At the Financial Brand Forum 2026, industry leaders discussed how financial providers can drive growth with agentic AI.

At the Financial Brand Forum, James Dotter and Derek White discussed the role that agentic AI has in driving growth across today’s financial system.

The Role of Agentic AI in Modernized Banking

Artificial intelligence (AI) adoption across the financial industry is accelerating, with a strong focus on strategic growth. In 2023, financial services firms spent $35 billion on AI, with projected investments across banking, insurance, capital markets and payments businesses expected to reach $97 billion by 2027 &mdash; <a href="https://www.weforum.org/publications/industries-in-the-intelligent-age-white-paper-series/financial-services/">according to the World Economic Forum&rsquo;s report on AI in financial services</a>. These numbers prove that AI is already having a strong impact on the financial services industry. And, its presence presents a significant opportunity in the coming years.&nbsp;
<h2>The Current Landscape of Agentic AI</h2>
<a href="https://www.ey.com/en_us/insights/banking-capital-markets/ai-in-banking-ey-parthenon-genai-survey-insights">EY conducted a survey</a> to see where financial institutions are currently at with their AI-adoption strategies. It found that 77% of banks have softlaunched GenAI applications, while only 31% have moved forward with implementation of agentic AI solutions.
While GenAI is a stepping stone for financial institutions to drive back-office efficiency, agentic AI is entering the scene to drive impactful growth and revenue. This transition was discussed in a session at the Financial Brand Forum 2026 with <a href="https://www.mx.com/">MX&rsquo;s</a> Chief Business Officer, James Dotter, and <a href="https://primitive.com/">Primitive&rsquo;s</a> Founder and CEO, Derek White.
<img src="https://cms.mx.com/assets/a36b2b37-3eff-4cd7-a594-1400b6abfd43?width=4032&amp;height=3024" alt="Img 3042" />
White pointed out a key distinction between the two types of AI. Generative AI injects global intelligence into an organization, while agentic AI is designed to amplify and inject new work, acting on your behalf. He hypothesized that in the very near future, banks will have more AI agents than human employees &mdash; increasing their ability to make an impact.&nbsp;
Here are a few key ways that financial institutions can find success as they step into the world of agentic AI:
<h2>Using the Right Data and the Right Models</h2>
As financial institutions assess their current AI strategies, they must focus on accuracy. This means accuracy in data and accuracy in models.
As Dotter stated, "Any model, whether it's a basic statistical algorithm or an AI agent, is only as good as the data that it ingests. If it's garbage in, it will be garbage out." Financial institutions that want to maximize their growth potential with powerful agentic AI will have to ensure that the data feeding these models is <a href="https://www.mx.com/blog/what-is-data-enhancement/">enhanced, cleansed, and usable</a>. The foundation for any model is quality data.&nbsp;
Additionally, financial providers should identify when probabilistic or deterministic models should be used &mdash; because they each have different strengths. For example, probabilistic models can be powerful tools for predicting theoretical outcomes. Alternatively, when you already know the answers, a logic-based, deterministic AI model prevents you from relying on guessing.&nbsp;
Ensuring high data quality &mdash; while using the right model &mdash; will help financial providers unlock greater potential with agentic AI.
<h2>Enhancing AI Capabilities to Drive Revenue</h2>
Financial institutions that adopt agentic AI are able to enhance human capabilities to drive revenue. Agentic AI can enhance the capabilities of a single employee, putting global intelligence at their fingertips to quickly identify and act on growth opportunities.
Dotter highlighted the depth of engagement that agentic AI brings, saying, "When we start thinking about this evolution into agents, it expands the personalization in an incredible way... all of a sudden it starts to get soulful with these agents." As institutions look to bring agentic AI into their strategic planning, they&rsquo;ll be able to create even more personalized experiences.
As part of the discussion, Dotter and White illustrated how this dynamic could look when done correctly. <a href="https://www.mx.com/news/primitive-launches-ai-agent-operating-system/">Primitive recently launched its AI agent operating system</a> &mdash; providing financial providers worldwide with access to AI that will drive revenue. Primitive&rsquo;s partnership with MX equips financial institutions with the ability to leverage <a href="https://www.mx.com/news/architecture-of-action/">MX&rsquo;s Growth Agent</a> to reduce the manual work in identifying opportunities for growth &mdash; like consumers that are ready for <a href="https://www.mx.com/case-studies/driving-mobile-growth/">deposit switches</a>.&nbsp;
<h2>Making AI Work from Any Starting Place</h2>
Businesses everywhere are at different stages of AI adoption. Even if you have yet to make significant AI moves, it&rsquo;s not too late to get started. But, there are key building blocks that will help you prepare for the next stage of AI. Upon laying <a href="https://www.mx.com/products/data-enhancement/">enhanced, structured data</a> as the foundation for successful AI adoption, the discussion followed a "crawl, walk, run" strategy &mdash; by building incrementally upon each previous stage.
<ul>
<li style="font-weight: 400;" aria-level="1">Crawl: Using agents internally</li>
<li style="font-weight: 400;" aria-level="1">Walk: Putting informational agents in front of customers</li>
<li style="font-weight: 400;" aria-level="1">Run: Opening up full transactional capabilities.</li>
</ul>
When banks and credit unions feel comfortable about building out internal agents, they will be prepared to leverage AI to make customer-facing information available. Once customer-facing AI has <a href="https://www.mx.com/blog/where-consumers-trust-and-use-ai/">built trust across the customer base</a>, institutions will be ready to deploy AI that helps consumers transact. It&rsquo;s all about assessing where you are on your AI adoption journey and seeing how to get to the next phase.
<h2>Moral Responsibility and the Future</h2>
All things technology, innovation, and AI can help financial institutions build toward an economic system that benefits consumers. To close out the session, Dotter emphasized that financial institutions have a &ldquo;moral responsibility&rdquo; to create changes for consumers that positively impact them. It&rsquo;s in providers&rsquo; hands to change the industry for the better.

How the Financial Industry Can Leverage Agentic AI to Drive Growth 

New research shows that most Americans report living paycheck to paycheck. But, the right tools can improve that, see how. 

Request a demo to see how MX can improve your customers' financial wellness. 

See How MX Can Reduce Your Customer's Financial Stress

Explore what it means to live paycheck to paycheck today and how greater financial clarity through MX tools can help consumers build stability and improve outcomes.

 Defining Living Paycheck to Paycheck with MX Data

For many Americans, financial goals aren&rsquo;t about getting ahead, they are about getting through the month. <a href="https://www.mx.com/research/financial-health-tension/">MX&rsquo;s latest consumer research</a> reveals a financial reality defined by tension &mdash; consumers are broadly optimistic about the future, yet strained in the present. At the center of that tension is a widespread experience: living paycheck to paycheck.
As financial providers better understand consumers and their greatest financial needs, they&rsquo;ll be able to prove that consumers&rsquo; financial lives are a priority. And, as this prioritization leads them to implement the right tools, they&rsquo;ll become financial partners that actually drive consumer financial health.
In this blog, financial providers will learn more about the data behind living paycheck to paycheck, and will see how financial tools can have a lasting impact on consumer financial health.
<h2>What &ldquo;Paycheck to Paycheck&rdquo; Really Means</h2>
According to the research report, 62% of consumers consider themselves to be living paycheck to paycheck. But, that label doesn&rsquo;t mean the same thing for everyone.
Most consumers (46%) chose a definition that said living paycheck to paycheck meant covering bills but nothing else, while 1 in 3 chose a definition that reflects a lack of ability to save enough.&nbsp;
Consumers define living paycheck to paycheck as:
<table>
<tbody>
<tr>
<td>
Able to pay bills each month but cannot add to my savings or retirement
</td>
<td>
26%
</td>
</tr>
<tr>
<td>
Unable to pay my monthly bills without my next paycheck
</td>
<td>
20%
</td>
</tr>
<tr>
<td>
No savings set aside
</td>
<td>
18%
</td>
</tr>
<tr>
<td>
Savings amount is too small
</td>
<td>
15%
</td>
</tr>
<tr>
<td>
Not able to build additional wealth during a typical month
</td>
<td>
12%
</td>
</tr>
<tr>
<td>
Able to pay bills and contribute to retirement funds each month but cannot add to my savings
</td>
<td>
7%
</td>
</tr>
</tbody>
</table>
Whatever the definition, living paycheck to paycheck is often more about stalled progress than financial instability.
<h2>Stability Comes First</h2>
Ultimately, the data points to a simple truth &mdash; most consumers are focused on financial stability before anything else. Nearly 1 in 5 (19%) say their top goal for 2026 is simply covering monthly bills, followed by paying down credit card debt (16%) and saving for retirement (10%).
For millions, financial health doesn&rsquo;t begin with wealth-building, it begins with breathing room.
<h2>A Different View Inside MX Data</h2>
Another way to understand this dynamic is through spending behavior. Financial guidance often suggests saving 15&ndash;20% of income, so consumers spending 90% or more of their income can be considered to be living paycheck to paycheck.
But, while more than 6 in 10 consumers identify themselves as living paycheck to paycheck, MX platform data indicates that the right tools can significantly reduce that number. MX platform data leveraging anonymized consumer-permissioned data shows that 51% of users spend at least 90% of their income each month, and 42% of consumers spend 95% of their income.&nbsp;
While these numbers remain too far from zero, this data shows that those that engage with MX&rsquo;s financial insights solution are as much as 21% less likely to be living paycheck to paycheck than consumers overall. That gap suggests that the financial institutions that offer visibility and actionable insights can meaningfully influence financial health for consumers.&nbsp;
<h3>From Insight to Impact: Turning Financial Data into Better Outcomes</h3>
Understanding where consumers stand is the first step toward helping them move forward. With MX <a href="https://www.mx.com/products/financial-insights/">Insights</a> and <a href="https://www.mx.com/products/personal-financial-management/">PFM</a> solutions, financial institutions can gain a clearer view of behavior, identify those at risk of living paycheck to paycheck, and deliver experiences that improve financial health while deepening engagement. For FIs, that means turning insight into action, and action into better outcomes.
To see how this could improve outcomes for your customers, request a demo today.
&nbsp;

Paycheck to Paycheck: The Financial Reality Facing Most Americans in 2026

At the Money Experience Leadership Forum, financial leaders discussed how to find paths to growth across the industry.

At the Money Experience Leadership Forum, financial providers gathered for open discussions on the future of the financial industry.

MX Leadership Forum Recap

Larry King once said, &ldquo;I remind myself every morning: Nothing I say this day will teach me anything. So if I&rsquo;m going to learn, I must do it by listening.&rdquo; The greatest wisdom comes by gathering experts together and learning from one another. This principle was a key motivation behind MX&rsquo;s invite-only <a href="https://www.mx.com/leadership-forum/">Money Experience Leadership Forum</a>.&nbsp;
At the Money Experience Leadership Forum, MX gathered 30 industry leaders to enjoy the majestic mountains of Sundance, Utah. Here attendees actively participated in open discussions about the state of the industry &mdash; and how to find paths to growth.
<img src="https://cms.mx.com/assets/ad2c99ea-d900-4d7e-a55c-938bf2dae7f6?width=1858&amp;height=1238" alt="26 Mxlf Welcome Reception 73 V1" />
The event covered key topics for the industry &mdash; artificial intelligence (AI), establishing a data-driven culture, and identifying opportunities to serve customers. And, the greatest value came from financial providers sharing their real, learned experiences. Here are some of the key themes across the discussions.
<h2>Data Is the Foundation for Everything</h2>
Data was at the heart of every conversation around building better relationships, increasing trust, and helping consumers understand their full financial picture. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX data shows</a> that 59% of consumers expect their financial provider to leverage the data they have about them to personalize the experience, proving that data is a key driver for consumer relationships.&nbsp;
In order to move into a future-ready banking culture, financial institutions need to embrace data at every level. Personalization, digital experiences, AI, and more are all only as good as the data powering them.
<img src="https://cms.mx.com/assets/652b3852-0612-46e6-b446-e28961e4a5de?width=2223&amp;height=1482" alt="26 Mxlf Afternoon Session 75" />
<h2>Banking Fundamentals Still Matter Most</h2>
Innovation has come to drive growth and change in the financial industry, but success continues to be defined by financial institutions that excel at the basics.
While creating a next-level mobile experience is key, financial leaders must first think about how to drive customer engagement. Bringing AI into the customer experience is essential, but financial providers should start by understanding <a href="https://www.mx.com/blog/financial-wellness/">how they can impact financial wellness</a>. Implementing new and innovative tech is important, but it isn&rsquo;t nearly as powerful without first understanding the need to increase deposits.
Financial institutions must take advantage of new technologies to provide customers with excellent financial experiences. But, the first step is keeping their focus on the banking fundamentals.
<h2>The Role of AI in Financial Services</h2>
AI dominates conversations around the future of the industry. The Money Experience Leadership Forum was no exception. As financial service professionals search for areas to innovate, AI provides a great opportunity to increase engagement and become more operationally efficient.
But, in order to be successful with AI implementation, financial providers need to recognize that AI is an essential part of the journey &mdash; not the destination. Adopting AI for the sake of AI doesn&rsquo;t make the difference. <a href="https://www.mx.com/blog/ai-will-become-user-centric-in-2026/">Using AI with intention to transform financial processes</a> will enable financial leaders to do more for their customers and their business. And, it will push providers into a new era of banking.
<h2>Industry Leaders Making a Difference</h2>
The event was centered on creating a better financial ecosystem &mdash; with the action that makes it possible. In pursuit of this goal, attendees demonstrated their commitment to better the finances of their customers &mdash; and to have a lasting impact on the world.&nbsp;
These leaders are ready to make changes to create a financial system that benefits consumers from all walks of life. By creating space to listen, learn, and challenge one another, these financial providers are shaping what comes next. With leaders eager to make this difference, the future of financial services is bright.&nbsp;
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Leadership Forum 2026 - Web Version" src="https://player.vimeo.com/video/1164060048?h=1c4b079c42&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>

An Inside Look at the Money Experience Leadership Forum

Financial providers have the responsibility to promote financial wellness across their customer base.

With the right tools and data, financial providers can fulfill their responsibility to their consumers and drive financial wellness.

How to Drive Financial Wellness for Your Consumers

Fifty-five percent of consumers said money worries had a severe or major impact on their mental health in the past year. And, 44% of consumers said their financial stress has impacted their physical health in the last year, <a href="https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html">according to a recent study by Voya</a>.
That&rsquo;s why financial wellness is a much greater conversation than simple budgeting. It&rsquo;s physical health. Mental health. Emotional health. It contributes to the entire state of well-being for consumers. MX&rsquo;s Senior Director of Product Management, Billy Gast, shares why financial wellness matters &mdash; for consumers and businesses.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Minis - Why Financial Wellness Matters" src="https://player.vimeo.com/video/1145352628?h=1fc00fc350&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
Achieving financial wellness <a href="https://www.mx.com/blog/financial-wellness/">does not lie with consumers alone</a>. Regulators should stand for legislation that positively impacts consumers and makes financial wellness possible. And, more importantly, financial institutions should center their offers and services around financial wellness.
<h2>The Role that Providers Play in Financial Wellness</h2>
Consumers want financial help from their financial providers, but many are left unsatisfied. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX found that</a> 37% of consumers say financial providers don&rsquo;t do enough to support their financial needs. Diving into specific use cases, 38% of consumers feel that financial providers aren&rsquo;t doing enough to help them reach their financial goals.
Consumers are asking for help. It&rsquo;s up to financial providers to meet consumer expectations and transform their financial wellness. Here is our cheat sheet for how you can drive financial success across your consumer base:
<h2>1. Provide the Right PFM Tools</h2>
Having the right tools and placing those tools in consumers&rsquo; hands is one of the first things that financial providers can do to promote financial wellness for their consumers. <a href="https://www.mx.com/products/personal-financial-management/">Personal Financial Management (PFM)</a> tools are a powerful way that providers can help consumers bring together disparate accounts into one view, track their spending, create budgets, and better understand their finances.
One of the biggest benefits of providing consumers with a PFM tool is the ability to gain personalized insights into their financial lives. And, consumers want this. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX recently found that</a> 51% of consumers expect greater levels of personalization from their finance-related mobile apps than what they receive today. The best PFM can provide hyper-personalized financial insights that enable consumers to take action to better manage their money.&nbsp;&nbsp;
Billy has some words of advice on how financial providers can get PFM right.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Minis - Getting PFM Right" src="https://player.vimeo.com/video/1145352710?h=f6a90f3576&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
<h2>2. Leverage Data for Personalized Financial Experiences</h2>
With every transaction, consumers tell you a story about their greatest financial needs. And, as a provider, it&rsquo;s up to you to make sense of this data and drive financial wellness.
Many financial providers have concerns that using data too much can make consumers uncomfortable. But, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">the research says otherwise</a>. In fact, consumers actually expect providers to leverage their data and would be willing to give their provider access to even more data if it could improve their financial experience.<img src="https://cms.mx.com/assets/a064524b-921e-4526-9785-097a77c891eb?width=2761&amp;height=1401" alt="consumers willing to give financial providers more data" />
Financial providers have the opportunity to make the most of consumer-permissioned data to drive better outcomes. It&rsquo;s a powerful resource for personalizing the financial experience and promoting financial wellness for consumers. Watch to see how providers can make the most of consumer-permissioned financial data.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Minis - The Power of Data" src="https://player.vimeo.com/video/1145352986?h=e4c82c271e&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
<h2>3. Become a Trusted Financial Partner</h2>
When it comes to achieving financial wellness, consumers need more than financial providers. They need financial partners. When providers become partners, they take more of an active role in their consumers&rsquo; financial lives.&nbsp;
In practice, this can mean more personalized and actionable financial advice. In 2025, <a href="https://www.jdpower.com/business/press-releases/2025-us-retail-banking-advice-satisfaction-study">J.D. Power</a> found that 26% of bank customers say they are &ldquo;very interested&rdquo; in receiving bank advice or guidance &mdash; up from just 19% in 2021. And, 36% of consumers under 40 are seeking financial advice from their banks.&nbsp;
Consumer financial needs go deep. Because of this, they want more than generic financial help. Instead of marketing to an entire generation, true financial partners will market to the individual with personalized offers based on consumers&rsquo; unique financial situations. These <a href="https://www.mx.com/products/financial-insights/">personalized insights</a> may look like direct financial advice into how consumers can save or spend better, which can drive financial wellness.&nbsp;
Becoming a trusted financial partner is a process that providers <a href="https://www.mx.com/request-demo/">don&rsquo;t need to do alone</a>. As Billy said, &ldquo;It takes effort, innovation, and data-driven insights to become a true financial partner for consumers in their lives.&rdquo; When financial providers put in the work to build this trust as financial partners, they will push their customers to a future of financial health.
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="MX Minis - Consumers Want Financial Partners Not Providers" src="https://player.vimeo.com/video/1145352780?h=6ad33b1da0&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
&nbsp;

Financial Wellness Cheat Sheet: Driving Success for Your Consumers

MX historical data shows the trends in consumers financial priorities and where financial, providers can meet them where they are.

MX data shows consumers shifting from financial goals to stability, with rising stress and lower engagement shaping financial health.

MX Insights on Shifting Consumer Financial Behavior in 2026

Over the past year, consumer financial behavior has undergone a subtle but meaningful shift. What once looked like a landscape defined by ambition &mdash; saving for homes, improving credit, and building wealth &mdash; now reflects something more restrained. The focus now is on stability, well-being, and simply keeping up.
<a href="https://www.mx.com/research/financial-health-tension/">MX&rsquo;s latest consumer research</a> reveals trends that show not just what consumers are doing differently, but how their relationship with money, and their expectations of financial providers, is evolving in real time.
<h2>A Rebalancing of Priorities</h2>
One of the clearest indicators of changing consumer mindset is the shift in New Year&rsquo;s resolutions. Financial goals are losing ground to health and personal well-being.
For the past two years, we asked consumers what category their New Year's resolution fell into, and they said:&nbsp;
<table>
<tbody>
<tr>
<td>
New Years Goal Category
</td>
<td>
2025
</td>
<td>
2026
</td>
</tr>
<tr>
<td>
Health
</td>
<td>
26%
</td>
<td>
29%
</td>
</tr>
<tr>
<td>
Finances
</td>
<td>
28%
</td>
<td>
29%
</td>
</tr>
</tbody>
</table>
&nbsp;
This shift becomes more pronounced at the generational level.
&nbsp;
<table>
<tbody>
<tr>
<td>
Generation
</td>
<td>
Health Goal Change
</td>
<td>
Finance Goal Change
</td>
</tr>
<tr>
<td>
Gen Z
</td>
<td>
20% to 25% (+5%)
</td>
<td>
34% to 29% (-5%)
</td>
</tr>
<tr>
<td>
Millennials
</td>
<td>
23% to 28% (+5%)
</td>
<td>
31% to 35% (+4%)
</td>
</tr>
<tr>
<td>
Gen X
</td>
<td>
28% to 25% (-3%)
</td>
<td>
27% to 28% (+1%)
</td>
</tr>
<tr>
<td>
Baby Boomers
</td>
<td>
32% to 38% (+6%)
</td>
<td>
19% to 12% (-7%)
</td>
</tr>
</tbody>
</table>
Gen Z shows a clear pivot away from financial goals. Baby Boomers show the strongest move toward health. Millennials are the only group increasing both, though their financial focus remains high. Gen X is largely unchanged, with a slight tilt toward finances.
The implication is not that finances matter less. It is that consumers increasingly view financial health as one component of overall well-being rather than a standalone priority.
<h2>Stability Is Replacing Aspiration</h2>
When consumers do focus on finances, their priorities are becoming more immediate and less aspirational. Large milestone goals are flat or declining, while short-term financial pressures persist. Consumers answered what their top financial goals are:
<table>
<tbody>
<tr>
<td>
Financial Goal
</td>
<td>
2025
</td>
<td>
2026
</td>
</tr>
<tr>
<td>
Pay off Credit Card Debt
</td>
<td>
13%
</td>
<td>
16%
</td>
</tr>
<tr>
<td>
Covering Monthly Bills
</td>
<td>
19%
</td>
<td>
19%
</td>
</tr>
<tr>
<td>
Save for Retirement
</td>
<td>
10%
</td>
<td>
10%
</td>
</tr>
<tr>
<td>
Buy a Home
</td>
<td>
8%
</td>
<td>
7%
</td>
</tr>
</tbody>
</table>
At a generational level, the story becomes more nuanced. Gen Z is shifting from saving for a car, which drops from 17% to 14%, toward improving credit score, which rises from 8% to 10%. Millennials are pulling back slightly from buying a home, falling from 12% to 10%, and from credit score improvement, declining from 14% to 11%. Gen X shows a notable decline in retirement focus, dropping from 19% to 14%. Baby Boomers show a sharp increase in concern about credit card debt, rising from 17% to 24%.
These patterns indicate a move away from long-term wealth building and toward short-term financial management. Consumers are prioritizing staying current over getting ahead.
<h2>Progress Is Slowing and Consumers Know It</h2>
Perceptions of financial progress are also flattening. We asked consumers if their financial situation was better or worse than it was 6 months ago, and 2 years in a row, 1 in 4 consumers reported worse.&nbsp;
<table>
<tbody>
<tr>
<td>
Financial Situation
</td>
<td>
2025
</td>
<td>
2026
</td>
</tr>
<tr>
<td>
Better
</td>
<td>
34%
</td>
<td>
32%
</td>
</tr>
<tr>
<td>
Same
</td>
<td>
41%
</td>
<td>
43%
</td>
</tr>
<tr>
<td>
Worse
</td>
<td>
25%
</td>
<td>
25%
</td>
</tr>
</tbody>
</table>
Fewer consumers report improvement, while more report no change. This shift toward stagnation is particularly visible among younger generations. Gen Z and Millennials both see an 8-point decline in those who say their finances have improved.
At the same time, only 41% of consumers report fully or mostly achieving their financial goals, while 37% say they fell short or failed entirely. The combination of slower progress and missed goals creates a feedback loop that can weaken confidence and reduce engagement.
<h2>Optimism Is Softening, Especially for Key Segments</h2>
Consumer optimism about achieving their financial goals remains high, but it is trending slightly downward. At the start of 2025, 75% of consumers said they were either optimistic or very optimistic about achieving their financial goals for the year, whereas 72% said the same at the start of 2026.&nbsp;
The generational breakdown reveals sharper shifts beneath the surface. Millennials show the largest decline in strong optimism, dropping from 46% to 42%. Gen X experiences a 10-point drop in general optimism, falling from 46% to 36%. Gen Z remains steady at 39% to 38%, still the most confident cohort overall. Baby Boomers remain stable, with optimism moving only slightly from 44% to 43%.
This indicates that while overall sentiment appears stable, confidence is weakening in the middle of the population where financial pressure is often greatest.
<h2>Stress Remains High but Is Unevenly Distributed</h2>
Financial stress is not increasing overall, but it is not lessening either. We asked consumers if money was their main source of stress, and more than half agree or strongly agree.
<table>
<tbody>
<tr>
<td>
Group
</td>
<td>
2025
</td>
<td>
2026
</td>
</tr>
<tr>
<td>
Overall
</td>
<td>
51%
</td>
<td>
51%
</td>
</tr>
<tr>
<td>
Gen Z
</td>
<td>
59%
</td>
<td>
58%
</td>
</tr>
<tr>
<td>
Millennials
</td>
<td>
51%
</td>
<td>
57%
</td>
</tr>
<tr>
<td>
Gen X
</td>
<td>
50%
</td>
<td>
51%
</td>
</tr>
<tr>
<td>
Baby Boomers
</td>
<td>
43%
</td>
<td>
36%
</td>
</tr>
</tbody>
</table>
Millennials stand out with a 6-point increase in stress, making them the only group experiencing a meaningful rise. Gen Z remains the most stressed overall, even though their level is relatively stable. Baby Boomers show a notable decline in stress.
This divergence highlights how financial pressure is not evenly distributed. Different generations are experiencing very different financial realities, even within the same macroeconomic environment.
<h2>Engagement Is Declining as Complexity Increases</h2>
One of the most significant behavioral changes in the data is a steep increase in financial avoidance. Across every generation more respondents said they do not track their finances in any way.
<table>
<tbody>
<tr>
<td>
Group
</td>
<td>
Do not Track Finances in &lsquo;25
</td>
<td>
Do not Track Finances in &lsquo;26
</td>
</tr>
<tr>
<td>
Overall
</td>
<td>
14%
</td>
<td>
22%
</td>
</tr>
<tr>
<td>
Gen Z
</td>
<td>
10%
</td>
<td>
22%
</td>
</tr>
<tr>
<td>
Millennials
</td>
<td>
14%
</td>
<td>
19%
</td>
</tr>
<tr>
<td>
Gen X
</td>
<td>
15%
</td>
<td>
27%
</td>
</tr>
<tr>
<td>
Baby Boomers
</td>
<td>
17%
</td>
<td>
19%
</td>
</tr>
</tbody>
</table>
With financial stress remaining steady and consistent in financial situations, it stands to reason that consumers are avoiding their finances not because they are getting worse, but because they are too complex.&nbsp;
As financial lives become more fragmented, traditional tools may no longer feel sufficient. Consumers may be disengaging not because they do not care, but because the effort required to stay engaged is increasing.
<h2>What This Signals About Trust and the Role of Financial Providers</h2>
Across all of these trends, a common theme emerges. Consumers are not abandoning financial responsibility. They are recalibrating how they engage with it.
Rising debt concerns, flat progress, declining budgeting, and sustained stress all point to a need for greater support. When fewer consumers are actively managing their finances and fewer feel they are making progress, the role of the financial provider becomes more central.
Trust in this environment is built through utility. Consumers are <a href="https://www.mx.com/blog/customer-satisfaction-in-2026/">more likely to trust institutions</a> that help them navigate complexity, surface meaningful insights, and create a sense of forward momentum even when conditions are challenging.
<h2>Generational Signals Point to Diverging Needs</h2>
Each generation is responding differently to the same environment, which has important implications for how financial services should evolve.
Gen Z shows declining budgeting, reduced financial progress, and a shift away from financial goals. This suggests a need for tools that rebuild engagement and simplify early financial decision making.
Millennials show rising stress, declining optimism, and reduced focus on major milestones like homeownership. This points to a need for solutions that reduce pressure and provide clearer pathways to progress.
Gen X shows declining optimism, reduced retirement focus, and the largest drop in budgeting. This signals potential disengagement at a critical stage of long-term financial planning.
Baby Boomers show declining stress and increased focus on health, alongside rising concern about debt. This indicates relative stability with emerging risks tied to debt management.
<h2>Redefining Financial Health</h2>
The data from the past year does not point to a collapse in consumer financial health. It points to a redefinition of it.
Consumers are placing less emphasis on long-term ambition and more on maintaining stability. They are engaging less with traditional financial management tools while still experiencing high levels of stress. Progress is slowing, and confidence is becoming more fragile in key segments.
Financial health in this environment is not just about outcomes. It is about whether consumers feel in control, whether they understand their financial position, and whether they believe progress is possible.
Financial providers that can <a href="https://www.mx.com/products/financial-insights/">translate complex data into clear, actionable guidance</a> have an opportunity to meet this moment. Those that help consumers see progress, reduce friction, and simplify decision making will be better positioned to build trust in a time when confidence is increasingly difficult to sustain.

How Have Consumers’ Financial Priorities Changed? Trends in MX Research 

MX applauds the intent and direction of the Gramm-Leach-Bliley Act and hope to help steer it in the best direction for innovation.

How updates to the GBLA can protect consumers, enable innovation, and ensure fair access to financial data across institutions of all sizes. 

 Modernizing Financial Privacy for the Data Economy

As financial services continue to evolve in a data-driven economy, the regulatory frameworks that govern them must evolve as well. The proposed updates to Title V of the Gramm-Leach-Bliley Act (GLBA) represent a meaningful step toward aligning financial privacy rules with how consumers actually engage with their data today.
At MX, we applaud the House Financial Service Committee members and their staff for taking on this effort and believe it presents a critical opportunity to strengthen consumer protection while preserving the innovation that improves financial outcomes.
But, of course, getting this balance right requires precision.
<h2>The Opportunity: A Modern Framework for Financial Data</h2>
The discussion draft to modernize GLBA reflects several important advancements that align with the realities of today&rsquo;s digital financial ecosystem.
<ul>
<li style="font-weight: 400;" aria-level="1">Broader Definition of Sensitive Data: Expanding &ldquo;nonpublic personal information&rdquo; to include biometric data, geolocation, and access credentials acknowledges the complexity of modern financial identities and ensures protections evolve alongside risk.</li>
<li style="font-weight: 400;" aria-level="1">Unified Federal Standard: A single national privacy framework would replace today&rsquo;s fragmented, state-by-state approach. This reduces compliance burdens, encourages responsible innovation, and ultimately lowers costs for consumers.</li>
<li style="font-weight: 400;" aria-level="1">Stronger Consumer Control: Clarifying data minimization standards and reinforcing the consumer&rsquo;s right to opt out strengthens the principle that individuals, not institutions, own their financial data.&nbsp;</li>
</ul>
These are meaningful steps forward. But, without careful refinement, parts of the proposal risk introducing unintended consequences.
<h2>Navigating Potential Pitfalls in Modernizing Financial Privacy</h2>
Looking ahead to a future where financial data is more accessible and secure, the modernization of GLBA Title V presents a pivotal moment for the industry. However, achieving a balance between robust protection and continued innovation requires a nuanced approach to certain structural challenges. To ensure the new framework serves both industry stability and consumer empowerment, there are key areas where the committee can proactively address potential friction.
<h3>Ensuring Clarity in Data Utility</h3>
The transition to a more modern privacy standard hinges on how we define the scope of data use. While the goal is to protect consumers from misuse, it is equally important to ensure that the "legitimate business purposes" powering modern financial health remain viable.
<ul>
<li style="font-weight: 400;" aria-level="1">Defining Beneficial Use: Without a clear definition of acceptable data use, there is a risk that essential services &mdash; such as fraud detection, transaction categorization, and personalized financial coaching &mdash;&nbsp; could inadvertently be restricted.</li>
<li style="font-weight: 400;" aria-level="1">Balancing Protection with Personalization: A primary challenge will be distinguishing between harmful, non-permissioned data sales and the high-value, consumer-permissioned insights that help individuals manage their money more effectively.</li>
</ul>
<h3>Maintaining a Level Playing Field for Innovation</h3>
One of the most complex hurdles in modernizing financial privacy is ensuring that new requirements do not unintentionally favor certain market participants over others based on their existing technical infrastructure.
<ul>
<li style="font-weight: 400;" aria-level="1">Ensuring Equitable Technical Standards: As API-based data access becomes the norm, smaller institutions &mdash; such as community banks and credit unions &mdash; may take longer to implement APIs, or in some cases, not have the budget to implement them at all. Maintaining a competitive market for these institutions relies on users being able to connect their data through innovative new tools provided through intermediaries</li>
<li style="font-weight: 400;" aria-level="1">Preserving Consumer Choice: If the transition introduces excessive friction or "warning fatigue" for certain types of connections, consumers may find it harder to access the diverse range of financial tools they rely on today.</li>
<li style="font-weight: 400;" aria-level="1">Aligning Accountability with Control: To maintain a fair ecosystem, it is vital that accountability for data access methods is aligned with the entities that actually control the underlying technology and infrastructure.</li>
</ul>
By focusing on these higher-level considerations, we can create a framework that not only protects consumer privacy but also fosters a competitive and inclusive financial landscape.
<h2>Why a National Standard Matters</h2>
The draft&rsquo;s federal preemption provision is critical. A single national standard reduces complexity and cost, while enabling consistent security practices across the industry.
For consumers, this means more reliable products and better access to financial tools, regardless of where they live.
<h2>Getting Modernization Right</h2>
Modernizing financial privacy will shape how consumers use their data for years to come. The goal is clear:
<ul>
<li style="font-weight: 400;" aria-level="1">Protect consumers</li>
<li style="font-weight: 400;" aria-level="1">Preserve choice</li>
<li style="font-weight: 400;" aria-level="1">Support innovation</li>
</ul>
With targeted refinements, clarifying legitimate data use and ensuring equitable access standards, this legislation can achieve all three.
At MX, we believe that when consumers have secure, permissioned access to their financial data, they make better decisions, engage more deeply with financial services, and ultimately achieve stronger financial outcomes.
Getting this right isn&rsquo;t just good policy, it&rsquo;s essential to the future of financial health.

Modernizing Financial Privacy Without Sacrificing Innovation

Founders Day — an MX company holiday — commemorates the founding of MX and gives us a strong reminder of our mission.  

MX’s company holiday, Founders Day, is an important reminder to think like a founder as we continue to empower the world to be financially strong.

MX Celebrates Founders Day

This Friday, the MX team is taking the day off for a very important day &mdash; Founders Day. This company holiday commemorates the founding of MX, honors the foundation co-founders Ryan Caldwell and the late <a href="https://www.mx.com/dewitt/">Brandon Dewitt</a> built at MX, and gives us a strong reminder of the values and purpose that push the MX team forward.&nbsp;&nbsp;
<h2>The Founding of MX</h2>
In 2010, Ryan and Brandon were on separate, but similar, paths. Ryan started MoneyDesktop, the foundation of what is now MX, and Brandon co-founded the company MyJibe &mdash; a personal finance web application company. Both businesses had a mission rooted in helping people better understand and manage their finances. And, both founders had a love for making a difference in the future of mankind.&nbsp;
Brandon flew to Utah to talk more with Ryan to learn more MoneyDesktop and simply never left. Their shared passion and purpose turned into months of strategizing, planning, and writing code together. In November 2011, MoneyDesktop acquired MyJibe, creating MX.&nbsp;
<h2>Building the MX Values</h2>
The founding of MX was driven by a strong purpose to shape a financial system that better serves families and innovation. To align with this mission, the early leadership established MX&rsquo;s core values with intention. <a href="https://www.mx.com/company/#values">The values that guide our aspirations are</a>:
<ul>
<li style="font-weight: 400;" aria-level="1">Purposeful Contribution: Contribution demands execution and MX chooses to have a strong bias towards execution.</li>
<li style="font-weight: 400;" aria-level="1">Exuberance for Life: We believe we get the chance, but also have the responsibility, to uplift others by being inspirational, encouraging, kind (even when being firm), and loving.</li>
<li style="font-weight: 400;" aria-level="1">Founder Mindset: When encountering any problem, we ask ourselves, &ldquo;If not me, then who? If not now, then when?&rdquo;</li>
<li style="font-weight: 400;" aria-level="1">Foundation of Trust: We are a data-driven organization that believes in radical honesty. We leverage metrics and data to celebrate our capability, increase our transparency, optimize our accountability, and expose our vulnerability.</li>
<li style="font-weight: 400;" aria-level="1">Objectivity in Discourse: Data determines merit of claims in a debate.</li>
<li style="font-weight: 400;" aria-level="1">Cognizance: We choose to have empathy and be aware of how we are affecting others &ndash; always being respectful, fair and kind to team members, the company, partners, clients, end-users, competitors, and the world.</li>
<li style="font-weight: 400;" aria-level="1">Iterative Innovation: We believe in highly iterative and rapid innovation. We start small, make quick cuts, test assumptions, fail quickly, make adjustments, and improve.</li>
</ul>
<h2>Living as a Founder</h2>
While each of our values push the MX team to be better, Founders Day serves as a strong reminder to embody a Founder Mindset. This value involves taking initiative and acting when encountering challenges. A Founder Mindset drives a shared sense of ownership and a commitment to leave our communities better than we found them. And, in today&rsquo;s world, that&rsquo;s more important than ever.
MX recently found that <a href="https://www.mx.com/research/financial-health-tension/">31% of consumers say they are worried about their ability to cover an unexpected expense</a>. This unsettling statistic proves that consumers need help with their finances. And, <a href="https://www.mx.com/research/financial-apps-fall-short/">31% of consumers agree they don&rsquo;t feel financial providers do enough to support their financial needs</a>. Today, there is a greater need than ever before for the industry to take ownership and provide consumers with the tools that will help them achieve positive financial outcomes.&nbsp;
Let&rsquo;s all take this dedicated time to consider the purpose behind our work and life &mdash; and how we can continue to empower the world.
<a href="https://www.mx.com/request-demo/">Learn more about how MX empowers the world to be financially strong</a>.

Founders Day: Embodying a Founder Mindset for a Greater Impact

RVP of Sales

What Formula 1 reveals about modern financial services—from real-time data to personalized experiences and better consumer outcomes.

What Formula 1 Can Teach Financial Services About Speed and Precision

At the Money Experience Leadership Forum in Sundance, I had the incredible opportunity to sit down with Gary Foote of the Haas F1 Team in a keynote address that explored an unexpected but powerful parallel: Formula 1 racing and modern financial services.
At first glance, the two worlds feel far apart. One is defined by speed, precision, and global spectacle. The other by trust, infrastructure, and everyday decision-making. But beneath the surface, both are driven by the same fundamental dynamic: performance at the edge of complexity.
<h3>The Consumer Is in the Driver&rsquo;s Seat</h3>
In Formula 1, the driver sits in the cockpit, making split-second decisions at over 200 miles per hour. Every turn carries risk. Every move reflects strategy, instinct, and the desire to win.
Financial services is no different.
Consumers are in the driver&rsquo;s seat of their financial lives. They decide when to spend, save, borrow, and invest. They navigate uncertainty, react to changing conditions, and balance short-term needs with long-term goals. The &ldquo;race&rdquo; is deeply personal, but no less complex.
And just like in F1, the outcome is not determined by the driver alone.
<h3>The Team Behind the Machine</h3>
No F1 driver wins alone. Engineers, analysts, and strategists continuously refine performance using real-time data.
Financial institutions play that same role. They are responsible for building the systems, insights, and experiences that support better decision-making.
And, the expectation is clear: <a href="https://www.mx.com/research/cheat-codes-to-win-and-retain-customers/">82% of consumers</a> expect their provider to use data to deliver more personalized experiences. At the same time, <a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">75% of consumers</a> expect proactive guidance on financial issues.&nbsp;
But like in racing, the goal is not to take control away from the driver. It is to enable better decisions in the moments that matter most.
<h3>Marginal Gains, Meaningful Impact</h3>
In Formula 1, races are often decided by fractions of a second. Small optimizations compound into winning outcomes.
Financial services operate the same way. A well-timed alert. A clearer view of cash flow. A smarter recommendation.
Individually, these moments feel small. Collectively, they shape financial outcomes.
This matters more in a world where <a href="https://www.mx.com/research/the-missing-link/">44% of consumers </a>say they struggle to make ends meet and many feel underserved by their providers. Incremental improvements are not just nice to have &mdash; they are essential.
<h3>Data Is the Difference</h3>
Modern F1 runs on telemetry, simulation, and constant feedback loops. Financial services is moving in the same direction.
Consumers increasingly expect institutions to understand them and act accordingly. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/?_gl=1*1dm7taw*_gcl_au*MTcwODIxMTYwMi4xNzY1MjIyODI3*_ga*NDkzMTI3MjQwLjE3MjYwNzU1MDk.*_ga_Y1KF9XT0B9*czE3NzE5NTMzNjgkbzM5OSRnMSR0MTc3MTk1MzM3OSRqNDkkbDAkaDA.">More than half (53%)</a> say they would give their financial provider more of their data if they knew it would result in a better experience.&nbsp;
The advantage no longer comes from having data. It comes from using it well&mdash;turning insight into action in real time.
<h3>Building for the Full Race</h3>
Formula 1 teams do not build cars for a single lap. They build for the full race. Conditions change. Strategies evolve. Unexpected challenges arise.
The same is true for financial lives.
Consumers are not navigating a single transaction. They are managing an ongoing journey shaped by life events, economic shifts, and personal goals. Supporting that journey requires systems that are flexible, resilient, and continuously improving.
It also requires alignment.
In F1, the best teams combine ambitious drivers with disciplined, data-driven support systems. The driver wants to win. The team ensures that every decision increases the likelihood of getting there.
In financial services, success comes from the same balance. Empowered consumers paired with intelligent, data-driven infrastructure.
<h3>The Finish Line Is Better Outcomes</h3>
The lesson from Formula 1 is not about speed for its own sake. It is about precision, coordination, and continuous improvement.
When consumers are equipped with the right tools and insights, they are better positioned to navigate their financial lives with confidence. When institutions operate as high-performing teams behind the scenes, they create the conditions for those outcomes to improve.
In both racing and financial services, the margin between success and failure is often small.
But, those margins matter.

Precision at Speed: What Formula 1 Reveals About Financial Services

In 2026, banks that are not obsessed with their mobile strategy will fall behind. 


In 2026, the financial industry will have to shift to a mobile-obsessed mindset to create better financial experiences for consumers.

How Financial Institution Can Win with Mobile in 2026

A decade ago, mobile apps were the newest innovation to hit the world of banking &mdash; making financial management more accessible to consumers on the go. While it once was a sign of major innovation, it&rsquo;s become the most basic expectation consumers have for financial providers to help them better manage their facial lives.
Because <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">52% of people</a> say they check their most used banking or finance app every single day, mobile and digital banking is the place to start to have a greater impact on consumers&rsquo; financial lives. As financial institutions look toward the future, they&rsquo;ll see how they can leverage their mobile apps to empower growth across the business.
MX&rsquo;s latest whitepaper diving into <a href="https://www.mx.com/whitepapers/2026-predictions/">key predictions for 2026</a> solidifies mobile banking as a key component for banking strategies this year. In 2026, we predict that banks that are not obsessed with their mobile strategy will fall behind. A basic mobile app won&rsquo;t just inconvenience customers, it will cause even banks with deep customer relationships to become obsolete.
<h2>Consumers Won&rsquo;t Tolerate Bad Mobile Experiences</h2>
Mobile banking can be the deciding factor for whether or not consumers will stay with their bank. And, if banks don&rsquo;t deliver on consumers&rsquo; most wanted features, consumers will be ready to move on.
Consumer opinions around their financial institution are largely shaped by their mobile banking experience. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">Recent MX research</a> found that consumer expectations around mobile banking continue to rise. In fact, 67% of consumers wouldn&rsquo;t choose a financial provider that had a bad mobile experience.
<img src="https://cms.mx.com/assets/bf0f315c-2c89-40eb-bc1a-24702ace8f72?width=2581&amp;height=2084" alt="2c43f8a2 1b9a 47df 80b7 C71e8d18453f" />
<h2>What Makes a Great Mobile Banking Experience?</h2>
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX recently asked consumers</a> what makes a good mobile banking experience. The answers were varied &mdash; with 68% of consumers wanting fraud alerts and the ability to stop payments within their mobile application at the top of their list. Card control options and mobile check deposits were also top features needed to create a good mobile banking experience.<img src="https://cms.mx.com/assets/0f65884e-1fa2-4c06-b3a2-34164061c570?width=1684&amp;height=3269" alt="69170" />
But, mobile banking is about much more than new, sleek features. In fact, not even AI will be the make or break mobile banking feature &mdash; if the right experience isn&rsquo;t built first. As Crystal Anderson, MX&rsquo;s Chief of Staff and Head of Product said in a recent webinar highlighting the <a href="https://www.mx.com/webinars/financial-industry-predictions-2026/">top industry predictions for 2026</a>, "[Mobile banking] has to be about the experience. You can't just add a bunch of AI features into the app. It is about the experience." When you think about how the mobile app impacts the financial experience for consumers as a whole, you&rsquo;ll win.
<h2>The Role of Personalization in the Mobile Experience</h2>
As there is no catch-all solution for must-have mobile banking features, financial providers should bring one key element into their mobile banking strategy: personalized financial experiences.
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">Fifty-one percent of consumers say</a> they expect greater levels of personalization from their finance-related mobile apps than what they receive today. When consumers are presented with offers or services that are irrelevant to their needs, <a href="https://www.mx.com/webinars/financial-industry-predictions-2026/">MX&rsquo;s Jess Linford said</a>, &ldquo;they&rsquo;ll use it as a way to stop listening.&rdquo;
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="26 Webinar Predictions - Personalization" src="https://player.vimeo.com/video/1164056340?h=24c16dcbc9&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
<h2>The Need to Lead with Mobile</h2>
<a href="https://www.mckinsey.com/ch/~/media/mckinsey/industries/financial%20services/our%20insights/the%20state%20of%20retail%20banking%20profitability%20and%20growth%20in%20the%20era%20of%20digital%20and%20ai/the-state-of-retail-banking-profitability-and-growth-in-the-era-of-digital-and-ai.pdf">A report from McKinsey &amp; Company said</a>, &ldquo;Mobile is now the gateway to everyday banking for a growing majority of consumers in various markets. Banks therefore need to design their distribution so it leads with mobile.&rdquo;
Instead of simply considering mobile, financial institutions should lead growth strategies with mobile. It&rsquo;s where the customers are. And, it will lead the financial institutions to grow in 2026.
<a href="https://www.mx.com/products/mobile-banking/">Discover how you can take your mobile banking experience to the next level</a>.

Why 2026 Is the Year of Mobile-Banking Obsession

Fraud is evolving and a growing vulnerability is consumer authorized fraud. Check out these insights form MX's 2006 predictions. 

When Fraud Looks Like Trust, Consumers Lose. 

<h3>Why Consumer-Authorized Scams Will Define Financial Crime in 2026</h3>
For years, financial institutions have invested heavily in keeping criminals out. Stronger authentication, tokenized credentials, and real-time monitoring have raised the bar for traditional fraud. Those efforts worked. In many cases, breaking into accounts is harder than ever.
But, fraudsters have not been discouraged. They have changed tactics.
As AI accelerates social engineering and impersonation risks, the greatest fraud risk is no longer stolen credentials. It&rsquo;s stolen confidence. Consumers are increasingly being manipulated into approving transactions themselves, believing they are acting securely. That shift leads to one of <a href="https://www.mx.com/webinars/financial-industry-predictions-2026/">MX&rsquo;s defining predictions</a> for the financial industry in 2026:
The biggest fraud challenge won&rsquo;t be keeping criminals out. It will be stopping them from convincing consumers to let them in.
<h3>The Rise of Consumer-Authorized Scams</h3>
Consumer-authorized fraud is growing because it bypasses the very controls financial institutions rely on. Instead of hacking systems, criminals persuade people.
Key signals from recent data highlight how quickly this threat is escalating:
<ul>
<li style="font-weight: 400;" aria-level="1">$12 billion in consumer fraud losses <a href="https://www.ftc.gov/news-events/news/press-releases/2025/03/new-ftc-data-show-big-jump-reported-losses-fraud-125-billion-2024">reported by the FTC</a> in 2024, driven largely by imposter scams and investment schemes.</li>
<li style="font-weight: 400;" aria-level="1">$16 billion in losses recorded by the <a href="https://www.fbi.gov/news/press-releases/fbi-releases-annual-internet-crime-report">FBI&rsquo;s Internet Crime Complaint Center</a> the same year, primarily tied to social engineering.</li>
<li style="font-weight: 400;" aria-level="1">$15 billion in projected U.S. authorized push payment fraud losses by 2028, <a href="https://www.deloitte.com/us/en/insights/industry/financial-services/authorized-push-payment-fraud.html">according to Deloitte</a>.</li>
<li style="font-weight: 400;" aria-level="1">More than 60% of data breaches involve a human element, as <a href="https://www.verizon.com/business/resources/reports/2025-dbir-executive-summary.pdf">reported by Verizon</a>.</li>
</ul>
Fraudsters are following the path of least resistance, and today that path runs through human decision making.
<h3>Why Stronger Security Isn&rsquo;t Enough</h3>
As traditional fraud entry points become more secure, attackers are exploiting complexity instead. Consumers juggle dozens of apps, alerts, and verification experiences. Between a variety of accounts and apps, consumers are asked to identify an array of inconsistent communications and content.
That inconsistency creates uncertainty. When consumers aren&rsquo;t sure what real contact looks like, it becomes easier for bad actors to insert themselves convincingly. Gone are the days of Nigerian princes asking for your bank account, fraudsters today can send messages that look and feel like the real thing.&nbsp;
And like many things, AI amplifies this challenge. Deepfake audio, synthetic identities, and highly personalized phishing make scams look and feel authentic. In fact, according to McAfee Labs, <a href="https://www.mcafee.com/ai/news/ai-voice-scam/">70% of people aren&rsquo;t confident</a> they could distinguish a cloned voice from a real one.
<h2>The New Fraud Battleground</h2>
In 2026, fraud prevention will need to shift focus away from systems and onto behaviors. Success will depend on how well institutions:
<ul>
<li style="font-weight: 400;" aria-level="1">Educate consumers before scams occur.</li>
<li style="font-weight: 400;" aria-level="1">Design clearer, more consistent authentication experiences.</li>
<li style="font-weight: 400;" aria-level="1">Introduce smarter, contextual warnings at moments of risk.</li>
<li style="font-weight: 400;" aria-level="1">Add friction strategically when consumer intent seems uncertain.</li>
</ul>
The institutions that adapt won&rsquo;t just stop fraud. They&rsquo;ll protect trust, the most valuable currency in a financial ecosystem where deception feels increasingly real.
For more on what to look for in the financial industry 2026, check out all of <a href="https://www.mx.com/whitepapers/2026-predictions/">MX&rsquo;s 2026 predictions</a>.

When Fraud Looks Like Trust

Check out this recap of the key points made at the What's Next in Open Banking session from Fintech Xchange 2026. 

Open Banking experts discuss the future of Open Banking in the U.S. on a panel at The Fintech Xchange in Utah. 

The State Of Open Banking in the U.S.

Open Banking in the United States has never followed a straight line. Unlike other markets where regulation sets the pace, progress in the U.S. has largely been shaped by consumer demand and industry-led innovation. Consumers expect their financial lives to work seamlessly across apps, platforms, and institutions, and over time the ecosystem has responded.&nbsp;
Today, Open Banking widely serves as a foundation for much of modern financial services, even if most consumers and institutions do not label it as such. At the same time, increased <a href="https://www.mx.com/guides/1033-reopened-key-takeaways/">regulatory debate and legal uncertainty </a>in recent years have created a sense of strain across the industry, even as the need for clarity grows more urgent.
Those dynamics were explored in depth at Fintech Xchange last week during a session titled What&rsquo;s Next in Open Banking? Moderated by John Pitts of Affirm, the panel featured Jane Barratt of MX, Dan Murphy of Sunset Park Advisory, Ethan Geiling of Plaid, and Paul LaRusso of Akoya. Together, they traced how Open Banking arrived at its current moment and what must happen to sustain progress.
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<h3>How Consumer Demand Shaped Open Banking</h3>
The panelists emphasized that Open Banking in the U.S. has always been consumer driven from the ground up. Long before formal frameworks were introduced, consumers were already linking accounts, sharing financial data, and using third-party applications to better manage their financial lives. And, these early connections were often powered by imperfect and insecure methods, but consumers&rsquo; demand for access, portability, and control persisted.&nbsp;
Over time, the growing consumer demand pushed the industry to evolve from brittle approaches like screen scraping and to develop a more secure, stable, and scalable infrastructure built on standardized APIs. Consumers may not have explicitly asked for APIs, but their growing desire for Open Banking required financial institutions to provide reliability, security, and better experiences.&nbsp;
And, it was that continued desire for connectivity and control sent an unmistakable signal to the industry. Consumers want their financial institutions to use their data to deliver more meaningful financial experiences, and they expect that data to move safely and with their permission.&nbsp;
This consumer-led momentum played an important role in shaping Section 1033. While the regulatory journey has been complex, and even exhausting at times, the rule was intended to reflect a reality that was already in place. Consumers expect to control their financial data and to use it where and how they choose. That expectation has not changed, even as the industry continues to debate how best to support it at scale.
<h3>Regulation, Fees, and the Question of Access</h3>
As Section 1033 continues to be revisited and refined, the industry is grappling with important questions about data access and cost. One of the most pressing issues discussed was potential impacts of large banks charging fees to aggregators for access to consumer-permissioned financial data. While framed as a cost of infrastructure or security, these fees raise broader questions about who ultimately pays for Open Banking and raise concerns about barriers that limit consumer choice.
The concern is not limited to the immediate impact on FIs, fintechs and aggregators. Over time, those costs are unlikely to stop at the institutional level. The costs risk being passed down to fintechs and FIs, potentially limiting access and slowing innovation and consequently harm the competitive landscape and foster stagnation in the financial industry.&nbsp;
<blockquote>
&ldquo;Fees will flow down stream until ultimately humans will pay.&rdquo; Jane Barratt
</blockquote>
But, in the end, the greatest risk of added cost lands on the consumer. Open Baking ideals and regulation have been built on the idea that consumers own their financial data, and introducing fees for access will inevitably find consumers paying for access to their own data.&nbsp;
After years of debate over the foundations of Open Banking, there is a growing desire across the industry to resolve these questions and move forward with greater certainty.
<h3>The Role of Aggregators in Making Open Banking Work</h3>
A consistent topic in the discussion of Open Banking is the role of aggregators, particularly in conversations about data access and value. Financial data is frequently treated as if it were a static resource that simply needs a connection point. In reality, raw financial data is fragmented, inconsistent, and difficult to use without significant intervention.&nbsp;
Aggregators invest heavily in building and maintaining secure connections across thousands of financial institutions, adapting continuously as systems change, APIs evolve, and security requirements shift. This process forms standards bodies like the Financial Data Exchange (FDX) to create industry wide standards for APIs. These standards reduce risk and simplify the process of sharing consumer-permissioned data.&nbsp;
Beyond connectivity, aggregators refine and <a href="https://www.mx.com/blog/what-is-data-enhancement/">enhance </a>data so it can be understood and used consistently across applications, while enforcing permissioning, consent management, and bank-grade security. This work is largely invisible to end users, but it is what enables Open Banking to function at scale and allows innovation to reach consumers in meaningful, trusted ways.
<h3>Progress Through Unprecedented Collaboration</h3>
One reason Open Banking has progressed as far as it has in the U.S. is the level of cooperation that has emerged across the financial industry. Banks, fintechs, aggregators, regulators, and advocacy groups have worked together in ways that were uncommon even a decade ago. While disagreements remain, this collaboration has allowed the ecosystem to move forward despite regulatory uncertainty and evolving technical standards.
That cooperative spirit was evident at Fintech Xchange and is increasingly reflected in <a href="https://www.mx.com/blog/utah-becoming-a-fintech-hub/">Utah&rsquo;s growing fintech community</a>. The state has become a hub where innovative financial companies come together to share perspectives, address collective challenges, and collaborate on solutions that benefit the broader ecosystem.&nbsp;
In an industry navigating both complexity and change, those forums for open dialogue and collaboration help explain why Open Banking has endured and why it continues to evolve.
<h3>Why the Next Phase Matters</h3>
Looking ahead, the stakes for getting Open Banking right are increasing. As artificial intelligence becomes more deeply embedded in financial services, the systems that support data access, permissioning, and governance will matter more than ever. After years of effort to establish a workable framework, the industry faces a pivotal moment to align on durable standards that protect consumers while enabling responsible innovation.
The next phase of Open Banking will depend not just on regulation, but on continued collaboration and shared commitment. The progress made so far shows what is possible when the industry works together. Building on that foundation will be essential to turning momentum into long-term value for consumers and the financial ecosystem as a whole.

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