What’s Next in Mobile Banking? More of Everything
July 29, 2022 | 1 min read
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November 10, 2021 | 0 min read
In this product forum, we shared the business benefits of prioritizing consumers' financial health and wellness with success stories from our partners.
With the pace of the financial climate dramatically changing in the past few years, MX has been looking for ways to champion its mission of empowering the world to be financially strong with the vision of "finances as they should be." In the current economic landscape, 40% of retail banking consumers are financially vulnerable. This means that they struggle with managing their daily and monthly finances, unexpected financial expenditures, and achieving their financial goals.
In lew of the need for stability, would-be leaders in the finance sector can rise to the challenge by creating opportunities for financial success among their customers. As Sarah Parker, Sr. Director at Financial Health Network, says in the forum, “financial health comes about when your daily systems help you build resilience and pursue opportunities.” A recent study discovered that 69% of consumers who receive advice from their financial services provider act on it, and their overall satisfaction increased by 229 points (based on a 1000-point scale). When you prioritize financial strength and wellness in your digital strategies, you can unlock differentiating value drivers, which help your consumers worry less, feel more in control, and take action.
As Crystal Anderson, Vice President of Product for Money Experience at MX, said during the forum, "There's nothing like a crisis to remind us what's most important." To back up this statement, she goes on to say, "Since the coronavirus pandemic hit, spending in areas such as personal accessories, apparel, and jewelry decreased, while spending in areas like groceries, household supplies, and gasoline increased. In 2020 alone, the value of personal savings in the U.S. reached over 2.3 trillion dollars, a nearly twofold increase compared to 2019."
While individuals are financially adapting to the dramatic changes in the past two years, they may still lack the understanding and guidance that a financial company can provide. Fortunately, many companies have decided to rise to the challenge of helping consumers maintain financial strength. To raise awareness of the need to be financially strong, MX looks to partner with innovative and bold partners.
Consumers are ready to be enabled for financial wellness; they just need a trusted guide or secure path to success. Goalry, a financial goal management platform, partnered with MX to 'make money LESS boring,' creating a financial mall with all the "stores" consumers would need to reach their goals. In a world where 78% of consumers say they want financial guidance and only 40% say they are receiving it from their financial institution, Goalry creatively addresses an overlooked and ignored market need.
Another example of success is First Hawaiian Bank. They are continually looking for ways to serve their members better. Using MXmobile, First Hawaiian Bank delivers smart and actionable insights into their consumer's finances so that they can make intelligent decisions with their money. Individuals can track income versus spending, see where their money is going, see what expenses are essential, and more. With MXmobile and MXinsights, First Hawaiian Bank can drive savings with its users. Visit our website to learn more about how MX can help your team get the most value out of your data.
At MX, our mission is to empower the world to be financially strong and we do that by helping our partners achieve real business results by strengthening their customer’s financial health. If you’re ready to join us in our mission and see similar results, contact us to learn more about MX’s wellness solutions.
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