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Introducing the Money Experience: A Guide to the Future of Banking

November 11, 2020|0 min read
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No matter the details of our lives, we all want to improve our relationship with money. We look at the apps that make life easier — from ride sharing to grocery delivery — and we want the same easy, customized experience with our finances. 

We all want a better money experience.

For centuries, people had to travel into a bank branch to deal with money, using paper currency in a physical location. 

Now banking is an activity that happens dynamically on a smartphone. But banking on a smartphone still isn’t necessarily an ideal experience. To see why, ask yourself how your customers currently interact with their money. Do they have to sign into multiple accounts to get a sense of their complete financial picture? Do they have to wade through indecipherable transaction descriptions every time they want to see their spending? Do they still have to visit a branch for simple transactions? 

Put simply, are your customers forced into the chore of managing their money, or are you giving them an experience, backed by automated financial guidance and personalized nudges?

Money management requires customers to go into a branch for simple transactions, track every expense they make, manually categorize their transactions, endlessly tweak their budget, and more. It’s banking of the past, riddled with frustration and disappointment.

The money experience, by contrast, is an easy way to connect, view, and interact with money. Customers can do simple transactions directly on any device (including phone, watch, or whatever’s next), see all their accounts in one place (via whitelisted connections or API connections), enjoy accurate transaction auto-categorization (backed by AI), get personalized guidance around their spending habits (with machine learning), and more. 

As Ryan Caldwell, Founder and CEO at MX says, “As people automate everything, they can recover those hours and try to make those hours useful. From a financial perspective, people don't want to have to worry about it. They want to set it and forget it.”

No more management. Instead, it’s an experience.

The benefits of the money experience extend beyond customers to bankers as well. For bankers, the money experience is about having access to clean, dynamic user data as well as options to offer automated personalized nudges. With a 360-degree view of each customer, you can understand what your competitors are doing and adapt accordingly. Just like the experience for your customers, everything is simple and streamlined.

See how you can implement the money experience in your bank, credit union, or fintech company: Read the Ultimate Guide to Money Experience.

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