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

MX recently submitted a comment letter to the CFPB in response to its new ANPR regarding its reconsideration of Section 1033. 

MX’s CFPB comment letter dives into benefits of Open Banking for the entire ecosystem, as well perspectives on key questions raised and areas of consideration. 

Charting the Path Forward for Open Banking | ANPR 1033 Comments

MX recently submitted a new comment letter to the Consumer Financial Protection Bureau in response to its new advanced notice of proposed rulemaking regarding its reconsideration of Section 1033 of the Dodd-Frank Act on personal financial data rights. In our response, we continue to advocate for secure, permissioned data sharing that drives consumer-centric innovation forward for our clients, consumers, and the broader financial services industry.
As the CFPB evaluates the nearly 14,000 comment letters received, we believe this is a pivotal moment for the U.S. financial services industry. Preserving key elements of the current 1033 Rule is necessary to foster a more competitive and consumer-centric ecosystem.&nbsp;
The U.S. financial system can be complex and difficult for many Americans to navigate, compounded by the fact that the <a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">average consumer has at least 5-7 financial accounts</a> across multiple different providers. Without access to, and a unified view of, their financial information, it becomes nearly impossible for consumers to make truly informed financial decisions.&nbsp;
Consumers need access to digital financial technology that will bring disparate financial information together and provide the tools and insights needed to effectively understand their finances and make informed financial decisions.&nbsp;
Open Banking is the key to promoting innovation, increasing competition, and ultimately empowering consumers. And, it&rsquo;s not just consumers who benefit from Open Banking. Banks, credit unions, fintechs, and all data providers benefit from Open Banking, such as:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Reducing potential exposure or misuse of consumer login credentials and associated fraud costs by moving from screen scraping to token-based API access for authorized third parties</li>
<li style="font-weight: 400;" aria-level="1">Gaining insight into which authorized third parties are accessing consumer-permissioned data through an API, which enables both enhanced security controls and intelligence into areas where the data provider could create better experiences for consumers.</li>
<li style="font-weight: 400;" aria-level="1">Enhancing overall data protections and liability exposure by requiring the execution of bilateral agreements with authorized third parties as a pre-requisite to providing data access, which establishes clear access, security, and liability parameters</li>
</ul>
Our comment letter dives into the benefits of Open Banking for the entire ecosystem, as well as our perspectives on key questions raised by the CFPB and areas of consideration. These key questions and areas of additional consideration include: 
<h2>1. Data Access Fees</h2>
We strongly support the existing PFDR Rule&rsquo;s prohibition on <a href="https://www.mx.com/webinars/data-access-fees-impact/">fees for data access</a>. A fee for access fundamentally contradicts the nature of a right. A consumer&rsquo;s financial data belongs to the consumer, and financial institutions are merely the custodians of that information. Allowing financial institutions to charge fees would not only obstruct a consumer&rsquo;s right to their own data, but also create an anti-competitive environment where some large banks could use fees as a gatekeeping mechanism to stifle innovation and crush smaller players in the market. 
<h2>2. Defining Consumer &ldquo;Representatives&rdquo;</h2>
How &ldquo;representative&rdquo; is defined will determine how easily data flows and how much choice consumers have in the marketplace. <a href="https://www.mx.com/webinars/defining-role-consumer-representatives/">Permissioned third parties should be considered representatives</a> in order to enable consumers to truly own and manage their data.&nbsp;
Limiting the definition of &ldquo;representative&rdquo; would hinder the consumer&rsquo;s ability to choose and work with their preferred financial technology or other third-party service provider, or potentially eliminate the consumer&rsquo;s choice altogether if those third parties cannot adequately compete without necessary access to data.
<h2>3. The Secondary Use of Data</h2>
The rule limits the collection, use, and retention of covered data to what is "reasonably necessary" to provide the consumer's requested product or service, even where broader use may ultimately benefit the consumer without any sale of covered data. We believe this interpretation is too narrow, which could prevent more tailored and beneficial financial products being offered to consumers.&nbsp;
If a consumer gives informed consent, they should be able to authorize uses of their data that add value for them. For example, these beneficial use cases can unlock a range of powerful benefits for consumers:
<ul>
<li style="font-weight: 400;" aria-level="1">Fraud prevention and product improvements: By analyzing a consumer's entire financial footprint, banks can more effectively detect and prevent fraud. And, data analysis helps companies improve the design and functionality of their financial products, making them more user-friendly and secure.</li>
<li style="font-weight: 400;" aria-level="1">Better, more tailored offers: Companies can use transaction data and spending patterns to create personalized credit card and loan offers, rewards programs, payroll deposit switching, and other financial management tools that are more relevant to a person's lifestyle.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Public interest uses:Anonymized and aggregated data can be used by researchers to analyze economic trends, inform public policy decisions, and improve access to the financial system by helping lenders build more complete credit profiles for consumers with thin credit histories.&nbsp;</li>
</ul>
<h2>4. Re-authorization Requirements</h2>
The current rule requires third-party data recipients to obtain a new authorization from a consumer at least once every 12 months to continue collecting data. This creates an unnecessary and burdensome administrative hurdle to the detriment of consumers and service providers alike. It could also disrupt the continuous services provided by third parties, such as long-term financial planning, budgeting and tax tools, or fraud monitoring, which rely on a consistent flow of updated data.&nbsp;
<h2>The Road Ahead</h2>
As we&rsquo;ve said before, consumer demand, market innovation, and regulatory momentum have converged around a shared principle: <a href="https://www.mx.com/1033-reopened/">people should be able to securely access and share their own financial data</a>. Though the CFPB is reevaluating parts of Rule 1033, the current PFDR Rule takes a significant step in the right direction by ensuring permissioned data sharing is a statutory right for consumers.&nbsp;
The stakes are incredibly high. In addition to the ANPR, the U.S. District Court for the Eastern District of Kentucky issued a ruling to <a href="https://www.pymnts.com/bank-regulation/2025/court-halts-cfpbs-open-banking-rule-as-banks-fintechs-await-rewrite/">halt the CFPB from enforcing Rule 1033 until the Bureau completes its ongoing reconsideration</a>. This could further disrupt the timeline for Open Banking implementation and lead to additional activities by Congress, federal and state regulators, and the broader industry. The CFPB&rsquo;s reconsideration of key parts of Rule 1033 will determine how competitive and consumer-centric the financial services industry in the United States is going forward. Speed and clarity are of the essence.&nbsp;
We look forward to further collaboration across the ecosystem to foster innovation, protect consumers, and ensure the continued growth of the U.S. Open Banking market.&nbsp; Regardless of what happens, MX remains committed to ensuring that secure and permissioned data access continues to drive innovation forward and deliver positive outcomes for consumers and businesses.

Another Fork in the Road for the Future of Open Banking

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/">latest consumer researc</a>h 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.

The Consumer-Driven Banking Act: Canadian Open Banking Takeaways

At MXS, key policy makers from Data aggregation leaders came together to discuss the present and future of Open banking. 

Top aggregation experts from across the industry explain the state of Open Banking in the U.S. at MXS 2025.

 Navigating the Future of Open Banking: Key Takeaways from Industry Leaders

The state of Open Banking in the U.S. is at a crossroads. Over the past year, the industry has seen rapid movement, from <a href="https://www.mx.com/webinars/data-access-fees-impact/">debates on data access fees</a> to a <a href="https://www.mx.com/blog/open-banking-anpr-revisited/">second ANPR on Section 1033 of the Dodd Frank Act </a>from the Consumer Financial Protection Bureau.&nbsp;
Questions around liability, consumer representation, and <a href="https://www.consumerfinance.gov/personal-financial-data-rights/">compliance timelines</a> continue to shape what the future of Open Banking will look like &mdash; and who will benefit from it.
To unpack these issues, MX brought together leaders from across the ecosystem for a <a href="https://www.mx.com/summit/2025/data-aggregators/">candid discussion during Money Experience Summit 2025</a>. The panel &mdash; featuring representatives from Plaid, Yodlee, and MX &mdash; explored the reality of today&rsquo;s Open Banking environment and what&rsquo;s needed to turn data movement into true value creation for consumers.
<h2>Liability and Scope of Data Are Missing from the ANPR Conversation</h2>
While issues of security, fees, and consumer representation are central to the current rulemaking process, the panel highlighted two areas notably absent from the conversation: liability and data scope.
Both have been longstanding sources of friction in Open Banking litigation and are critical to getting the next phase right. Without clear definitions of who bears responsibility in cases of data misuse or breach, and what specific data categories are covered, participants cautioned that the same disputes could stall progress again.
<h2>Fees for Data Access Should Remain Prohibited</h2>
The panel also tackled the growing debate over whether financial institutions can charge for data access. On this point the panelists were in agreement.&nbsp;
Referencing recent moves by financial institutions to add fees for data access, panelists noted that while the intention was to support infrastructure, Section 1033 is clear on the permissibility of fees for data access. As John Pitts, former Global Head of Policy at Plaid, said it simply &ldquo;... the 1033 law clearly makes paying fees for access illegal.&rdquo;
Beyond the legality issues, panelists further agreed that the introduction of fees will add unnecessary friction to the Open Banking ecosystem. Jane Barratt, Chief Advocacy Officer at MX, was direct about the implications:
<blockquote>
&ldquo;Data access is a zero-sum game. If you charge for data out, data in will cost more. We&rsquo;re just adding costs to the ecosystem under the guise of covering API costs &mdash; and those costs eventually roll downhill to the consumer.&rdquo;
</blockquote>
Her point underscored a shared concern: monetizing access could create new barriers to competition and erode the consumer value proposition at the core of Open Banking.
The panel all agreed that the introduction of fees for access to financial data will roll downhill, eventually being applied directly to consumers. But, consumers don&rsquo;t want this. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s most recent research</a> revealed that nearly half (48%) of consumers say they would be unlikely to connect external financial accounts to their primary bank if it came with a fee.&nbsp;
<h2>The Role of Data Intermediaries</h2>
With more than 8,500 financial institutions and thousands of fintechs in the U.S., the panel agreed that intermediaries play an essential role in facilitating the secure flow of financial data.
&ldquo;No single company can connect every system alone,&rdquo; noted Eric Jamison, former Head of Product at Yodlee.
Data intermediaries provide quality control, standardization, and translation of raw, machine-readable information into meaningful, actionable insights. The panel compared their role to credit bureaus, where multiple data sources converge to create a holistic consumer benefit.
Expanding the flow of data, they emphasized, &ldquo;raises all ships&rdquo;, improving the tools available to consumers and encouraging innovation across the ecosystem.
<h2>The Need for Regulatory Clarity</h2>
The U.S. Open Banking landscape is at a critical juncture. Over the past 9 months, financial institutions, fintechs, and regulators have navigated new developments. Consumers, who often hold 5 to 7 financial accounts across multiple providers, need secure, unified access to their financial information to make informed decisions. Open Banking is key to enabling this, creating an interoperable ecosystem that promotes competition, drives innovation, and empowers consumers to manage their own data.
Yet uncertainty remains. Panelists highlighted that, absent clear guidance on representation, access fees, and compliance timelines, the rulemaking process could stretch on for years, leaving smaller institutions hesitant to invest and widening the competitive gap between large and small players. Without regulatory clarity, the risk grows that community banks and credit unions fall behind, consumers face limited choice, and the industry sees little meaningful progress.&nbsp;
Strong, consistent leadership from regulators is essential to ensure that Open Banking fulfills its promise for both consumers and the broader financial ecosystem.
<h2>The Road Ahead Has Two Paths</h2>
Looking ahead, the panel outlined two possible futures for Open Banking in the U.S.:
<ol>
<li style="font-weight: 400;" aria-level="1">An interoperable ecosystem built on standardized APIs, robust consumer protections, and open competition. </li>
<li style="font-weight: 400;" aria-level="1">A fragmented market dominated by proprietary networks controlled by a few large players, where access comes with a toll.</li>
</ol>
Without clear and timely regulation, the latter could become reality &mdash; especially as emerging technologies like agentic AI drive new forms of data aggregation outside formal channels.
<h2>Turning Data into Value</h2>
As the panel closed, the message was clear, it is time for Open Banking to evolve from data movement to value creation. And, ensuring data flows safely, securely, and with tangible benefit to consumers is how we get there.
Open Banking in the U.S. is no longer a question of if, but how well. The work ahead lies in aligning regulation, infrastructure, and innovation so that access becomes empowerment &mdash; and every connection creates value.

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The Future of Finance Is Experience-First

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Another Fork in the Road for the Future of Open Banking

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