Riding the Wave of Financial Wellness Means Building Education, Community, and Trust
July 22, 2022 | 2 min read
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January 21, 2021 | 0 min read
Last week MX announced that we’ve raised a $300 million series C at a valuation of $1.9 billion by automating the money experience. We’ve covered what the money experience looks like here on MoneySummit and wanted to showcase a few highlights from our case studies to illustrate it further.
In July 2019, M&T partnered with MX to launch M&T Money Smart, a tool for their online and mobile banking platforms that helps users manage their finances and make smart financial decisions. Powered by MX’s MoneyMap, Money Smart allows M&T’s customers to view all of their accounts — from M&T and other institutions — in one dashboard and creates budgeting and spending visualizations to help users track spending, set financial goals, and pay off debt. With a user interface focused on simplicity and ease of use, this tool provides M&T customers with a positive user experience that helps them improve their financial wellness.
As a result, M&T Bank has seen:
In coordination with MX, the bank launched BBVA Financial Tools, allowing customers to see the percentages of their spending as it pertains to each transaction category. Budget categories change color from green to yellow to red as the client exceeds set spending limits.
Financial Tools also allows customers to link and manage their external financial accounts so they can easily view their full financial life in one place – linking everything from checking, savings and money markets to investments, credit cards, insurance, and property from virtually any financial institution. As part of those financial tools, BBVA knew aggregation would be valuable for the simple reason that it would enable users to see all their accounts in one place, giving them less of a reason to sign into competitors’ digital banking portals.
FormFree pioneered digital asset verification for lending. Partnering with MX, they leverage historical transaction data to automate the verification of identity, assets, income, and even employment. By providing an asset verification report, FormFree has helped some of the largest banks, credit unions, and lenders in the United States streamline the loan origination process. They’ve helped calculate, verify, and quantify what consumers can afford, and they’ve processed over $2 trillion in loan verifications to date. Whereas borrowers once spent hours collecting all the documentation required for their loans, FormFree has made lending simpler, safer, and faster than ever before.
By using the power of data, BECU is empowering their members to be financially strong. At the beginning of the current COVID-19 pandemic, BECU identified a segment of its members who did not have automatic savings set up and likely needed help finding ways to save money. To address this, BECU implemented a Quick Save feature in their mobile app, which allows members to easily transfer funds to their savings account by using the 'slide to save' panel on their dashboard. By making the act of saving as simple as a swipe, BECU helped their members build a savings habit. To date, Quick Save has helped members transfer more than $1.5 million into savings accounts.
With mobile banking from MX, BECU has also seen:
Synovus recently completed a successful proof-of-concept and partnered with MX to develop a mobile app that allows parents to move money from their account to their child’s account. It helps parents teach their children from an early age about budgeting and saving, and it also helps kids define goals and rewards. The proof-of-concept was built on a leading core technology platform and was a part of the bank’s core modernization strategic initiative. Synovus is continually innovating around how they can provide tools and services that enrich the customer experience and meet the needs of communities.
With industry-leading data insights from MX, LGFCU was able to measure member financial health and identify members who were financially vulnerable, coping, and those thriving. With these new insights, LGFCU can now precisely assist members — no matter where they are on their journey to financial strength.
MX was also able to identify metrics for spending behaviors, borrowing profiles, income versus savings, and insurance coverage planning. Interestingly, the study found no correlation between age or income and the composite financial health score of the member. Even when members were older or made more money, they were still at risk to have poor financial health. While many institutions tend to categorize members using these two factors, the data shows that they aren’t strong indicators for an individual’s real financial health.
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