According to Schulte, MX Insights helps drive more engagement directly to the customers and reach them more effectively than traditional money management tools. Mercantile Bank made these insights the focal point of its mobile banking app and website to ensure customers see them and can take action.
The value of this approach was clear for Mercantile Bank, particularly in today's competitive landscape where growing and retaining deposits is harder than ever. Once implemented, MX Insights drove higher deposit balances, higher engagement, and more frequent logins from Mercantile Bank consumers.
In fact, those who consistently viewed insights maintained approximately 15% higher deposit balances and opened new deposit accounts at twice the rate of those who did not consistently view insights within their digital banking experience. And, consumers who viewed insights were two times more likely to log in again within 1 day (46%) compared to those who didn’t (23%).
As next steps, Mercantile Bank is exploring how to translate insights into more actionable outcomes, such as providing consumers with the ability to set automated payroll deductions that will help them increase savings or pay off debt. “There’s more of an opportunity to automate in the background,” Schulte explained. “[Our goal is to] keep the work out of the consumers’hands — just give them all of the benefits without any of the work.”
In addition, Mercantile Bank leverages data enhancement and customer analytics solutions from MX. With the cleansed and categorized data, they are creating dashboards to better monitor customer behavior and are using it to help inform strategic decision making—such as building personas and segmentation to target customers with messaging and offers that are relevant and personalized to meet their needs.
By providing their customers with proactive insights and leveraging the data to facilitate customized and relevant customer engagements, Mercantile Bank is humanizing the digital banking experience and strengthening customer loyalty.