The Future Is Bright: MX CEO Takeaways from the 2024 Money Experience Summit
November 1, 2024 | 2 min read
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The early 1980s was the last time inflation in the U.S. was this high, according to The Financial Brand. This means that a majority of Americans have never experienced the economic stress and uncertainty that comes with rising costs of daily life. However, the good news is that there is more financial data than ever that could help fuel greater financial wellness.
MX recently spoke with 10 senior leaders at financial institutions at our exclusive Financial Wellness Forum, where we brought together experts from across the industry to share their thoughts on what’s working and what’s broken when it comes to financial wellness. The key takeaway? Greater access and ability to act on financial data can help shift consumers from reactive responses to proactively taking control of their finances.
Consumers are looking for a more complete picture of their finances but the reality is that it’s hard to get that 360-view today. Many people don’t know where their finances stand across the board. But, here are the outcomes we could gain if we had a more transparent view of our finances:
For organizations, permission-based data from consumers can also increase returns on investment (ROI) and build stronger customer loyalty. For instance, consumer-permissioned data enables a company to see what’s going on so that they can provide more personalized recommendations and insights, develop products and services to meet customer needs, and even market more effectively. And, companies who put consumers in control of who has access to their data creates stronger trust.
Where to start? MX sees Open Finance as the foundation for enabling a complete picture of finances in a single place. Open Finance gives both consumers and financial providers better access, visibility, and control into who has access to financial data.
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