Our Greatest Opportunity is Open Data
October 14, 2022 | 1 min read
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January 27, 2021 | 0 min read
Guided and proactive financial wellness initiatives rely heavily on actionable and accessible data. Today’s data-driven world makes it nearly impossible for financial institutions to understand their customers without having a holistic view of where they are financially. However, most institutions still struggle with siloed and disparate data. When insights into data are limited, it’s difficult, at best, to market the right products and service at the right time.
What’s more, as customers’ financial needs change and evolve over time, it becomes even more difficult for financial institutions to build data-driven experiences and foster meaningful relationships in the long run. In a recent bankers survey conducted by MX, we found that financial institutions are starting to double down and focus on data. In fact, 95% of the bankers we surveyed said that easily accessible and actionable data is essential to success in 2021.
Accessible and actionable data doesn’t only make it possible for financial institutions to understand their customers, it also gives customers the ability to proactively manage their own finances. The truth is most people’s financial lives are scattered across various accounts and apps, making it difficult to keep track of it all.
With MX Data Aggregation your customers will be able to access all of their financial data in one place. In a busy and connected world, the ability to see all your information in one place makes it easier to make well-informed financial decisions in real time. In essence, connections are the backbone of financial wellness — if connections are bad or unstable, your customers won’t be able to see what their financial lives actually look like. Furthermore, higher connection rates and data accuracy reduce friction and often lead to an improved customer experience. Better connectivity means customers will no longer have to wait to see if their financial institution can bring in their external accounts, they also won’t be required to log into multiple apps to see their different financial accounts, making it faster and easier to manage their finances instantly.
The benefits of 50,000 connections means more fields and more relevant data. With MX Data Connectivity you’ll have access to:
Once you’ve aggregated your data, it’s equally important to enhance it. Raw transaction data can be disorganized and confusing. With Data Enhancement you can gain the insights you need to better engage your customers with simple transaction feeds, merchant logos, locations, and more.
Data Enhancement makes it easier for you and your customers to understand what transactions mean, removing the frustration of the guess work for them, and the higher call volume for your institution. Not only does MX cleanse your data, making it easier to interpret, we also provide you with much more valuable information that, ultimately, helps your customers on the path to financial wellness. With clear visibility into spending categories, you’ll have access to the analytics and metrics needed to segment and effectively market to different customer profiles. The ability to create hyper-personalized, data-driven experiences will help you become a trusted source and financial advocate for your customers at every step in their financial journey.
The benefit of MX Data Enhancement means improved customer experiences and a reduction in organizational costs. With MX Data Enhancement you’ll have access to:
M&T Customer Highlight
With higher visibility into their customers’ cash flow, M&T was able to reduce overdraft fee growth rates. By providing their customers with insights on future cash balances, M&T is simplifying financial planning and furthering their mission of making a difference in people's lives.
Data-driven financial wellness
The power of your financial wellness initiatives are only as strong as the data they’re founded on. In this digital ecosystem and data-driven world, it’s nearly impossible to make accurate, reelevant, and timely customer decisions without accessible and actionable data. As the financial industry continues to evolve with new entrants and non-traditional banking providers, the more complexity it will add to consumers' lives. Most of your customers will likely have accounts with various types of providers within the industry, so to truly understand what the next best step is for them, you have to have a close understanding of their financial behavior — and data is the foundation of that knowledge. MX helps financial institutions gain access to the most connections on the market, so they can have a full financial picture of where their customers’ are and how they’re doing financially at every point in time. From there, we help institutions enhance and organize that data, making it usable and actionable. With aggregated and enhanced data, financial institutions have everything they need to power solutions that engage customers through a modern banking experience.
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