Money Matters: Key Takeaways from Money Experience Summit 2022

Last week’s Money Experience Summit 2022 brought together more than 500 banking and fintech leaders, founders, innovators, and influencers. MX CEO Jim Magats kicked off two days of insightful keynotes and panel discussions on the future of finance. 

Money is the No. 1 stressor in people’s family and personal lives. And, according to Jim, “when money stops coming in the front door, love goes out the back door.” As a financial industry, we can do something about this. By making financial data universally accessible and actionable for everyone, we can unlock enormous potential to transform consumer lives. 

However, the majority of consumers — Jim included  — deal with 15+ financial accounts with various providers, making it extremely hard to understand where your money is and where it goes. 

Using Data to Address Today’s Fragmented Money Experience

The 2020s will be the decade of data, unlocking our ability to focus on creating great customer financial outcomes. When we do this, what is better for the consumer will be better for the industry. Think about simple, yet powerful, examples of what data could unlock. For example, it could mean:

• Smart Authentication: Financial transaction data could be used to authenticate consumers instead of remembering a myriad of passwords. 
• Automated Bill Payments: A collective of historical data, linked with bill payment invoices, could be brought together to allow a consumer to automatically pay their bills without having to look at them.
• The End of Overdraft Fees: Financial institutions could create a holistic view of their customer’s financial positions across all financial institutions and automatically move money in and out of accounts to ensure no overdrafts.

“We have the opportunity to unlock great customer outcomes. And when we do this, what's great for our customers will be great for us.” -Jim Magats, MX chief executive officer.

Catch the full replay of Jim’s MXS 2022 keynote on Money Matters.