Why the Basics Matter for Financial Services
October 12, 2023 | 1 min read
Brandon Dewitt, CTO and Co-founder at MX, and David Whitcomb, General Manager at MX, announced Path by MX — an API-driven solution that powers modern banking and data access, making it easier for financial institutions to seamlessly integrate with the services and apps they need. The discussion, moderated by Shayli Lones, Director of Product Marketing at MX, was full of client use cases, exclusive insights and real-world examples about what Path makes possible for financial institutions as they grow and scale.
Right now, gaining access to your data is likely time consuming and often comes at a cost. If you’re only pulling data on a monthly or quarterly basis, your data may no longer be accurate.
Whitcomb explains how a client is using Path to utilize their data in order to show how important it is to have access to that data in real-time “Today, for financial institutions to be able to use their data, there’s usually a fee wall, meaning they have to pay for it. Essentially, financial institutions have to pay to get a full picture of their users’ accounts, transactions, and their ability to move money between accounts. Right now, you have to make a request to pay every month for the report all along the way.” In this example, the client is “seeking to find ways to free up that data so that it's not just a single batch process anymore, it's now going to be updated on a consistent basis. And so it's near real-time. So rather than having a monthly synopsis of what the user behaviors and activity was, we can have a mid-month update, which gives a more real-time view into users’ accounts trend transactions.”
The ability to connect various ecosystems and bring your data together easily, seamlessly, and quickly is imperative when it comes to keeping up with the pace of innovation in the financial industry.
Here, Whitcomb explains how Path makes your data accessible in various ways. With Path “we can start getting all of the data that we need to recognize that users are more than accounts and transactions. They’re all these different data relationships that are pulled together from all these disparate systems that typically exist in multiple ecosystems. Very few products will make your data available to multiple layers. Path does across the board not just the user experience. But also the admin experience so your staff has the data they need to help customers.”
Scaling and growing by quickly adapting to new technologies will be paramount for financial institutions as new entrants, and customer expectations, continue to reshape the financial industry.
Dewitt expands on why Path was created and how it helps financial institutions scale and grow: “There are so many systems behind the scenes you need to plug into. And you start realizing all the difficulties with transitioning from one system to another. As we begin to interact with additional systems that are working in a more real-time format, we need to be able to have systems that can connect them together while still creating consistency in that experience. Where Path came from was this idea that as financial institutions continue to grow into the future, we want to create, quite frankly, a path for them to move from systems that may be doing the heavy lifting today to systems that they see as their opportunity for tomorrow. Systems that are more real-time and set up for a world of how users expect to experience their interaction with their financial institution.”
Whether you’re just beginning to look into integrating with third-party solutions and services or are ready to start making changes today, Path can simplify the way you connect, helping you move quicker and innovate faster.
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