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Financial Wellness

Cambridge Savings Bank Tool for Consumers to Improve Financial Well-Being

One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank (CSB) offers a full line of individual and business banking services with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of its employees, customers and the communities it serves.

The Challenge

An Experian survey revealed that 69% of respondents were concerned about their finances, while 59% were worried about paying down existing debt. CSB wanted to help consumers take control of their financial health and interact with their finances in a more meaningful way.

The Solution

CSB partnered with MX to launch its personal finance visualization tool, Money Management, that empowers users to responsibly oversee their spending, savings, and financial accounts by providing tools and resources to visualize their financial life, set budgets and manage debt, and uncover trends.

Designed to help consumers take control of their financial health and interact with their finances in a more meaningful way:

  • Visualize Their Financial Life: View all accounts, including bank, retirement accounts, credit cards, mortgages, and more from other financial institutions, in one central dashboard that enables users to visualize their full financial picture, including their overall net worth.
  • Set Budgets and Manage Debt: Monthly spending data will be reported to allow consumers the flexibility to create budgets, plan how to allocate their funds, and update projected income as needed. With the ability to link to aggregated accounts, individuals will be able to access balances, APR, last payment dates, and minimum payments due to control and eliminate debt.
  • Uncover Trends: Users have the freedom to sort by date range, subcategories, and transactions to better understand their finances and gain insight into how they are spending, realize trends in their transaction history, as well as track their income and savings.

Money Management will inspire our customers to help them get on the right financial path by providing simple, yet powerful instruments that stretch beyond the basics to help them identify spending and budgeting habits, and improve their financial well-being

Susan Nachtigall

Senior Vice President, Head of Digital Banking

Through the power of financial literacy, CSB aims to play a pivotal role in enabling better financial outcomes for its customers and communities, especially to those most in need, such as low-to-moderate income individuals and families.

CSB added Money Management to its digital offerings through its partnership with MX, a financial platform that enables financial institutions and fintechs with the ability to give their customers access to personalized, actionable insights about their financial health.

Money Management can be easily accessed within CSB and Ivy Bank’s Online and Mobile Banking platforms to give both bank’s customers a holistic view of how, where, and when their money is being spent and key insights on how to help improve their financial well-being. For more information on all the features and functionality that Money Management offers, please visit cambridgesavings.com/money-management.

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