Open Banking biggest untapped advantage is data out. It shows FIs more about their customers and their financial needs. 

See how MX can help you gain the competitive edge data out offers in an Open Banking landscape. 

Most financial institutions focus on the value of Open Banking data in. Discover the overlooked competitive advantages of data out, including stronger loyalty, consumer intent insights, and market intelligence.

The Hidden Competitive Advantage of Open Banking: Why Data Out Matters

Open Banking has reached an inflection point in North America. Recently Canada has moved forward with its consumer-driven banking framework, creating a clearer path for Open Banking adoption. And, while in the United States, regulatory momentum has slowed amid ongoing uncertainty around Section 1033 implementation, relentless market driven momentum continues to drive greater Open Banking forward.&nbsp;
But, many financial institutions continue to see Open Banking as a compliance exercise, or wait for regulations to fully settle before acting. And by doing so, they risk falling behind competitors that are already building data-sharing strategies and consumer experiences around financial connectivity.
More importantly, most financial institutions are already participating in Open Banking whether they've prioritized it or not. Every day, consumers connect accounts to fintech apps, lenders, investment platforms, and competing financial institutions. The question isn't whether data is leaving your institution. It's whether that data movement happens through a governed, visible framework or through processes you can't see, manage, or learn from.
For years, the dominant narrative has been that Open Banking allows financial institutions to aggregate external accounts and gain visibility into consumers' broader financial lives. That value is real, but it's only half the story.
The institutions that embrace data sharing may discover that enabling consumers to connect their accounts elsewhere creates advantages that are equally powerful and often underappreciated.
Here are the three biggest and often overlooked advantages of data out.&nbsp;
<h2>1. Strong Connectivity Drives Loyalty</h2>
Consumers increasingly expect their financial accounts to connect seamlessly to the apps and services they use every day.
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> found that 72% of consumers would seek out a different financial institution if their preferred provider could not connect to the fintech apps they use regularly. Additionally, 64% of consumers expect to be able to see all of their financial data in one place, and more than half say account connectivity is important to their digital banking experience.
In other words, consumers don't view connectivity as a feature, they view it as an expectation.
Financial institutions that provide secure, reliable connections become easier to do business with. Institutions that create friction around data sharing risk becoming the account consumers leave behind when they look for a better-connected experience.
Just as importantly, consumers increasingly expect transparency and control over how their data is shared. Open Banking enables financial institutions to provide secure, permission-based access where consumers can see who has access to their information and revoke that access at any time. That level of control reinforces trust and helps position the institution, not the fintech, as the steward of the customer's financial data.
<h2>2. Data Requests Reveal Consumer Intent</h2>
Every data-sharing request is an intent signal.
When a consumer connects an account to a mortgage platform, auto lender, investment service, debt management tool, or competing financial institution, they are giving valuable insights to anyone who will listen. Their intent is not to share data, they are seeking an outcome. But, in the process, they're revealing the financial goals actively being pursued.
These signals provide financial institutions with a rare opportunity to engage before a relationship shifts elsewhere.
A connection request to an auto financing platform may indicate a consumer is shopping for a vehicle loan. A connection to a debt management solution could signal an opportunity to offer refinancing options, budgeting guidance, or credit improvement tools.&nbsp;
Rather than viewing outbound data sharing as a customer leaving the ecosystem, financial institutions should instead view it as an opportunity to understand customer intent and deliver relevant products, services, and guidance at precisely the right moment.
In a world where every financial institution is competing to be the consumer's primary financial relationship, the ability to identify intent before the relationship changes can be a powerful competitive advantage.
<h2>3. Open Banking Creates Continuous Market Research</h2>
Traditional market research tells you what consumers say they want.
Open Banking data requests reveal what consumers are actively trying to do.
Patterns in outbound connectivity can help institutions identify emerging consumer needs, growing product categories, and service gaps within their own offerings. If large numbers of consumers are consistently connecting to investment platforms, alternative lending providers, or specialized savings products, that information can help shape future product strategies, partnership decisions, and innovation investments.
The result is a continuous stream of market intelligence built on actual consumer behavior rather than survey responses alone.
For institutions seeking to stay competitive, these insights can help identify opportunities, and threats, long before they appear in traditional reporting.
<h2>Data Out Is Only Valuable If You Can See It</h2>
Historically, much of the financial industry's data sharing has occurred through credential-based screen scraping. In that model, consumers hand over banking credentials to third parties, financial institutions have limited visibility into who is accessing data, and valuable signals about consumer behavior remain hidden.
Modern Open Banking frameworks change that equation.
Secure, tokenized data sharing doesn't just improve security and reliability. It creates visibility. Financial institutions can better understand where customers are engaging across the financial ecosystem and transform previously invisible activity into actionable insight.
The result is more than connectivity. It's awareness.
<h2>The Time to Act Is Now</h2>
The traditional business case for Open Banking has focused on data in; aggregating external accounts, creating holistic financial views, and powering personalized experiences. Those benefits remain essential.
But, the institutions that move early will also capture the often-overlooked advantages of data out: stronger customer loyalty, deeper insight into consumer intent, and ongoing market intelligence that informs future growth.
Every financial institution is competing to remain its customers' primary financial relationship. The challenge is that many of the decisions that determine that relationship happen outside the institution's walls.
The institutions that embrace Open Banking early won't simply gain a more complete view of their customers' finances. They'll gain visibility into customer intent, emerging market opportunities, and competitive threats before those relationships are lost.
With <a href="https://www.mx.com/products/data-access/">MX Data Access</a> solutions, financial institutions can enable secure, consumer-permissioned data sharing while unlocking the connectivity, insights, and innovation opportunities that define the future of financial services.
The question is no longer whether consumers will share their financial data. It's whether your institution will be positioned to learn from it.

The Untapped Competitive Advantage of Open Banking

Account aggregation leads to better financial wellness  and MX platform users have a clearer picture than the average consumer.

See every account, every connection, all in one place — powered by MX.

Fragmented financial lives make money management harder than ever. Discover how account aggregation helps consumers gain visibility, reduce stress, and improve financial health.

Why Financial Wellness Starts with Account Aggregation

Consumers today aren&rsquo;t managing just one financial account, they&rsquo;re managing an entire financial ecosystem.
From checking and savings accounts to credit cards, payment apps, retirement funds, mortgages, and loans, financial lives are spread across multiple products, platforms, and institutions. While access to more financial tools should create more control, it often creates the opposite &mdash; fragmentation, confusion, and financial fatigue.
<a href="https://www.mx.com/research/financial-health-tension/">MX&rsquo;s latest survey</a> of more than 1,000 U.S. adults found that financial health in 2026 is defined by tension &mdash; between optimism and stress, intention and execution, and awareness and clarity. Consumers want to improve their financial lives, but many struggle to fully understand where they stand.
The challenge for many lies more in a lack of visibility rather than <a href="https://www.mx.com/research/engagement-drives-stronger-financial-wellness/">a lack of engagement</a>.
When consumers can clearly see and understand their complete financial picture, they are better equipped to make confident decisions, reduce stress, and move toward greater financial wellness. That&rsquo;s where account aggregation becomes essential, and where financial providers have an opportunity to positively impact their customers.&nbsp;
<h2>Financial Lives Are More Complex Than Consumers Realize</h2>
Despite actively attempting to manage their money, most consumers&rsquo; finances are spread across too many places to make that easy.
MX research found that the average consumer holds 3.6 financial accounts across multiple institutions. The most commonly held types of accounts by consumers are:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Checking accounts (86%)</li>
<li style="font-weight: 400;" aria-level="1">Savings accounts (72%)</li>
<li style="font-weight: 400;" aria-level="1">Credit cards (62%)</li>
<li style="font-weight: 400;" aria-level="1">Payment apps like Venmo, PayPal, or Cash App (43%)&nbsp;</li>
</ul>
These accounts are now standard parts of everyday financial life, and adding retirement accounts, investments, mortgages, and loans, and the picture becomes even more complicated.&nbsp;
But, even as nearly every financial provider offers some combination of these account types, consumers often hold accounts across multiple providers. While 76% of consumers identify a primary financial institution, only 25% say they keep all of their accounts there.
That means most people piece together their financial lives from managing separate apps, checking multiple balances, and trying to mentally connect disconnected information.
Even among engaged consumers, this creates friction. While 44% say they track every dollar and know exactly where their money goes, the majority of these consumers still rely on checking individual accounts (37%), spreadsheets (21%), or budgeting apps (16%) to stay organized.
Again, the effort from consumers is there, but often the tolls they need are not.
<h2>Financial Fatigue Creates Avoidance</h2>
When financial management feels overwhelming, stress follows.
More than half of consumers (51%) say money is their primary source of stress, and 49% say thinking about their finances makes them anxious. For many, that anxiety leads to avoidance rather than action.
Seventeen percent of consumers say they avoid checking their finances altogether.
Among those who avoid checking:
<ul>
<li style="font-weight: 400;" aria-level="1">48% say looking at finances makes them anxious</li>
<li style="font-weight: 400;" aria-level="1">34% worry they&rsquo;ll get bad news</li>
<li style="font-weight: 400;" aria-level="1">21% feel they lack control</li>
<li style="font-weight: 400;" aria-level="1">19% lack confidence in their ability to manage finances</li>
</ul>
This is where fragmented finances transcend an annoyance to become a legitimate barrier to financial wellness.
<h2>MX Helps Bring Hidden Financial Lives to Light</h2>
At MX, <a href="https://www.mx.com/products/account-aggregation/">account aggregation</a> goes beyond convenience &mdash; it creates financial clarity.
While survey respondents report holding an average of 3.6 financial accounts, MX platform users link external accounts 3 accounts per user on average. But, the real insight comes from what happens next.
Through transfer analysis, MX identifies an average of 3 additional &ldquo;discovered&rsquo; accounts per user from transfers to and from held accounts.
That means consumers often have more active financial relationships than they realize. These &ldquo;hidden&rdquo; accounts &mdash; forgotten savings accounts, old external checking accounts, secondary credit products, or disconnected payment platforms &mdash; can quietly contribute to financial stress and incomplete decision-making.
Without visibility into those accounts, consumers are often making financial decisions based on partial information.
MX helps surface those missing pieces.
By bringing external accounts into view and connecting fragmented financial data, MX gives users a more complete understanding of their financial lives. This enables stronger financial guidance, better decision-making, and a clearer path from financial stability to long-term progress.
And, when financial institutions can provide that clarity, they move beyond being account providers: they become trusted partners in financial wellness.

Open Banking can unlock a new wave of innovation that helps financial institutions fuel growth.

Open Banking has the potential to unlock a new wave of innovation with benefits for both institutions and the consumers.

How Banks Drive Innovation with Open Banking

Over 10,000 years ago, the people of Tasmania became geographically isolated as rising seas formed the Bass Strait. Cut off from the mainland, a population of a few thousand hunter-gatherers gradually lost complexity in their tools and techniques. Archaeological evidence shows that innovations didn&rsquo;t just slow, but they actually reversed. Tools became simpler, and some technologies disappeared entirely.
Anthropologist Rhys Jones described this phenomenon as the &ldquo;slow strangulation of the mind.&rdquo; It wasn&rsquo;t a sudden collapse, but a gradual decline caused by isolation from broader networks of knowledge and exchange. Meanwhile, the populations that remained connected continued to innovate and advance.
Progress depends on connectivity. Isolation doesn&rsquo;t preserve strength, but actually quietly erodes it. And, this lesson applies perfectly to the world of banking.
<h2>Banks Achieve Connection with Open Banking</h2>
Today, financial institutions are faced with a valuable opportunity to achieve progress with connection &mdash; and greater knowledge to create better customer experiences. <a href="https://www.mx.com/blog/what-is-open-banking/">Open Banking</a> &mdash; the structured and secure consumer-permissioned sharing of data &mdash; has the potential to unlock a new wave of innovation with benefits for both institutions and the consumers. Connection through an open banking investment helps financial institutions fuel growth.
Financial institutions that leverage Open Banking can use consumer-permissioned data to offer better products and services to their customers. And, those offers can be personalized so that consumers have a better financial experience, allowing for more sophisticated ways for consumers to interact with their banks.&nbsp;
With Open Banking, consumers are able to have a 360-degree view of their financial accounts. They&rsquo;ll also be able to easily transfer funds and manage their money. And, data that leads to a personalized financial experience is an expectation that consumers hold for their providers. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX found</a> that 59% of consumers reported that they expect their financial provider to leverage the data they have about them to personalize their experience.
<h2>Solving for the Hesitations</h2>
Today, many institutions remain hesitant about Open Banking, concerned about competition, data sharing, and control. These concerns are not unfounded as financial institutions should always prioritize protecting their consumers&rsquo; data.
But in trying to protect themselves and their customers, institutions risk a dangerous cost: isolating themselves from the broader financial ecosystem &mdash; and reversing the progress that connection has allowed.&nbsp;
Operational policy, usage-based fees on data access, additional authentication layers, or administrative controls that introduce friction into every interaction are the very acts of isolation that halt progress. That&rsquo;s exactly why the industry must advocate for consumer-first data sharing. The decline isn't quick. Rather, it&rsquo;s a gradual decline that slowly separates the institution from the technology and ecosystem around them.
<h2>How MX Creates Connection</h2>
In a world where consumers expect seamless, connected financial experiences, institutions that fail to integrate and collaborate may find themselves left behind. Not because they lacked capability, but because they lacked connection.
The future of banking will not be built in silos. It will be built through networks that fuel growth. MX is the solution to the connection challenges for fintechs and banks of any size. As financial institutions improve knowledge across the organization through connection, MX&rsquo;s <a href="https://www.mx.com/products/data-access/">data access solution</a> helps these institutions implement open banking strategies by:
<ul>
<li style="font-weight: 400;" aria-level="1">Providing access to secure APIs and OAuth connections</li>
<li style="font-weight: 400;" aria-level="1">Working across data intermediaries for the most complete data access coverage</li>
<li style="font-weight: 400;" aria-level="1">Giving consumers complete control over the ability to grant and revoke access to data</li>
</ul>
And, with MX, data becomes a key solution to <a href="https://www.mx.com/data-into-growth/">solving for the biggest barriers to growth</a> and drives innovation forward.

Why Connection Is the Greatest Strength in Banking

The "Great Wealth Transfer" is coming — and it's something financial institutions need to be prepared for.


As financial institutions prepare for the Great Generational Wealth Transfer, they should focus on digital banking experiences.

Preparing for the Great Generational Wealth Transfer with Digital Experiences

If you&rsquo;ve spent any time on TikTok or X lately, you&rsquo;ve likely seen the memes. The "okay Boomer" sentiment has evolved into something more specific: a hyper-awareness of the generational wealth gap and impending rollover. The "Great Wealth Transfer" has officially entered the mainstream discussion, moving from whitepapers to dinner table conversations and viral threads about inheritance anxiety.
But for financial institutions, this isn&rsquo;t just cultural chatter. It&rsquo;s real &mdash; and something financial institutions need to be prepared for.
<a href="https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048">An estimated $124 trillion is projected to change hands between generations by 2048.</a> This is the largest movement of capital in history. For banks and credit unions, it poses an existential question: When that money moves to a new generation, will it stay in your institution?
The data suggests that unless you modernize your digital experience, the answer is likely "no."
<h2>The New Owners of Capital Are Different</h2>
The beneficiaries of this transfer are not looking for the same banking relationship their parents had. They don&rsquo;t value physical branches or handshake relationships in the same way. They value speed, clarity, and digital intuition.
<ul>
<li style="font-weight: 400;" aria-level="1">Who they are: The primary recipients are Millennials (now entering their peak earning years) and Gen Z. These are digital natives who have never known a world without instant information.</li>
<li style="font-weight: 400;" aria-level="1">What they do: <a href="https://www.cerulli.com/press-releases/aging-boomers-bring-intergenerational-planning-to-the-forefront">Research</a> indicates that up to 70% of heirs switch financial advisors or institutions after inheriting wealth. Why? Because the legacy provider didn&rsquo;t serve them &mdash; it served their parents.</li>
</ul>
<h2>The New Generation Expects Next-Level Digital Experiences</h2>
According to recent MX consumer research, the bar for digital excellence has shifted from "nice-to-have" to "non-negotiable."
<ul>
<li style="font-weight: 400;" aria-level="1">Mobile Is the Main Branch: <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">For 54% of consumers, their mobile banking app isn&rsquo;t just a tool. They say they "can&rsquo;t live without it."</a> If your app is clunky, you aren&rsquo;t just inconveniencing consumers &mdash; you are failing at their primary method of financial interaction.</li>
<li style="font-weight: 400;" aria-level="1">Zero Tolerance for Friction: Loyalty is fragile. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX data shows that 58% of consumers would switch providers if the mobile experience was bad.</a></li>
<li style="font-weight: 400;" aria-level="1">They Want to Be Known: <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">61% of consumers want their financial provider to know them and proactively show it.</a> They don&rsquo;t want a static ledger of transactions; they want wealth visualization. They expect their bank to act as a GPS for their money, offering personalized insights, budgeting help, and financial literacy tools that interpret their data for them.</li>
</ul>
The newly wealthy generation wants to fully understand their financial health at a glance.
<h2>The Problem: Ripping and Replacing Everything</h2>
Many financial institutions get stuck as they attempt to start from a blank slate and adapt their strategies for Millennials and Gen Z. You know you need a modern experience to capture this next generation, but your data is locked inside a legacy core system that is decades old. The prospect of a "rip and replace" core conversion is terrifying &mdash; it&rsquo;s costly, risky, and takes years. And, it&rsquo;s overwhelming to consider starting over.
But there is good news. You don&rsquo;t have to replace your core to modernize your experience.
<h2>The Solution: The Modernization Layer</h2>
To win the Great Wealth Transfer, you need a modernization layer. This means that you can start with the data foundation you&rsquo;ve built upon your core as you bring in key innovations for the next generation.
By utilizing <a href="https://www.mx.com/products/data-enhancement/">data enhancement tools</a> and a <a href="https://www.mx.com/products/mobile-banking/">modern mobile platform</a> (like MX), you can build a modernization layer that sits on top of your existing infrastructure. This allows you to:
<ol>
<li style="font-weight: 400;" aria-level="1">Clean and Enhance Data: Turn messy transaction strings into clear, readable merchant names and logos that younger users expect.</li>
<li style="font-weight: 400;" aria-level="1">Visualize Wealth: Deploy money management tools that auto-categorize spending and visualize net worth &mdash; features that attract and retain younger, tech-savvy high-net-worth individuals.</li>
<li style="font-weight: 400;" aria-level="1">Launch Fast: Instead of a 5-year core migration, you can roll out world-class mobile features in months.</li>
</ol>
The Great Wealth Transfer is underway. To keep and expand this client base, your digital experience must meet the high expectations of Millennials and Gen Z. MX helps financial institutions deliver the seamless, hyper-personalized mobile interactions this generation demands. By aggregating held-away assets and enriching data, MX provides a single, cohesive view and actionable intelligence. Integrating intuitive financial wellness tools into the mobile interface offers the transparency and control this demographic expects, deepening loyalty and driving financial strength now and into the future.&nbsp;
<a href="https://www.mx.com/request-demo/">Discover how you can use your financial data to grow your business and prepare for the shifts across the industry with MX.</a>

The Great Wealth Transfer Is No Longer a Forecast. It’s Your New Retention Strategy.

If your card isn’t serving as the primary driver for daily purchases and recurring transactions, those dollars are flowing directly to competing issuers.

Discover how to strengthen cardholder engagement, protect your portfolio’s revenue, and maintain top-of-wallet positioning.

Between credit cards, debit cards, and digital wallets, the average consumer has no shortage of options at checkout.
For financial institutions, having your card sitting in that stack is a necessary starting point, but it isn&rsquo;t the finish line. Spend doesn&rsquo;t split evenly across options. A single primary card does the vast majority of the heavy lifting, while secondary cards capture only whatever happens to be left over. When a card isn&rsquo;t top-of-wallet, it rarely triggers a dramatic account closure; instead, it quietly loses relevance until the customer relationship effectively disappears.
<h2>The Illusion of Split Loyalty</h2>
It&rsquo;s tempting to assume that consumers distribute their purchasing across different cards based on category rewards, rotating offers, or specific store perks.
Recent <a href="https://www.pymnts.com/credit-cards/2025/consumers-spend-nearly-2000-per-month-using-top-of-wallet-credit-cards-study-finds/">self-reported survey data</a> from PYMNTS Intelligence (2025) confirms just how multi-card the average consumer is:
<ul>
<li style="font-weight: 400;" aria-level="1">Seventy-eight percent of cardholders carry two or more cards</li>
<li style="font-weight: 400;" aria-level="1">Forty-nine percent carry three or more cards</li>
</ul>
However, carrying multiple cards does not translate to split loyalty. Even among consumers with three or more cards in their wallet, 46 percent still rely on a single primary card multiple times a week.
While consumers may hold multiple pieces of plastic, their actual spending habits remain overwhelmingly concentrated around a single default option.
<h2>The Revenue Gap: $1,903 vs. $1,202</h2>
This winner-take-most dynamic translates directly into measurable bottom-line differences for financial institutions.
According to the same 2025 PYMNTS Intelligence study, a cardholder&rsquo;s primary card generates about 60 percent more revenue than their second card, capturing roughly $1,903 in average monthly spend compared to just $1,202 on the secondary option.
That ~$700 monthly gap per cardholder represents massive cumulative interchange and interest revenue left on the table whenever an institution drops from first to second place.
<h2>A Persistent Pattern Across Credit Data</h2>
This behavior isn&rsquo;t just a recent quirk of modern survey data; it reflects an entrenched pattern in how cardholders manage credit.
Historical credit bureau data confirms that this spending concentration is a long-standing structural pattern. Past analyses showed that roughly 60 percent of consumers with multiple cards put at least 70 percent of their spend onto one primary card. Payment tech and rewards programs have changed dramatically since then, but consumers continue to choose a single favorite card and only use secondary cards as backups or for occasional niche purchases.
<h2>The Stakes of Loyalty &amp; Retention</h2>
This level of spending concentration highlights why card loyalty and retention are critical to portfolio health.
A card that loses top-of-wallet status rarely fails loudly. There is usually no angry phone call to customer service or explicitly cancellation request. Instead, the card simply gets pushed deeper into the wallet or buried under newer default settings in online checkouts. Competitor rewards, introductory balance offers, and seamless digital onboarding quietly chip away at daily engagement until the card becomes completely inactive.
Securing top-of-wallet status directly dictates portfolio performance, marking the difference between a high-yield customer relationship and an underperforming asset.
<h2>Which Card Is Winning Your Consumers&rsquo; Wallets Right Now?</h2>
If your card isn&rsquo;t serving as the primary driver for daily purchases and recurring transactions, those dollars are flowing directly to competing issuers.

One Card to Rule Them All

Content Strategist

Thirty percent of consumers are already asking AI financial questions. Is your institution ready?

Become an early adopter of our Financial AI Assistant

Discover key insights from our webinar on deploying AI responsibly in banking. Learn how to break down silos, govern data, and deepen customer relationships.

AI That Drives Growth and Deepens Financial Relationships

Thirty percent of consumers are <a href="https://www.mx.com/research/financial-apps-fall-short/">already asking AI financial questions</a>. Is your institution ready?
Last week&rsquo;s webinar featured industry leaders discussing the seismic shift we&rsquo;re seeing in banking today, and the conversation boiled down to this: the institutions that have been waiting for AI adoption to become mainstream have already missed the window for first-mover advantage.
Using AI isn&rsquo;t enough. What matters is whether your institution has the governance, architecture, and data infrastructure to deploy it responsibly at scale, and in ways that measurably improve people&rsquo;s lives. Without these foundational elements, even the most sophisticated AI systems become liabilities.
Here are the top four takeaways from this week&rsquo;s webinar:
<h2>1. AI is a Relationship Builder, Not a Cost-Reduction Tool&nbsp;</h2>
Treating AI like a glorified Q&amp;A bot misses the point. Customers are already asking AI about budgeting, debt, and retirement&mdash;the things they used to talk to an advisor about. If your institution doesn&rsquo;t deliver those answers, external AI tools will disintermediate your relationship, making your FI optional. When done right, AI surfaces a customer&rsquo;s full financial picture to drive true financial wellness and build deep, long-term trust.
<h2>2. Point Solutions Create Silos</h2>
Stitching together isolated AI tools across lending, wealth management, and support leaves the customers experience disjointed and inconsistent. Real competitive advantage comes from agentic orchestration: an overarching operating system that connects everything and allows intelligence to compound across every department.
<h2>3. The Ability to Execute Matters</h2>
The gap between demo and production is where most institutions stall. Real customers bring edge cases, regulatory requirements add complexity, and the data becomes challenging. Financial institutions that succeed act decisively, setting clear parameters and aligning risk teams early rather than getting stuck in perpetual planning phases.
<h2>4. Strong Governance Lets You Move Faster, Not Slower</h2>
When financial institutions get excited and start moving too fast, they skip the governance layer and find themselves making recommendations they can&rsquo;t justify, and sometimes end up facing regulatory scrutiny and damaging their reputations. Strong data governance is what separates confident deployments from risky ones. Here&rsquo;s what that looks like:
<ul>
<li style="font-weight: 400;" aria-level="1">Clean data feeding the AI</li>
<li style="font-weight: 400;" aria-level="1">Safeguards that prevent unsuitable recommendations before they reach customers</li>
<li style="font-weight: 400;" aria-level="1">Full visibility into each decision for audits, customers, and regulators</li>
<li style="font-weight: 400;" aria-level="1">Built-in compliance with FINRA, SEC, and other relevant standards</li>
<li style="font-weight: 400;" aria-level="1">Human oversight that can review, adjust, or override when needed</li>
</ul>
<h2>Our Financial AI Assistant in Action</h2>
After all the strategic discussion, we gave a demo of our new <a href="https://www.mx.com/products/financial-ai-assistant/">Financial AI Assistant</a>, now open to early adopters. Here&rsquo;s a look at what it does.
<img src="https://cms.mx.com/assets/691d2caf-2c24-4b5e-9ff6-4b36c2ed093d?width=3728&amp;height=1614" alt="Financial AI Assistant" />
First, clarity. Instead of forcing customers to read through lengthy chat responses, our embedded, dynamic UI brings data to life visually. It breaks down spending patterns, flags hidden waste, and shows customers exactly where their money is going.
<img src="https://cms.mx.com/assets/1f9416ac-20c0-41fe-a656-02ec0990ded1?width=3730&amp;height=1500" alt="Financial AI Assisant" />
Then, action. Based on that clarity, the AI makes action effortless. No friction, no delay. Customers see the opportunity and can take action immediately, right there in the interface.
<h2>Ready to Lead?</h2>
Institutions that act now will define banking for the next decade. Those that don&rsquo;t will be responding to market leaders.
We&rsquo;re opening early access to our financial AI assistant for FIs ready to lead. Here&rsquo;s what early adopters gain:
<ul>
<li style="font-weight: 400;" aria-level="1">AI purpose-built to deepen customer relationships, not just handle inquiries</li>
<li style="font-weight: 400;" aria-level="1">A proven path to production-ready AI that connects cross-product insights, driving multi-product adoption and uncovering higher-value lifetime relationships.</li>
<li style="font-weight: 400;" aria-level="1">Immediate positioning to meet rising consumer demand early, locking in long-term trust and retention</li>
<li style="font-weight: 400;" aria-level="1">A clear path to production-ready AI that drives measurable results</li>
</ul>
<a href="https://www.mx.com/products/financial-ai-assistant/#access">Become an early adopter</a>.

Using AI isn’t enough. What matters is whether your institution has the governance, architecture, and data infrastructure to deploy it responsibly at scale, and in ways that measurably improve people’s lives. Without these foundational elements, even the most sophisticated AI systems become liabilities.

ICYMI: AI That Drives Growth and Deepens Financial Relationships

MX shares recommendations for Canada’s consumer-driven banking regulations to build a secure, competitive and innovative financial ecosystem.

MX | Recommendations for Canada's CDB Regulations

The global rise of API connectivity and secure data sharing in banking marks a transformative shift in how financial services operate and deliver value. As countries around the world adopt consumer-driven banking, Canada is uniquely positioned to build a world-class framework by leveraging the lessons learned from a decade of international experience. This foundation allows us to implement best practices from the start, fostering a vibrant, secure, and truly innovative consumer-driven banking ecosystem.
For consumers, this shift promises greater control over their financial lives, enabling easier access to personalized services, improved financial wellness tools, and seamless connectivity between accounts. For the broader ecosystem, it drives meaningful innovation by breaking down data silos, allowing fintechs and financial institutions to collaborate more effectively, and fueling the development of new, competitive products that meet modern market demands.&nbsp;
The <a href="https://www.mx.com/blog/empowering-canadians/">Consumer-Driven Banking Act (CDBA)</a> is a strategic imperative for Canada&rsquo;s financial infrastructure. Beyond compliance, it represents a critical opportunity to modernize digital ecosystem stability, drive market competition, and secure Canada&rsquo;s position in the North American financial landscape. By implementing secure, interoperable API frameworks&mdash;which replace fragile legacy connections with robust, scalable infrastructure&mdash;Canada can enhance consumer mobility and ensure the financial sector remains resilient against market volatility.
<h2>Key Themes from MX&rsquo;s Submission</h2>
In our comment letter on the Department of Finance Canada&rsquo;s proposed Consumer-Driven Banking Regulations, MX shared actionable recommendations grounded in our operational history across Canada. Drawing on global insights and over a decade of experience in the market, our submission centers on three vital themes:
<ul>
<li style="font-weight: 400;" aria-level="1">Prioritize Performance-Based Stability: The Bank of Canada should immediately initiate rolling accreditation reviews. Critically, legacy access methods (screen scraping) must only be phased out once mandated data providers achieve 99.5% API uptime and data completeness. Tying the transition to technical performance, rather than arbitrary dates, eliminates systemic risk and prevents consumer service disruptions.</li>
<li style="font-weight: 400;" aria-level="1">Ensure Competitive Fairness: To drive true innovation, all accredited participants must have the right to utilize consumer-permissioned data for essential internal operations&mdash;including fraud detection, AI/ML risk modeling, and cybersecurity. Granting new entrants the same data-utilization rights as incumbents is vital for maintaining a level, competitive playing field.</li>
<li style="font-weight: 400;" aria-level="1">Implement Proportionate Governance: Accreditation costs must scale with operational risk to ensure the ecosystem remains accessible to high-growth startups. Protecting data mobility is paramount; regulations must strictly enforce the prohibition on fees for consumer-permissioned data sharing to ensure unhindered market movement.</li>
</ul>
<h2>What comes next&nbsp;</h2>
From here, the Government will finalize the regulations, and implementation of the &ldquo;read access&rdquo; phase of the Consumer-Driven Banking framework will begin. In 2027, the Government is expected to turn their focus to the &ldquo;write access&rdquo; phase, which will be equally important for the industry and regulators to get right for the financial data ecosystem in Canada. MX is committed to partnering with Canadian regulators and industry leaders to operationalize a secure, competitive, and world-class financial future for Canadians.

Building a World-Class Consumer-Driven Banking Ecosystem: MX’s Recommendations for Canada’s Consumer-Driven Banking Regulations

Banking is won by turning AI into impact and data into trust. See the top 10 takeaways from the event.

Keep the conversation going at the Money Experience Summit this October.

Money Experience Summit 2026
July 13&ndash;15, 2026 | Sundance, Utah
The Forum brought together a diverse mix of banks, credit unions, and platform partners for two days to make one argument: the future of banking won't be won by the biggest budgets or the boldest tech &mdash; it'll be won by the institutions that turn AI into real impact and data into real trust.
&nbsp;
<ol>
<li>
Aim AI at the P&amp;L, avoid "demo-ware." Keynote speaker Muge Dogan's warning: most pilots fail because they target peripheral work. Tie every initiative to a core KPI, with even a back-of-envelope ROI, and most dead-end projects filter themselves out.
</li>
<li>
Purchasing is not adoption. Buying the tool and picking the right use case mean nothing if people don't use it. Budget as much effort for driving adoption and redesigning the process underneath as for the technology itself.
</li>
<li>
Build feedback loops, and phase in trust. When you automate a decision, let people override it &mdash; but require them to say why, then compare predictions to actuals. That loop either sharpens the model or proves the work can go hands-off.
</li>
<li>
Move technology, controls, and people together. Successful adoption isn't a technology project. It advances on three fronts at once: the systems, the governance around them, and the change management that gets teams to actually shift how they work.
</li>
<li>
Start now, and start small. Early wins build momentum; overly ambitious first projects stall. The cost of waiting exceeds the cost of starting and learning, because early movers compound their advantage.
</li>
<li>
Make it personal. Get AI-literate now, build agents that scale your own impact, and pick three concrete things to do with AI &mdash; then do them.
</li>
<li>
Trust is earned through action, not marketing. It comes from consistent, member-centric behavior over time &mdash; and privacy has to come before trust, not after.
</li>
<li>
Use data to help, not to extract. The question isn't "can we use this data?" but "how do we use it to serve people better?" People can feel the difference between being sold to and being helped.
</li>
<li>
Let mission lead; technology amplifies. As one panelist put it, technology doesn't create the vision &mdash; it amplifies the ability to accomplish it, at a scale and precision no team could reach manually.
</li>
<li>
Primacy is service, not control. Becoming a consumer's primary institution comes from genuine helpfulness and real community connection, not corporate dominance. That's what turns proactive, well-timed support into lasting loyalty.
</li>
</ol>
&nbsp;
Two days pointed to one truth: Al sets the pace, but trust keeps the lead. The institutions that start now and stay genuinely useful will own the next few years - they'll become the account those customers build their financial lives around. That's the work. Start now, and let's keep the conversation going at the Money Experience Summit this October.
&nbsp;

MX Leadership Forum Top 10 Takeaways

Consumer driven banking regulations are poised to make a game-changing impact for Canadian consumers and their financial wellness.

Learn how Canada's proposed consumer-driven banking regulations will improve security, empower consumers, and accelerate innovation across financial services.

Consumer-Driven Banking Regulations: What Canada's New Framework Means | MX

The financial data ecosystem in Canada is on the cusp of its most significant transformation yet. With the recent release of the proposed <a href="https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html">Consumer-Driven Banking Regulations</a>, Canada is moving toward establishing a structured, secure, and government-led framework that turns data portability from a slower, less secure process into a fundamental consumer right. At MX, we believe this regulatory milestone is exactly what is needed to unlock massive value for consumers, banks, and fintechs alike.
<h2>Transforming the Financial Data Ecosystem</h2>
The shift from screen scraping to a regulated framework built on APIs is critical for the maturity of Canada's digital economy.
<ul>
<li style="font-weight: 400;" aria-level="1">Enhanced Security and Privacy: Instead of sharing raw credentials, the framework requires financial institutions to securely share data via APIs only with explicit, revocable consumer consent.</li>
<li style="font-weight: 400;" aria-level="1">Clear Liability Rules: The framework establishes clearer allocation of liability among participating entities by establishing that liability flows with the data.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Systemic Stability: Overseen by the Bank of Canada, the new framework introduces a standardized technical blueprint, national security screening, and robust operational oversight to protect the integrity of the nation's financial infrastructure.</li>
</ul>
<h2>Inside the Proposed Regulations</h2>
The proposed Regulations build upon the Consumer-Driven Banking Act (which received Royal Assent in March 2026) to explicitly lay out the operational rules of the road:
<ul>
<li style="font-weight: 400;" aria-level="1">Accreditation Pathways: The framework sets distinct entry gates for different participants (Fintechs, RPAA-registered payment service providers, and federal/provincial financial institutions) to verify security infrastructure, insurance coverage, and integrity of personnel before allowing access. Canada&rsquo;s largest banks are required to participate.</li>
<li style="font-weight: 400;" aria-level="1">Strict Performance Standards: To ensure a reliable user experience, endpoints must guarantee a 99.5% monthly uptime. Furthermore, participants must make at least 24 months of historical transaction data available upon request, capturing seasonal and recurring financial patterns vital for accurate tools.</li>
<li style="font-weight: 400;" aria-level="1">Data Scope Limitations: Under Phase One, functionality is focused entirely on "read-only" access covering deposit, payment, lending, and investment accounts, while explicitly excluding enhanced "derived data".</li>
<li style="font-weight: 400;" aria-level="1">Tiered Fee Structure: To lower the barrier to entry for smaller homegrown innovators, the Bank of Canada will implement a tiered assessment fee model based on an entity's total asset size.</li>
<li style="font-weight: 400;" aria-level="1">Enforcement: Violations of the common rules can face administrative monetary penalties of up to $1,000,000 for individuals and $10,000,000 for participating entities.</li>
</ul>
<h2>MX is Deeply Engaged in the Canadian Framework</h2>
As a pioneer in consumer-permissioned data sharing and open finance for over a decade, MX is not watching from the sidelines. We are actively engaged in shaping Canada's financial future by providing feedback to the government and are proudly participating in the Bank of Canada&rsquo;s Consumer Driven Banking Advisory Council. From a product perspective, our <a href="https://www.mx.com/products/data-access/">Data Access</a> solutions are already designed to seamlessly align with robust API standards, making it easier for Canadian banks and fintechs to bridge the gap between regulatory compliance and commercial innovation.
<h2>Driving Win-Win Outcomes: What the Research Shows</h2>
Why does this regulation matter so deeply? Our MX <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">consumer research</a> emphasizes that when consumers have secure control over their financial data, everyone wins:
Improving Financial Outcomes for Consumers: MX surveys reveal that roughly two-thirds of consumers experience financial hardship at least occasionally. Open banking tools can directly alleviate this stress. As highlighted in the Canadian regulatory analysis, features like automated savings optimization (shifting idle chequing funds to high-yield accounts) and subscription cancellation tools can save consumers hundreds of dollars annually. Furthermore, utilizing transaction data allows for enhanced lending affordability assessments, giving underserved or credit-invisible Canadians much-needed access to fair credit.
Growing Business for Banks and Fintechs: For financial providers, consumer-permissioned data tears down traditional data silos. It unlocks real-time, consumer-permissioned financial data that helps institutions build hyper-personalized services, improve credit adjudication, and deploy intelligent financial wellness tools. When consumers trust that their data moves safely, engagement skyrockets, helping banks and fintechs build deep, long-term customer loyalty.
<h2>Moving Forward</h2>
Comments on the proposed regulations are due by August 26. The government's staggered implementation approach aims to bring the read-access portion of regulations into effect within the next year. The finish line is finally in sight. Canada is building a world-class consumer-driven banking ecosystem, and MX is proud to engage with the Canadian Government, financial institutions, and fintechs to make it a reality.

Empowering Canadians: Why the Consumer-Driven Banking Regulations are a Game-Changer for the Financial Ecosystem in Canada

MX research shows how consumers prioritize aspects of their finances in a financial hierarchy. 

MX research reveals how stability, progress, and security shape consumer financial behavior—and how providers can better support each stage.

MX data shows the Financial Hierarchy Shaping Consumer Behavior

Financial health in 2026 is not defined by clear wins or losses, it is shaped by tension. <a href="https://www.mx.com/research/financial-health-tension/">MX&rsquo;s recent survey </a>of more than 1,000 U.S. adults reveals a nuanced reality where consumers balance competing priorities while still looking ahead with cautious optimism.&nbsp;
The data points to a clear framework for understanding this behavior: a financial hierarchy of needs. At the base is stability, followed by progress, and ultimately long-term security. Consumers move through these levels step by step, and their ability to advance depends on how well foundational needs are met. For financial providers, recognizing this hierarchy is essential to delivering meaningful, timely support.
<img src="https://cms.mx.com/assets/1cccf47f-1251-445b-9ca5-744fc6dd56ca?width=1200&amp;height=899" alt="8fb4c681 0ff1 49d0 Bac7 Bd3341320eb8" />
<h2>Stability Is the Foundation of Financial Health</h2>
The base level of the financial hierarchy is simple. Here, consumers are just trying to stay afloat. The most common top financial goal for consumers in 2026 is covering monthly bills, with 1 in 5 consumers listing this as their top goal. That figure outpaces many aspirational goals and highlights a critical truth. Before consumers can think about saving, investing, or building wealth, they need confidence in their day-to-day financial footing.
This focus on stability shows up in more places than goals, with behaviors and stressors giving clear insight into this level of the hierarchy. Forty percent of consumers say they struggle to make ends meet, and 62% report living paycheck to paycheck. For many, that does not mean missing payments. It means there is little or nothing left to allocate toward savings or future goals. At the same time, 31% worry about their ability to cover an unexpected expense, reinforcing how fragile this foundation can be.
Financial stress is closely tied to this layer. More than half of consumers (51%) say money is their primary source of stress, and 49% report feeling anxious when thinking about their finances. The most common stressors center on foundational needs, including maintaining emergency savings and paying bills. When stability is uncertain, it limits consumers&rsquo; ability to engage with higher-level financial goals. For providers, this underscores the importance of tools and experiences that reduce friction and help customers maintain equilibrium.
<h2>Progress Is Defined by Incremental Gains</h2>
Once stability is established, consumers begin to focus on progress towards paying off debt, investing, and making big purchases. This layer includes improving credit, reducing debt, and building savings. The data shows that many consumers are actively working toward these goals, even if progress is uneven.
Paying off credit card debt ranks as a top goal for 16% of consumers, while 9% aim to improve their credit score. Savings goals are also prominent. When consumers have extra money, 50% direct it toward emergency savings, and 36% save for large purchases. These behaviors signal strong intent to move forward financially.
Execution, however, remains inconsistent. Nearly 1 in 5 consumers say they never have money left over at the end of the month. Even among those who do, competing priorities often dilute progress. Small, recurring expenses such as dining out or everyday treats add up, with more than half of consumers identifying impulse spending as a key challenge.
Progress is also shaped by external factors. Changes in personal life and the broader economy were each cited by 46% of consumers as barriers to achieving financial goals. Unexpected expenses, interest rates, and job market shifts further complicate forward momentum. As a result, partial progress is the norm. Only 12% of consumers say they achieved all of their financial goals in 2025, while the majority report meeting some or most of them.
This middle layer of the hierarchy presents a clear opportunity. Consumers are motivated, but they need support translating intent into action. Financial providers can play a critical role by helping customers prioritize goals, automate positive behaviors, and stay on track despite competing demands.
<h2>Optimism Fuels Movement Up the Hierarchy</h2>
Despite widespread stress and uneven progress, optimism remains a defining characteristic of today&rsquo;s financial landscape. Seventy-two percent of consumers say they are optimistic about achieving their top financial goal in 2026. This optimism is even stronger among younger generations, with 80% of Gen Z and 76% of Millennials expressing confidence.
This sense of optimism is rooted in personal agency. Consumers point to changes in their own lives, increased income, and access to helpful resources as key drivers of confidence. It is not simply wishful thinking. It reflects a belief that progress is possible, even in a challenging environment.
At the same time, optimism coexists with strain. Many consumers feel hopeful about the future while managing stress in the present. This duality reinforces the idea that movement up the financial hierarchy is not linear. Consumers may feel confident in their long-term trajectory while still struggling with short-term stability.
For financial providers, this creates an important dynamic. Optimism can be a powerful motivator, but it must be supported by practical solutions that address immediate needs. Bridging that gap helps sustain momentum and keeps consumers moving forward.
<h2>Security Represents Long-Term Aspiration</h2>
At the top of the hierarchy is long-term security. This includes goals such as saving for retirement, paying off major loans, and building wealth. While fewer consumers are focused on this level today, it remains an important aspiration.
Ten percent of consumers identify saving for retirement as their top financial goal, and smaller percentages are focused on paying off mortgages or investing. These goals tend to become more prominent once stability and progress are in place. They also require a longer time horizon and greater financial flexibility.
The challenge is that many consumers are not yet in a position to prioritize this level. Ongoing pressure at the base of the hierarchy limits their ability to allocate resources toward long-term planning. Even so, the desire for security is present, and it shapes how consumers think about their financial future.
Helping consumers reach this stage requires more than access to products. It requires a clear path that builds on earlier progress and reinforces positive financial behaviors over time.
<h2>Clarity Is the Bridge Between Levels</h2>
Across every layer of the hierarchy, one theme stands out: consumers want clarity. Sixty-four percent say they would want to know a financial health score if one were available. This reflects a broader desire for simple, actionable insights that make it easier to understand where they stand and what to do next.
Consumers are already engaged with their finances. Forty-four percent say they track every dollar, and many use a mix of tools and accounts to manage their money. The challenge is fragmentation. The average consumer holds 3.6 accounts across multiple institutions, making it difficult to see the full picture.
This gap between awareness and understanding limits progress. Consumers do not need more data. They need guidance that connects the dots and translates information into meaningful action. A clear signal of financial health can help bridge that gap, enabling consumers to move from stability to progress and ultimately toward security.
<h2>Meeting Consumers Where They Are</h2>
The financial hierarchy offers a practical framework for understanding consumer behavior in a time of uncertainty. Most consumers are focused on stability, working toward progress, and aspiring to long-term security. Their journey is shaped by both optimism and stress, intention and constraint.
For financial providers, the path forward is clear. Start by supporting stability. Build tools and experiences that help consumers manage day-to-day finances with confidence. Then enable progress by reducing friction and guiding behavior. Finally, create pathways to long-term security that feel achievable and relevant.
Consumers are not standing still. They are navigating a complex financial landscape with determination and resilience. Providers that align with their position in the hierarchy will be better equipped to earn trust, deliver value, and help them move forward.
&nbsp;

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