The Power of Data: Putting Data into Action

Today’s economic uncertainty requires financial providers to effectively leverage consumer data to positively influence the financial system. 

Rodney Hood, Former Acting Comptroller of the Currency and Chairman of the National Credit Union Association, recently said, “Our financial system is strong, our regulators are engaged, and our innovators, companies like MX, are proving that technology, data, and partnerships can create a more inclusive and resilient financial system.”

Unfortunately, 31% of consumers agree they don’t feel financial providers do enough to support their financial needs, according to MX. The same study found that 65% of consumers agreed they expect financial institutions to use the data they have about them to provide them with actionable and clear insights about their finances.

What does this tell us?

Consumers want and expect more. They need more for a resilient financial system that prioritizes consumer outcomes. And, the solution can be found through financial data.

Financial institutions are sitting on massive amounts of consumer-permissioned data. But data for the sake of data doesn’t do anything. The key is turning that data into action. Action for the institutions. Action for the consumers. Action that transforms.

What Do We Mean by Data?

Every time a consumer opens their mobile banking app, taps their card to make a payment, or browses loan options, they’re signaling who they are and what they need. Financial institutions can leverage this data and turn it into wisdom to become a dynamic partner to their customers.

Additionally, consumers opt to share specific data that can help their financial institution to know them even better. Once they’ve consented to sharing data, it’s up to financial institutions to turn that data into something better.

As Jas Shah with Fintech Takes said, “Data is valuable, but only when it’s given context, meaning, and put into action to make intelligent, informed decisions.” He also shared how each of these things build upon each other to transform data into something real and tangible.

Consumers Don’t Just Want It — They Expect It

In a recent webinar, Jana Manley, Chief Growth Officer at Suncoast Credit Union, answered the question whether customers are ready for their providers to use consumer data to personalize their experiences.

“They expect it. And I think a lot of them are exceptionally disappointed that their financial institutions don’t look to that level to help them.”

Consumers agree with that sentiment. Today, 55% of U.S. consumers said they would give their financial provider access to more of their data if they knew it would result in a better experience, according to MX.

Putting data into action is a value add for everyone. Financial providers can create better, more engaging customer experiences. Consumers can take advantage of improved, personalized financial experiences. It’s a win-win.

Activating Data for Financial Institutions

Data is dynamic. Financial providers that treat data as such will be able to unlock growth that impacts the entire business and drives better outcomes for consumers. Some key areas of growth include:

• Attract and Retain Deposits: Grow relationships and share of wallet with early visibility into deposit risks. 
• Support Financial Wellness: Unlock insights that offer personalized guidance to help customers reduce financial stress and take action to improve their financial strength.
• Deliver Personalized Insights and Offers: Surface data-driven product recommendations that improve engagement and deepen relationships over time.
• Prevent Fraud: Recognize irregularities that may be a sign of fraud more quickly to help proactively manage risk and reduce call center volumes.

Activating Data for Consumers

Financial institutions that make data-driven decisions will be able to delight customers and create more engaging experiences. Activating data can transform the customer experience through:

• Increased Engagement and Financial Wellness: Consumers can receive personalized nudges about savings goals, switching direct deposits, or reviewing irregular transactions. These insights can empower them to take a more active role in their financial lives — and drive higher levels of engagement.
• Increased Clarity and Transparency: Cleansed data ensures that consumers know where their money is going — instead of trying to make sense of a confusing jumble of numbers and letters.
• Increased Trust: Through better data use, financial providers can become even more trustworthy partners for financial decisions.

Your Data into Action Partner

MX’s solutions are built on the promise of turning data into action, and letting that create positive outcomes for consumers. At Money Experience Summit 2025, Rodney Hood said, “MX proves that financial data — when delivered transparently and responsibly — can close gaps in access and, in fact, promote fairness.”

In practice, what does data into action look like? Rodney went on to explain that institutions using fintech tools that provide proactive, real-time financial nudges can help underbanked families start saving for emergencies, avoid overdraft fees, and pay down debt — which all have a significant impact on financial health.

Turning data into action is a non-negotiable for financial institutions today. To win and retain customers, it’s all about the data and making the right data work. Financial providers who put the data consumers choose to share with them into action will drive stronger engagement, increased customer satisfaction, higher deposits, and establish long-term relationships.

To see how you can turn data into action, discover MX.