From Value Extraction to Value Creation: The Future of the Financial Data Economy
September 19, 2024 | 2 min read
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Today’s banks and credit unions all struggle with the same thing: how to tap into and leverage data in a way that delivers true value. In fact, a senior leader at a large bank known for being innovative recently shared that they aren’t able to correlate the data they have to the relationships of their users — meaning they can’t use that data at all to support marketing efforts and business decisions.
Let that sink in for a minute. A commissioned study from Forrester Consulting found that 62% of data leaders at financial organizations say they still largely use data the same way they always have. Is your organization making this data mistake?
Today, MX shared its latest product updates that are laser-focused on helping financial providers leverage data more effectively. You can watch the full Product Forum. Or, read on for a quick recap of 3 new product updates:
Nearly every organization has shown us a complicated diagram of how they’re piecing disparate data sources together across different tools to try and create relevant marketing and messaging. With MX’s Customer Analytics and Message, those days are almost done. Now, you can leverage world-class data, clear segmentation, and unified data sets and messaging with this functionality.
The webhooks will alert you and connected intermediaries the moment consent is changed, ensuring that the intermediary deletes the consumer’s data and stops subsequent requests. This update creates an incredibly powerful foundation of user events and triggers that we’ll be announcing in subsequent weeks.
From cash flow and upcoming activities to a clear spending overview and personalized insights widget, this dashboard serves as the hub for consumers to understand day-to-day interactions with their finances. And, the Insights feature automatically generates alerts based on personal spending behaviors that give consumers timely guidance on what actions will help them improve their financial health.
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