If you're interested in discussing how MX solutions can improve your digital and mobile offering
< Back to case studies
challenge
A regional commercial bank wanted to promote a low-cost loan offering to well-qualified customers that could benefit from better rates. But in a highly competitive market, they needed something to help their message stand out as they promoted this product.
Solution
The bank engaged the MX Catalyst professional services team to help them analyze their customers’ financial transaction data and identify attributes that would help them better understand and segment their customer base. Using this segmentation, the bank was able to reach out to their customers with personalized messaging.
Increased loyalty and retention
accelerate mobile growth
Better customer tools
Easy All-in-One Finances
The app that this financial institution launched allows customers to link and manage their external financial accounts—everything from checking, savings and money markets to investments, credit cards, insurance and property from virtually any financial institution—so they can easily view their full financial life in one place.
As part of those financial tools, the bank knew aggregation would be valuable for the simple reason that it would allow users to see all their accounts in one place, decreasing their need to sign into competitors’ digital banking portals.
Results
Within five months of the mobile launch of the MX tools, the average monthly number of new users aggregating in their mobile banking app jumped by 101%.
As a baseline, for the year prior to implementing MX in their mobile app, the bank had seen no material increase in the number of new users aggregating external accounts.
Conclusion
By launching MX widgets through their mobile app, the bank not only created a better user experience, but doubled their new monthly usership. Users now have one-stop-shop access to all of their finances. The bank, in turn, is able to aggregate rich, valuable financial data from users that will inform key business decisions over time.
download full case study