An Inside Look at the Money Experience Leadership Forum

Larry King once said, “I remind myself every morning: Nothing I say this day will teach me anything. So if I’m going to learn, I must do it by listening.” The greatest wisdom comes by gathering experts together and learning from one another. This principle was a key motivation behind MX’s invite-only Money Experience Leadership Forum. 

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 — and and how to find paths to growth.

The event covered key topics for the industry — 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.

Data Is the Foundation for Everything

Data was at the heart of every conversation around building better relationships, increasing trust, and helping consumers understand their full financial picture. MX data shows 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. 

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.

Banking Fundamentals Still Matter Most

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 how they can impact financial wellness. Implementing new and innovative tech is important, but it isn’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.

The Role of AI in Financial Services

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 — not the destination. Adopting AI for the sake of AI doesn’t make the difference. Using AI with intention to transform financial processes will enable financial leaders to do more for their customers and their business. And, it will push providers into a new era of banking.

Industry Leaders Making a Difference

The event was centered on creating a better financial ecosystem — with the action that makes it possible. In pursuit of this goal, attendees demonstrated their commitment to better the finances of their customers — and to have a lasting impact on the world. 

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.