How Open Finance Fuels Innovation and the Democratization of Data
May 3, 2022 | 2 min read
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Financial wellness is a major focus for many financial institutions and fintechs alike in 2021. The same holds true for consumers. As it turns out, in one of our recent surveys we found that 79% of consumers said they’d like for their financial institution to help them understand how they can invest and grow their money. However, the first step in helping consumers take charge of their financial lives is surfacing financial information in a way that helps them know what’s going on, so they can start to track spending and set realistic budgeting goals.
Bill Predictor, a new enhancement to the MX Data Engine, created by MX’s data science team, will provide customers with real-time insights into recurring deposits, payments, and subscriptions. Once live in the MX Experience Suite, Bill Predictor will use customers' historical data to predict future spending trends, improve budgeting, identify unwanted recurring payments, and avoid late-fees. It gives consumers the ability to quickly know where their money is going at all times and make adjustments when needed, while also giving you the ability to surface more intelligent and relevant alerts and notifications that can help your customers manage their finances proactively.
According to Rick Silva, Lead Data Scientist at MX, “Individuals don't typically remember the details of historical financial transactions, let alone anticipate upcoming spending obligations. What Bill Predictor will do is dynamically determine the best method to predict the future based on the characteristics of past transactions. This allows financial institutions to offer more relevant, future-proof recommendations to improve financial strength and increase loyalty among customers."
Today, consumers are increasingly looking for help and guidance from their financial institution when it comes to budgeting smarter and planning for their financial future. Bill Predictor is one more step towards helping your customers know that you’re looking out for their best interest, making it more likely they come to you when it comes to managing their financial lives.
Visit www.mx.com/products/data-enhancement/ to learn more about how you can help your customers become financially strong.
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