accent graphic
accent graphic
Back to Blog

MX Product Forum Highlights: From Data to Action

July 15, 2021|0 min read
linkedin iconfacebook iconx iconlink icon



Last month, we hosted our first virtual product forum where we focused on modern connectivity and open finance. We shared how MX is leading the way with fast, reliable, and secure connections that allow you to easily gather your customers’ financial data. This month, we’re going to take that conversation one step further and show how you can take raw, unstructured financial data and turn it into your most valuable asset. Watch the top highlights from the Data Product Forum.

1. Making financial data more accessible and actionable 

Mercedes Evans, the Product Development Manager of Data Enhancement dives into how MX works to make data simple to understand and easy to act on. 

Evans states, “Our team is dedicated to ensuring that you have access to the most standardized, accurate, and actionable financial data in the industry. We have dedicated teams of Data Analysts, Data Scientists, and Data Engineers working continuously to improve the coverage, accuracy, efficiency, and overall impact of the MX Data Engine.” 

A few recent improvements to our Data Enhancement include:

  1. We increased merchant and location coverage, making it easier to reduce fraud, improve customer segmentation, and measure customers’ financial behaviors. We increased the number of merchants on the MX platform eligible for merchant data such as logos, and URLs from 8,700 to 11,000, covering 74% of all transactions. We also increased the number of merchants eligible for location data from 822 to 1,369 — representing over 2.9M distinct locations across the US.
  2. We increased our data engine’s ability to cater to the unique data sets provided by individual organizations. By developing institution-specific rules, your organization’s data is sanitized prior to entering the MX Data Engine, which results in higher rates of data cleansing accuracy.
  3. We improved our ability to actively capture end-user preferences regarding different data points. For example, if a transaction is initially categorized as “shopping,” the end user can choose to update the category to a different or more specific category such as “sporting goods,” which is a more accurate categorization of their spending.
  4. We’re developing a new methodology that will make it easier for you to identify recurring payments such as bills and utilities, memberships and subscriptions, helping you develop more accurate customer profiles and everyday money management. 
  5. We’re expanding the breadth and depth of our categorization. Currently, MX assigns transactions to one of 119 categories and subcategories. By the end of this year, the list will reach over 250 unique categories. Not only that, but the list of categories will be more detailed with categories such as gig income, supplemental income, transfers, and more.

2. Delivering personalized experience 

Oxana Jurosevic, Product Development Manager of Analytics, walks us through the exciting advancements in our Analytics and Marketing products. 

MX Analytics solution: 

Jurosevic states, “By leveraging customer financial data, organizations can deliver personalized experiences that increase engagement and grow share of wallet.”  

A few recent improvements include:

  1. MX Analytics offers a range of dashboards that are ready out-of-the-box that provide real-time insight into customer financial data that can be used to improve experience and product offerings.
  2. Within dashboards, you will now be able to customize the time period and filter the information you see.
  3. We’re also actively working to add more export options, an integration with MX marketing hub through audience builder, and a series of dashboard charts showing opportunities for growth. 

MX Marketing solution: 

When it comes to our Marketing solution, Jurosevic states, “MX’s Marketing solution makes finding the right customer audience easy. You can segment customers, send personalized digital offers, and track campaign performance quickly and easily.”  

A few recent improvements include:

  1. We added a variety of attributes to Audience Builder, helping you segment customers and tailor your messaging to the right audience.
  2. The Pre-built Audiences feature makes it easier to segment your customers by providing predetermined, commonly requested segments. We included 10 prebuilt audiences, such as “customers with high interest rate external credit cards” or “users with low savings balances” to help get you started. 
  3. We’ve made it easy to export data to other marketing tools such as Salesforce Marketing Cloud, and Marketo.

3. Uncovering the value of your data 

Clint Johnson, the lead Data Strategist on our Catalyst Professional Services team, shares how MX helps clients uncover the value they already have in their data. 

Johnshon states, “Our team helps shorten the time it takes to successfully execute data-driven strategies so our clients can reach their growth objectives faster. MX’s Catalyst team has developed a variety of solutions to do the heavy lifting and expose meaningful and actionable insights in the data — we call this the Value of Data solution.” 

The Value of Data solution helps clients find answers to questions such as: ‘Who should we target to increase our bank’s debit card usage?’ and ‘How can we increase marketing effectiveness with personalized messaging?’

Using the Value of Data solution, we bring disparate data sources together into one place for analysis. Based on your organization’s specific business objectives, we then create custom dashboards that help you drill deeper into your data to pull out insights that help you deliver intelligent and personalized digital experiences for your customers. 

A few insights we can help our clients discover with data: 

  1. Purchasing Affinities: We can help you identify where and how customers are spending their income, then develop affinity segments in your customer base with specific content ads for each group. 
  2. Deposit upsell opportunities: We can help you identify what types of checking accounts your customers have, such as basic checking, convenience checking, or premier checking. And based on their transaction data, spending behavior, and balance history, you can identify customers that would benefit from the features of an upgraded account. 

Turning data into action

Data is at the very core of every customer experience. By providing our clients with data that is cleansed, categorized, and enhanced they are able to better understand their customers, segment their audience for personalized outreach campaigns, and offer the right products to the right customers at the right time. Want to learn more about how you can discover new opportunities by making your data actionable and accessible? Request a demo.

Related Blog Posts
accent graphic