&nbsp;</h2>
<blockquote>
&ldquo;AI is simply a data product. It&rsquo;s only as good as the data feeding it.&rdquo; &mdash; Sol Rashidi
</blockquote>
Without disciplined, consistent, well-governed data, even the most advanced AI systems cannot produce meaningful outcomes. AI doesn&rsquo;t compensate for weak data foundations &mdash; it amplifies them.
In the financial industry, bad data could lead to genuinely poor outcomes for consumers; inaccurate credit assessments that misclassify a borrower&rsquo;s risk, flawed personalization engines that surface irrelevant or misleading insights, and broken fraud-detection models that generate false positives or overlook real threats.&nbsp;
AI fueled with bad data can also distort budgeting tools, disrupt onboarding flows, and cause conversational AI to give incomplete or incorrect guidance. Any and all of which can erode trust and undermine the value AI is supposed to create.
As she put it, leaders must recognize that data is not a technical afterthought, but the core ingredient that determines whether AI evolves into something genuinely useful or remains an unrealized promise.
<h2>The Next Era of AI Will Require Human Judgment More Than Ever</h2>
Even the most advanced systems struggle to interpret nuance, context, emotion, and intention.
The devil is in the details as the saying goes. AI, while amazing and efficient at broad strokes, makes mistakes in the details. Rashidi illustrated this with a simple but striking example of an AI vision model misidentifying shadows on a dog as a tiger.&nbsp;
As AI becomes more universal, these mistakes will continue to pile up and compound the issue. And, the only way to mitigate this issue is by scaling the injection of human judgment into the process along the way. As Rashidi stated &ldquo;Critical thinking is the human differentiator, and we cannot outsource it.&rdquo;&nbsp;
<h2>The Future of AI in Financial Services</h2>
AI&rsquo;s momentum is undeniable. However, its value, especially in financial services, comes down to how thoughtfully it&rsquo;s applied.&nbsp;
As we look ahead, the real opportunity is not simply to implement AI, but to use it as a catalyst for a more connected, more intuitive, and more human financial experience.

The Future of AI Isn’t Inevitable — It’s Intentional

The White House’s Executive Order on AI marks a significant shift toward a unified national approach — and presents opportunities for financial services. 

Road Ahead for Financial Data Ecosystem: White House EO on AI

At MX, we have long believed that data is the fuel that powers the engine of artificial intelligence (AI). Without clean, enhanced, and connected data, AI is just a shiny new toy. But, with the right data powering it, AI becomes a tool for "Intelligence Amplified."&nbsp;
We see this in how our products leverage AI to <a href="https://www.mx.com/products/data-enhancement/">transform raw, messy transaction data</a> into clear, actionable insights &mdash; categorizing spending, helping to spot anomalies that could be signs of fraud, and surfacing <a href="https://www.mx.com/products/financial-insights/">personalized financial advice</a> that helps consumers become financially strong. As we continue to build tools that turn financial noise into intelligence, we are closely watching the regulatory landscape that will define the rules of the road for our industry.
The White House&rsquo;s recently released <a href="https://www.whitehouse.gov/presidential-actions/2025/12/eliminating-state-law-obstruction-of-national-artificial-intelligence-policy/">Executive Order (EO) on AI</a> marks a significant shift toward a unified national approach, aiming to accelerate the United States as a leader in the AI sector by removing regulatory fragmentation.&nbsp;
The EO establishes a clear national policy to prevent "burdensome or ideologically driven" state regulations that could stifle innovation. To enforce this, it creates an AI Litigation Task Force within the Department of Justice (DOJ) to challenge conflicting state laws and directs the Department of Commerce to identify state mandates &mdash; such as those requiring the alteration of truthful model outputs &mdash; that should be preempted.&nbsp;
Furthermore, the EO leverages federal purse strings, restricting specific funding for states with onerous AI laws and directing the FCC and FTC to standardize federal reporting and disclosure rules. Ultimately, it creates a uniform federal framework that preempts a patchwork of state laws while preserving state authority in specific areas like child safety and infrastructure.
As we look to the future, this push for a unified framework could unlock massive potential for the financial services industry, provided the right guardrails remain in place. A standardized regulatory environment allows fintechs and banks to deploy AI more confidently, moving beyond simple chatbots to hyper-personalized "financial concierges" that can proactively renegotiate bills, predict overdraft risks before they happen, and democratize access to credit for the underbanked.&nbsp;
That said, the safety of consumer financial data remains paramount. As we embrace AI innovations, the industry must self-impose rigorous standards on data privacy and model explainability as regulation is developed and considered. Consumers deserve to know that the AI managing their money is not only efficient but also unbiased, transparent, and secure.&nbsp;
Innovation should never come at the cost of trust. The future of financial services depends on our ability to protect the consumer while empowering them with the best technology available.

The Executive Order on AI: The Road Ahead for the Financial Data Ecosystem

Takeaways from U.S. Bank’s Future of Finance Podcast with MX Co-Founder and CEO, Ryan Caldwell

The Experience-First Future of Finance

The future of finance isn&rsquo;t just defined by product roadmaps or the latest wave of artificial intelligence (AI) capabilities. It&rsquo;s emerging from deeper conversations about what consumers actually need.&nbsp;
This premise came into sharp focus in a recent <a href="https://www.youtube.com/watch?v=COqzqKNJlkY">U.S. Bank podcast episode</a> recorded live at Money20/20 USA with <a href="https://www.linkedin.com/in/dominicventuro/">Dominic Venturo</a>, Chief Digital Officer at U.S. Bank, <a href="https://www.linkedin.com/in/wrightjordan/">Jordan Wright</a>, CEO at Atomic, and <a href="https://www.linkedin.com/in/ryancaldwell/">Ryan Caldwell</a>, co-founder and CEO at MX.&nbsp;
Consumers don&rsquo;t just want digital tools. They want experiences that are clearer, more personalized, and more intuitive. The financial institutions that are listening are already beginning to adapt &mdash;&nbsp;and leaning in to a future where the consumer experience is their core product.&nbsp;
As Ryan Caldwell explained, &ldquo;Our job is to make them &mdash; a financial institution, a fintech, any entity we serve &mdash; look like a hero to that consumer. And we can&rsquo;t do that if we&rsquo;re not constantly thinking about what that consumer needs. We are obsessed with thinking about what they&rsquo;re anticipating, the experiences they want to have, and they have to be near magical &mdash; very delightful.&rdquo;
<h2>The Experience Starts with Clean, Connected Data</h2>
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research</a> shows 38% of consumers agree their financial providers aren&rsquo;t using their data to deliver better experiences, revealing a gap between what people expect and what financial institutions can currently provide. This perception isn&rsquo;t rooted in a lack of ambition from banks and fintechs, but in unclear, disjointed data.
When transaction data is scattered across systems, channels, and legacy platforms, even the strongest digital designs fall short. Clean, categorized, and <a href="https://www.mx.com/products/data-enhancement/">enriched data</a> is the foundation that enables the personalization, guidance, and financial clarity consumers increasingly expect.
That&rsquo;s why data infrastructure is quickly becoming as important as product development. Without high-quality, <a href="https://www.mx.com/products/data-access/">connected data</a>, financial institutions can&rsquo;t anticipate consumer needs or create experiences that feel seamless and intuitive.&nbsp;
As Dominic Venturo said, when &ldquo;we&rsquo;re enriching data, we&rsquo;re enriching experiences.&rdquo; For financial institutions moving toward an experience-first model, modernizing the data layer isn&rsquo;t just a technology upgrade &mdash; it&rsquo;s the first meaningful step toward meaningful transformation.
<h2>Innovation Thrives in Collaboration&nbsp;</h2>
No institution can build the future alone. Banks bring scale, trust, and compliance rigor, while fintechs contribute speed, design excellence, and innovative thinking. Together, they can connect the dots in ways neither can achieve alone &mdash; creating smoother, more meaningful consumer experiences. This blend of complementary capabilities allows institutions to address the full consumer journey, not just individual touchpoints.
Jordan Wright emphasized that these collaborations work best when they&rsquo;re rooted in genuine relationships. &ldquo;Relationships can&rsquo;t be overstated &hellip; I think the long game is probably the most underrated aspect of creating great relationships&rdquo; with financial institutions.&nbsp;
Partnerships thrive when both sides share a clear vision and invest in that long game. When collaboration is grounded in trust and a shared commitment to improving consumer outcomes, it accelerates innovation, drives positive outcomes, and moves the entire industry forward.
<h2>Design Is a Trust Signal</h2>
Design plays a far bigger role in financial confidence than many realize. It&rsquo;s not just about how an app looks but how clearly it communicates, how reliably it works, and how well it anticipates what a consumer needs next. As Dominic noted, &ldquo;the technology enables us to do certain things, but when you&rsquo;re customer obsessed &hellip; it requires not only the technology, but it requires an amazing experience design.&rdquo;&nbsp;
Consumers agree: <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research</a> shows that 91% say a <a href="https://www.mx.com/products/mobile-banking/">good mobile experience</a> matters, and more than half would switch financial providers if the mobile experience fell short.
That&rsquo;s why design has become a strategic differentiator. <a href="https://www.mx.com/products/personal-financial-management/">Financial journeys should feel intuitive</a>: fewer steps, clearer language, and proactive prompts that guide rather than overwhelm. The best design turns complex data into actionable clarity, reducing cognitive load and helping people feel more in control of their financial lives. Financial institutions that embrace human-centered design are not only improving their apps, but also building trust, loyalty, and long-term consumer confidence.
<h2>The Future is Experience-First</h2>
The path forward for financial institutions is clear: experience isn&rsquo;t an accessory to banking &mdash; it is the value proposition. The future won&rsquo;t be designed by adding more digital features, but by delivering better digital experiences grounded in human needs. And, the shift toward an experience-first model is something any organization can begin today. It starts with modernizing the data foundation, grows stronger through a partner ecosystem that multiplies capability, and comes to life through human-centered design thinking.
As Dominic explained, the most effective digital experiences adapt to how consumers choose to engage &mdash; whether they want to do it themselves, do it together, or have a banker support them behind the scenes. That&rsquo;s the future MX is committed to helping build: a financial ecosystem where people feel confident, guided, and in control of their financial lives.If you&rsquo;re ready to bring experience-first banking to life at your institution, we&rsquo;d love to show you what&rsquo;s possible. <a href="https://www.mx.com/request-demo/">Book a demo with MX</a> and see how connected data, collaborative partnerships, and modern design can elevate your digital experience.

The Future of Finance Is Experience-First

Check oput these insights from a panel at MXS on how data drives better outcomes in financial services. 

Discover how financial institutions use data to improve consumer outcomes, deepen engagement, and drive growth across banks and credit unions.

How Data Is Reshaping Consumer Financial Outcomes

Inflation pressure, shifting digital habits, and the sheer quantity of available financial products have fundamentally changed how people manage money. In this crowded market, financial institutions are striving to grow deposits, deepen engagement, and prove relevance against digital-first competitors.
The financial institutions that will thrive are the ones that use data not just to understand their customers, but to meaningfully improve their financial lives.
That theme emerged repeatedly during a <a href="https://www.mx.com/summit/2025/better-outcomes/">recent panel</a> at the<a href="https://www.mx.com/summit/2025/"> Money Experience Summit</a>, where industry leaders explored how banks and credit unions can deliver better consumer outcomes through the intelligent use of data.
<h2>Rethinking Financial Health: A Definition That Refuses to Stand Still</h2>
Although nearly all financial institutions claim to prioritize <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness</a>, the industry still lacks a shared definition. Jana Manley, Chief Growth Officer at Suncoast Credit Union, noted that everyone struggles with figuring out what financial health really means. What one person considers healthy might look completely different to someone else.&nbsp;
Without a consistent definition, many institutions default to fragmented approaches &mdash; education here, product initiatives there &mdash; without a cohesive strategy for driving impact and measuring progress.
The panel agreed that financial health must be defined holistically and personally. And, initiatives to build financial health that are not rooted in the specific needs of diverse communities and households will fail to move the needle.
As Freda Amir, Head of Marketing at California Coast Credit Union, put it:
&ldquo;Financial health isn&rsquo;t one-size-fits-all. It&rsquo;s unique across demographics, generations, income levels, and communities. Personalization is the only way to meet those needs meaningfully.&rdquo;
<h2>Community-Focused Institutions Lean Into Human Impact</h2>
A point of emphasis for the panel was how community banks and credit unions often have unique insights into populations that are frequently overlooked by larger institutions. Because these organizations have closer, more nuanced relationships with their members and customers, they&rsquo;re often the first to notice emerging needs or cultural dynamics.
Jason Lazzerini, Chief Digital Officer at Central Pacific Bank, shared how local demographic realities shape financial behavior in ways large national banks rarely account for with their customers. He explained that, when institutions find underserved communities and tailor solutions around their specific needs, the result is a win-win: improved financial health and stronger customer loyalty.
This community-centered approach can be a differentiator in an increasingly commoditized industry, but it comes with its own pressures. Regional institutions must balance community commitments with profitability. Credit unions must balance member needs with operational scalability.&nbsp;
As Manley noted, mission-driven institutions increasingly focus less on ROI and instead ask &ldquo;what does this do for the person on the other end?&rdquo; That shift reflects a broader industry reorientation toward human-centered value.
<h2>Financial Wellbeing and Financial Performance Are Not Opposites</h2>
The panel continually came back to the idea that supporting consumer financial health directly aligns with improving institutional performance. Healthier customers stay longer, consolidate more of their financial lives with one institution, and rely more deeply on institutions that support their day-to-day stability.
The panel underscored the compounding nature of this value &mdash;&nbsp;a happy member is a long-term member. This means institutions should focus on building relationships that span decades, not selling one-off products.
That said, the only way to generate these types of long-term relationships in a digital ecosystem is to leverage consumer-permissioned data to drive better experiences and provide specific, <a href="https://www.mx.com/products/financial-insights/">actionable and personalized insights</a>.&nbsp;
<h2>The Future: Data as a Strategic Differentiator</h2>
Data is the bridge between institutional performance and genuine consumer wellbeing. When used thoughtfully, consumer-permissioned data transforms broad intentions into precise, timely actions. This helps institutions understand consumer needs more clearly, <a href="https://www.mx.com/products/personal-financial-management/">engage them more effectively</a>, and support their financial stability in ways that truly matter.
Across banks and credit unions, data is the foundation for delivering meaningful outcomes &mdash; both for institutions and the people they serve.

Data as a Catalyst: How Financial Institutions Are Reimagining Consumer Outcomes

Check out these insights on how mobile banking, when done right, is one of the most powerful equalizers in modern society.

Mobile banking has become the primary financial lifeline for millions. Learn why well-designed mobile experiences offer dignity, protection, and opportunity and why banks have an obligation to build them right.

Mobile Is Noble: How Modern Mobile Banking Unlocks True Financial Inclusion

For decades, access to financial services has been shaped by geography, income, and technology. A branch on the corner became a symbol of community, but also an unintentional gatekeeper. If you couldn't reach the branch, you couldn't reach your money. And later, if you didn't have a computer, you didn't have a financial life online.
Today, billions of people across every age, demographic, and socioeconomic group carry a powerful computer in their pocket. And with it, a profound opportunity to better their financial lives and a more level playing field when it comes to access to financial products. <a href="https://www.mx.com/products/mobile-banking/">Mobile banking</a> has become one of the most transformative tools in modern society.
A well-designed, well-executed mobile banking experience doesn't just offer convenience. It offers access, dignity, and economic mobility to people who have historically been underserved. When done right, mobile banking unlocks financial inclusion at a scale that physical branches and traditional online banking never could.
<h2>A Pocket-Sized Portal to Financial Inclusion</h2>
A great mobile experience does more than replicate what someone could do in person &mdash; it transcends it. Mobile brings banking to the user, not the other way around.
For someone working multiple jobs, relying on public transportation, or living far from a branch, this is life-changing. An individual living paycheck to paycheck can now deposit a paycheck during a night shift break. A gig worker can verify payment between rides. A rural family can transfer money without driving an hour to town. For immigrant families, younger generations, the unbanked, and the underbanked, mobile is often the first door into formal financial participation. For some, it is the only option.&nbsp;
There's something noble in removing unnecessary friction. There's something noble in giving people control of their money whenever they need it most.
<h2>When Mobile Is Done Right, Financial Health Follows</h2>
The power of mobile banking isn't just accessibility &mdash; it's intelligence. The most effective mobile banking platforms don't simply show transactions; they guide users toward better money decisions.
A thoughtfully designed mobile experience includes <a href="https://www.mx.com/products/data-enhancement/">clean, understandable financial data</a> that demystifies banking for first-time users. <a href="https://www.mx.com/products/financial-insights/">Smart insights and real-time alerts</a> prevent overdrafts before they happen, saving consumers from cascading fees. Automated categorization and cash-flow prediction help users see patterns they've never noticed before. Contextual nudges build resilience and savings habits, even for those with limited income. Effortless <a href="https://www.mx.com/products/account-aggregation/">account connectivity</a> and frictionless payments remove the complexity that has long excluded people from the financial system.
These aren't just features. For the financially vulnerable, they're lifelines.
<h2>Closing the Digital Divide One Device at a Time</h2>
Many households do not own a computer. Many do not own a car. But the vast majority, across income brackets, do own a smartphone.
That means mobile banking is not just a channel. It is the primary way the majority of consumers access and understand their finances, and for many, it is often their only consistent access point to financial services.
<h2>The Challenges We Must Address</h2>
None of this happens automatically. Thoughtful mobile banking design must acknowledge real barriers like digital literacy, data costs, security concerns, and language accessibility.&nbsp;
The most noble mobile experiences anticipate these challenges. They use simple, jargon-free language. They function smoothly on older devices and slower connections. They build trust through transparent security practices. They offer multiple languages and accessibility features.
The best mobile experiences also build with the end user in mind. Our latest research asked consumers to identify the features they believe are necessary to create a good mobile banking experience. Topping the list across every single generation and demographic were features that give consumers protection and control. These are followed by features and functionality that makes their life easier, such as mobile check deposits, digital account openings, and account aggregation.
<img src="https://cms.mx.com/assets/b40b0175-3a03-49fb-ac6d-c8e518ca2184?width=618&amp;height=1200" alt="14bc39c7 Ec46 473d A0ea 2563052a7aee" />
When designers and institutions take these expectations and responsibilities seriously, mobile banking becomes more than functional. It becomes inclusive.
<h2>Mobile Is Noble</h2>
Mobile banking, when done right, is one of the most powerful equalizers in modern society. It puts financial capability in the hands of people who have never had it before. It builds confidence where there was confusion. It creates opportunities where there were once obstacles. It lifts communities by lifting individuals.
Mobile is not just convenient. Mobile is noble.

Mobile Is Noble: A Great Mobile Banking Product is an Obligation, Not Just an Opportunity

Discover how financial institutions are using data to improve consumer outcomes, deepen engagement, and drive growth across banking and credit unions.

How Data Is Reimagining Consumer Financial Outcomes

<a href="https://www.mx.com/products/mobile-banking/">Mobile banking</a> has become the center of consumers&rsquo; financial lives &mdash; a reality that brings both immense responsibility and enormous opportunity for financial providers.&nbsp;
MX&rsquo;s <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/" target="_self">latest consumer research</a>&nbsp;shows that people rely on mobile apps to manage their money daily. And, their expectations for flawless experiences impacts where they place their trust, loyalty, and deposits.
Providers that lean into these growing expectations are poised to build stronger, lasting relationships. Those that hesitate may struggle as consumers increasingly prioritize better mobile experiences elsewhere.
<h2>Mobile Banking Is No Longer Optional &mdash; It&rsquo;s Foundational</h2>
According to MX&rsquo;s latest research, 91% of consumers say a good mobile experience with their financial provider is important. Even more telling, 54% say they can&rsquo;t live without their favorite mobile banking app.
This dependence is reinforced by behavior. Half of consumers now use their primary banking or finance app every single day. Fifty-two percent say they check their most used banking or finance app daily, and 23% check it multiple times per day. These habits have remained consistently high year over year, signaling that mobile banking has become the first and often only financial touchpoint in consumers' lives.
Mobile is no longer a channel. It is the financial experience.
<h2>The Risk of Falling Short Has Never Been Higher</h2>
As a result, consumers reward great mobile experiences and quickly abandon bad ones. MX research shows:
<ul>
<li style="font-weight: 400;" aria-level="1">58% of consumers would switch providers if the mobile experience was bad.</li>
<li style="font-weight: 400;" aria-level="1">67% would not choose a financial provider if its mobile experience was poor.</li>
<li style="font-weight: 400;" aria-level="1">57% say they&rsquo;re likely to move to a new provider if their current one doesn&rsquo;t offer the features they want.</li>
</ul>
<img src="https://cms.mx.com/assets/a299e169-6686-4a3f-bce1-c0c0a4b31693?width=1200&amp;height=968" alt="Mobile Image (1)" />As mobile banking has become the default for more and more consumers, quality in a mobile experience has come to carry more weight.
If the mobile experience falters, trust falters. If trust falters, consumers leave.
<h2>Satisfaction Is Rising along with Expectations</h2>
The encouraging news for financial providers is that consumers are generally happy with their mobile experiences. Today, 84% of consumers say they are satisfied with the mobile experience on the app they use most often, up from 71% earlier this year.
But, rising satisfaction doesn&rsquo;t mean expectations have plateaued. In fact, the opposite is true. Consumers feel more empowered and more aware of what great mobile banking looks like &mdash;&nbsp;and they want more of it.
More than half (51%) of U.S. adults expect greater levels of personalization from the finance-related mobile apps they use today. In other words: Mobile banking is improving, but it will likely always be chasing ever-evolving consumer expectations.
<h2>What Consumers Say a Great Mobile Experience Includes</h2>
When consumers describe the features that define a high-quality mobile banking experience, consistent themes emerge: control, protection, and support.
MX&rsquo;s research shows the top features consumers consider necessary include:
<ul>
<li style="font-weight: 400;" aria-level="1">68%: Fraud alerts and the ability to report fraud or stop payments</li>
<li style="font-weight: 400;" aria-level="1">61%: Card controls (turning cards on/off, setting transaction alerts)</li>
<li style="font-weight: 400;" aria-level="1">59%: Mobile check deposit</li>
<li style="font-weight: 400;" aria-level="1">39%: Ability to open new accounts or apply for loans within the app</li>
<li style="font-weight: 400;" aria-level="1">37%: Ability to connect outside financial accounts for a unified view</li>
</ul>
These aren&rsquo;t nice-to-have add-ons. They are core components of how consumers manage their financial lives.
<h2>A Seamless Mobile Experience Is the New Competitive Edge</h2>
The responsibility that financial institutions carry has never been greater. Consumers check their banking apps daily, rely on them to manage their financial health, and make critical decisions about where to place their trust based on how those apps perform.
But, the opportunity has never been greater either.
Mobile banking is the most powerful channel for deepening engagement, strengthening loyalty, and empowering consumers with tools that improve their financial lives. Financial providers that deliver seamless, intuitive, highly personalized mobile experiences won&rsquo;t just meet consumer expectations, they&rsquo;ll define the future of banking itself.

Why a Seamless Mobile Experience Defines the Future of Banking

John Rosenfield, president of Jenius Bank shared how digital banking can become more human focused at MXS 2025.

At MXS 2025, John Rosenfield shared how Jenius Bank creates humanized financial experiences as a digital-only bank.

How Jenius Bank Humanizes Digital Banking

Consumers have higher expectations than ever before about the role that financial institutions should take in their lives. Part of that expectation is the need to do more in a simple way &mdash; with digital and mobile banking. In fact, 91% of consumers say a good mobile experience is important, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">according to MX research</a>.&nbsp;
But, digital experiences don&rsquo;t mean generic experiences. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research found</a> that 66% of consumers expect greater levels of personalization than ever before. This isn&rsquo;t just limited to traditional, in-branch banking experiences. Fifty-one percent of consumers expect greater levels of personalization from their finance-related mobile apps than what they receive today.
Digital wins. Personalization wins. When you combine the 2 to create humanized digital banking experiences? Consumers walk away more content and in control of their financial life.
John Rosenfield, president of Jenius Bank shared at <a href="https://www.mx.com/summit/">Money Experience Summit 2025</a> <a href="https://www.mx.com/summit/2025/digital-banking/">how this digital-only bank makes digital banking more human focused</a>. Here are the main takeaways from the conversation:
<h2>Empower Consumers to Do More</h2>
As financial institutions have made the move to digital experiences, many consumers still find themselves at their branches to complete certain financial tasks. Not because it&rsquo;s required, but because it&rsquo;s easier.
Drawing from more than 20 years of experience within the banking industry, John recognized that Jenius Bank had a unique opportunity to make digital banking tasks seamless. John said, &ldquo;To be a humanized digital bank, you have to empower customers to do everything that they need to do with their bank digitally.&rdquo;&nbsp;
Effective digital banking goes far beyond enabling consumers to check balances and view transactions. It means making more products and services available at your fingertips. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX recently asked consumers</a> where financial providers fail to meet their needs. Some of the top answers were: providing information about better rates and additional products (47%), offering ways to simplify my life and money management (39%), and helping me reach my financial goals (38%).&nbsp;
Consumers are asking for these services from their financial providers. And, financial providers can empower customers to do more by providing this functionality within their digital banking solutions.
<h2>Leverage Technology Where It Makes Sense</h2>
Too often, digital banking is met with a blind reliance on technology in places where it doesn&rsquo;t make sense. Customer support is a perfect example of this. While some automated tools may help route customers to the right support line, it can also cause frustrations.&nbsp;
Customers are often stuck in endless loops trying to fix a problem that would be a nonissue if they could talk to a real human. Supporting this claim, <a href="https://www.gartner.com/en/newsroom/press-releases/2024-07-09-gartner-survey-finds-64-percent-of-customers-would-prefer-that-companies-didnt-use-ai-for-customer-service">Gartner found</a> that 64% of customers would prefer that companies didn&rsquo;t use artificial intelligence (AI) in their customer service.
When establishing Jenius Bank, John was determined to establish a direct avenue to real, human support for customers &mdash; available 24/7. To ensure that people could find real answers the moment they needed them, the bank made it a point to put its phone number on its homepage. Just because an institution is digital does not mean that consumers don&rsquo;t want a human experience.
<h2>Establish Strong Partnerships</h2>
The beauty of the financial industry is that there are countless players driven by their passion to help consumers across every area of their financial lives. One way that Jenius Bank has attributed its success in humanizing financial experiences is through its partnership with MX.
As John said, &ldquo;MX is helping us identify real-world life situations and then give customers <a href="https://www.mx.com/products/financial-insights/">insights and advice</a> as to how to be more confident in their decisions.&rdquo; Instead of just providing basic insights, Jenius works to help consumers avoid common financial mistakes that hold them back.
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX found</a> that 37% of consumers feel that their financial providers don&rsquo;t do enough to support their needs. Today, financial institutions like Jenius Bank are investing in innovative technology that transforms the consumers&rsquo; financial journey. With this technology, they can understand real <a href="https://www.mx.com/blog/life-events/">life events</a> and create personalized financial offers &mdash; what humanized digital banking is all about.
<a href="https://www.mx.com/summit/2025/digital-banking/">Watch the full keynote conversation here</a>.

Welcoming a New Era of Humanized Digital Banking

The Canadian Budget Implementation Act detailed upcoming rules under Canada's Consumer-Driven Banking Act.

Ready to get started with Open Banking in Canada? 

The Consumer-Driven Banking Act dives more into Open Banking in Canada — putting consumers at the center of their financial data.

The Next Steps for Open Banking in Canada

On the heels of <a href="https://www.mx.com/blog/canada-budget-2025/">Canada&rsquo;s Budget 2025 announcement earlier this month</a> &mdash; which included an update on open banking regulations within the country, more news has been released about Canada&rsquo;s open banking journey. The <a href="https://www.parl.ca/DocumentViewer/en/45-1/bill/C-15/first-reading">Canadian Budget Implementation Act</a> detailed upcoming rules under Canada's Consumer-Driven Banking Act.&nbsp;
Open Banking is not just a regulatory mandate; it represents a significant commercial opportunity for both established Canadian banks and the burgeoning domestic fintech sector.&nbsp;
For large financial institutions, secure, <a href="https://www.mx.com/products/data-access/">API-driven data sharing</a> is a chance to move beyond compliance and embrace digital transformation. It enables them to leverage customer data, with explicit consent, to develop personalized, data-rich products that enhance customer loyalty, improve risk assessment for lending, and reduce operational costs by moving away from legacy data access methods like screen scraping.&nbsp;
For Canadian fintechs, this regulated framework is a game-changer. It provides them with the secure, reliable access to financial data they've long needed to build truly innovative services &mdash; such as sophisticated budgeting tools, alternative credit scoring models, and hyper-personalized lending platforms &mdash; leveling the playing field and fueling competition and rapid market growth within the Canadian financial ecosystem.&nbsp;
By fostering collaboration and ensuring a safer environment for data exchange, the new legislation acts as a critical accelerant for innovation, positioning Canada's finance sector for greater global competitiveness.
There are 2 main buckets that this legislation&rsquo;s key takeaways fall into:&nbsp;
<ol>
<li style="font-weight: 400;" aria-level="1">All participants must be accredited and maintain appropriate security practices.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Consumers are fully in control of their financial data.</li>
</ol>
Overall, the latest legislation is a big win for consumers as it puts them in full control of their financial data, while also enabling Canadian financial institutions to better serve their customer base.
Here are the main areas of focus for Open Banking from the Consumer-Driven Banking Act:
<h2>Licensed and Secure Participants</h2>
<h3>The Key Regulators that Run the Show</h3>
There are 4 key players that financial providers must familiarize themselves with to comply with the legislation. These players are made up of 2 government groups and 2 specialized bodies that will oversee the new system.
<ul>
<li style="font-weight: 400;" aria-level="1">Bank of Canada: This is the system&rsquo;s main regulator. It supervises every accredited company, checks for market trends, and makes sure everyone is playing by the rules.</li>
<li style="font-weight: 400;" aria-level="1">Minister of Finance: The Minister has the ultimate say on security, particularly when it comes to national security concerns that could impact accreditation.</li>
<li style="font-weight: 400;" aria-level="1">External Complaints Body: A dedicated ombudsman &mdash; or intermediary &mdash; handles consumer complaints that can&rsquo;t be resolved internally. All licensed participants must be members of the external complaints body.</li>
<li style="font-weight: 400;" aria-level="1">Technical Standards Body: This body (which is yet to be identified) will set the required API standards. This is the mandatory technical blueprint for how data is safely shared.</li>
</ul>
<h3>Who Gets to Play?</h3>
Any organization that wants to participate in data sharing will be required to be officially accredited by the Bank of Canada. This will include banks, credit unions, fintechs, payment providers, and third-party service providers.
<h3>The Ban on Screen Scraping</h3>
The Act effectively establishes a secure, API-only ecosystem by outlawing the traditional method of data access &mdash; <a href="https://www.mx.com/guides/banking-apis-oauth-sceenscraping/">screen scraping</a>. This new legislation prohibits using a consumer's login credentials to gain direct access to their data for the purpose of providing a product or service. This ban on screen scraping is an effort to mitigate the risks that credential sharing can create.
<h2>Consumers Own Their Data</h2>
<h3>The Scope of Data</h3>
Consumers are the ultimate owners of their data and have full power to make decisions regarding their data. The Act requires explicit permission from consumers to share data. The covered data includes:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Depository accounts</li>
<li style="font-weight: 400;" aria-level="1">Investment accounts</li>
<li style="font-weight: 400;" aria-level="1">Credit products</li>
<li style="font-weight: 400;" aria-level="1">Payment products</li>
</ul>
On the other side of the coin, the Act explicitly excludes derived data in its data-sharing ruling &mdash; meaning that financial institutions that enhance the data in a way that significantly increases its usefulness or commercial value are not required to share that resulting derived data externally.
Data access fees are strictly prohibited for consumers sharing their in-scope data.
<h3>Consent and Data Use</h3>
Getting &mdash; and keeping &mdash; a consumer's permission has strict and non-negotiable requirements. Participants must obtain the consumer&rsquo;s consent before requesting data. A consumer simply using a product or service does not in and of itself qualify as consent.
Participants that have obtained consumer consent must tell the consumer:
<ol>
<li style="font-weight: 400;" aria-level="1">Exactly what data they want</li>
<li style="font-weight: 400;" aria-level="1">How they will use it</li>
<li style="font-weight: 400;" aria-level="1">How long the consent lasts</li>
</ol>
Once consumers have granted content, it is valid for a maximum of 12 months. A participating organization must renew the consumer&rsquo;s consent after the expiration of the previous consent&rsquo;s effect. Additionally, consumers can withdraw their consent or request the deletion by the participating organization of their data at any time. Upon request, participating organizations must stop receiving the data immediately and delete it.
<h3>Security and Liability</h3>
The burden of security and financial loss is squarely placed on the shoulders of the participating entity. They are responsible for implementing the security safeguards in the framework and designating an officer responsible for the entity&rsquo;s compliance with these safeguards.
In the event of unauthorized data loss, consumers are not financially liable unless they are shown to have been grossly negligent. For participating entities, liability flows with the data, and the party responsible for a breach is held responsible.
<h2>What&rsquo;s Next?</h2>
Canada&rsquo;s open banking legislation sets a high bar for participation, emphasizing consumer control, security, and accountability. One significant question remains unanswered: the timeline. As this regulation moves through the parliamentary process, the financial industry can expect exact timelines to be finalized.
As Canada works towards implementing this legislation, financial institutions should begin to assess their strategies for keeping data in the hands of consumers. Institutions that are already designing financial systems that prioritize customer consent and API-driven data access will set a new standard of trust and innovation across Canada&rsquo;s financial ecosystem.

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