$1.6 Billion in Held-Away Assets Uncovered
How a Leading Financial Institution Is Transforming Wealth Management
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Overview
A top 5 U.S. financial institution partnered with MX to bridge the gap between digital self-service and professional advisory. The objective was to gain visibility into held-away assets to increase share-of-wallet and provide more comprehensive financial advice.
With MX they discovered $1.6 billion in held-away assets and developed a strategy to improve their advisory services and capture more investments.
The Challenge
The fight for savings and investments is real. Financial institutions have watched over $3 trillion in deposits leave for fintechs offering savings and investment services in the last 5 years.
This bank saw an opportunity to improve their services and capture more funds by accessing a holistic view of their clients’ external accounts. Some of the hurdles with their existing provider included:
Limited Visibility: No way to track or advise on assets held at competing firms that were not covered by the existing provider.
Provider Friction: Poor user experience and low-quality data, leading to low conversion.
Migration Risk: Fears that switching providers would break existing user connections and lose historical data.
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The Solution
Choosing to partner with MX, the institution anticipated the migration and created a seamless transition, captured higher data quality, and modernized their digital wealth ecosystem. They partnered with MX through:
Mapping & Migrating: MX mapped data from the previous system to ensure a seamless transition from the old provider for existing users, resulting in high re-authentication rates.
Cleansing & Classification: Raw, complex holdings were normalized into clear, actionable asset classes, giving advisors a 360-degree view of client net worth.
The Results
The impact of moving to a high-fidelity data platform was immediate.
Billions in Assets Identified: They uncovered $1.6B in external, held-away investment assets.
High Engagement: 6,000+ unique users aggregated their external accounts within the first six months.
Advisor Empowerment: Advisors transitioned from using client estimates to using real-time data to identify gaps in asset allocation.
The Takeaway
With the assets identified, the institution is now focused on asset capture through:
Granular Refinement: Distinguishing between attainable liquidity (brokerage accounts) and restricted assets (401ks).
Propensity Modeling: Identifying intent signals to determine which clients are most likely to consolidate funds.
Targeted Outreach: Setting hyper-specific advisor goals based on real-time account behaviors.
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Why MX
The institution chose MX because of their focus on accuracy, coverage and breadth of holdings data.
Furthermore, the partnership extended beyond investment data. MX’s commitment to supporting a smooth transition minimized churn, established data accessibility, and ensured that the institution’s clients experienced minimal disruption.
Investment Data
Aggregates and normalizes complex holdings from thousands of institutions into asset classes for a complete view of performance and net worth.
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$1.6 Billion in Held-Away Assets Uncovered

Overview
A top 5 U.S. bank aimed to capture more deposits by reducing friction in their digital direct deposit switching experience. By leveraging MX, they implemented a solution that allows a user to instantly move recurring deposits to their held deposit accounts and drove a 20% higher success rate than industry benchmarks.






The Challenge
Successful direct deposit switching matters because accounts with direct deposits maintain 23% higher balances and last twice as long. However, the traditional process for moving a paycheck is notoriously difficult and leads to high abandonment rates due to:

Manual Hurdles: Users struggle with paper forms or finding routing and account numbers.
Search Friction: Identifying specific payroll or HR providers in a search bar is a major drop-off point.
Time Lags: Manual switches can take full pay cycles to process.
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The Solution
The bank combined MX’s aggregation data with their deposit switching infrastructure to accomplish the following:

Identify recurring deposits in external accounts: If the user had an externally connected account, MX analyzed transaction data to identify where a user’s paycheck was currently going and the specific employer or payroll provider associated with the deposit.

Pre-map the employer or payroll provider in the switching experience: Instead of asking the user to search for their employer/payroll provider, the bank pre-mapped the information allowing the user to bypass the search screen and go straight to the credential login to authorize the switch.

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The Results
By using MX data and working with their deposit switch provider to remove the search step, the bank saw a dramatic increase in conversion.

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Leveraging pre-mapped data and adjusting for the impact of aggregation, the change delivered a ~20% relative lift in successful direct deposit switches over the baseline completion rate.

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The Takeaway
When you know your customer’s data, you can anticipate their needs and remove the hurdles to their loyalty. By reducing the cognitive load on the user, financial institutions can significantly improve engagement while decreasing abandonment.

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Why MX
MX is the only complete platform that transforms raw data into a powerful growth engine.
MX provides a unified, end-to-end ecosystem that bridges the gap between financial data and measurable growth.

Account Aggregation
Securely connects external accounts, giving consumers a unified view of their finances and financial institutions full visibility into externally held accounts and transactions.


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Data Enhancement
Cleanses, categorizes, and enriches transaction data to deliver more accurate, consistent financial information and enable better decision-making across digital experiences.


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Top Bank Drives 20% Lift in Direct Deposit Switching

UCCU uses MX account aggregation and PFM to create digital banking experiences that keep its members engaged.

Utah Community Credit Union (UCCU) successfully launched Digital Money Manager by MX, and as a result tens of thousands of Utah Community Credit Union (UCCU) members are signing in to view all their finances in one place.

Aggregating Accounts to Retain Best Customers

Meeting Customers Where They Are:

How UCCU Exceeded Member Needs with Digital Banking 
Client Overview
Utah Community Credit Union (UCCU) is a prominent financial institution serving individuals and businesses throughout the state of Utah. Established in 1955, UCCU has grown to become one of the largest credit unions in the region, with a strong focus on providing personalized financial solutions and exceptional customer service. Its commitment to member satisfaction is reflected in its competitive rates, low fees, and innovative digital banking solutions designed to meet the evolving needs of its diverse membership base.
Challenge
UCCU stands out with a notably younger membership base, largely attributed to its strong presence in Utah County — home of 2 universities and numerous young families. UCCU is dedicated to exploring new avenues to leverage innovative solutions and staying at the forefront of technology to meet and exceed the needs of its members. The credit union had an opportunity to provide financial solutions that delivered exceptional digital capabilities that would resonate with these younger members. With a tech-savvy and budget-conscious demographic, UCCU needed to find a way to speak to its younger members with seamless, relevant, and engaging digital financial solutions.
Solution
UCCU leveraged MX’s personal financial management (PFM) tools and data aggregation services through Q2’s cPFM solution to enable its members to gain a complete financial picture and enhance their financial literacy. This innovative approach deepens engagement, empowers members to achieve financial success, and reinforces UCCU’s commitment to their well-being.
Driving Digital Engagement Leads to Increased Account Openings
UCCU leveraged MX to offer a suite of tools providing budgeting, saving, and personal goal tracking capabilities that appeals to its more tech-savvy members. This level of personalization is key to keeping consumers engaged — and staying true to UCCU’s mission of providing exceptional customer experiences. 81% percent of its digital banking members consistently engaged with MX products,  surpassing the industry benchmark of 60% to 65% for consumer adoption. 

Through MX’s PFM tools, UCCU members have been able to leverage personalized recommendations and insights to make more informed financial decisions. This higher engagement has also led to more account openings. UCCU has seen a 27% higher open rate for checking accounts and 64% higher open rate for savings accounts among those using MX PFM tools.
Members Gain Greater Visibility into Their Financial Picture
MX’s account aggregation solution also helps UCCU members gain greater visibility into their financial picture, offering a more holistic view of their financial health. UCCU members are taking advantage of account aggregation at a higher rate than the industry standard. UCCU members have aggregated 4.92 accounts on average, compared to an industry average of 3.5 accounts. And, the MX solutions are also easy to use — 31% of consumers have adopted account aggregation, double the industry average.
About MX’s Account Aggregation
MX’s account aggregation provides a complete financial view by securely connecting external accounts, giving users a holistic understanding of their finances to make informed decisions.
About MX’s PFM Tools
MX's PFM product offers a comprehensive suite of tools designed to help users manage their finances with ease. It provides features like budgeting, expense tracking, financial goal setting, and personalized insights, all powered by advanced data aggregation and AI-driven recommendations to improve financial well-being.
Key Benefits
Equip members with engaging digital tools that will help them gain a greater control of their finances in today’s digital economy.
Enhance financial wellness by giving members a complete look at their financial picture through account aggregation.
Drive higher engagement through personalized products, service, offers, and messaging.
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Delivering Seamless, Relevant, and Engaging Experiences

From Insights to Impact

How a Financial Institution Boosted Account Verification Success with MX

From Friction to Flow

Transforming Digital Engagement

Growing Revenue and Winning the Fight for Deposits

How MX Account Aggregation Enables Informative Research to Streamline Verifications and Reduce Connection Times

Reliable Account Aggregation and Digital Verifications
How MX Account Aggregation Enables Informative Research to Streamline Verifications and Reduce Connection Times

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Informative Research, a Stewart company, is a leading technology platform that delivers data-driven solutions to the lending community. The company currently serves mortgage companies, banks, and lenders throughout the United States. In 2023, Informative Research acquired the AccountChek platform which has been a long-standing MX partner since 2017.

The Challenge
For over 15 years, AccountChek has helped borrowers skip the paper chase when qualifying for a loan. Borrowers send their financial data straight to lenders in an underwriter-friendly format that reduces delays, eliminates manual errors, and mitigates fraud risk. To make this possible, Informative Research’s AccountChek platform needs reliable data and connections to enable borrowers to share their financial data and lenders to quickly verify their asset, income, and employment during the mortgage loan application process.

The Solution
To streamline the borrower experience and maintain connections that deliver the data that lenders need, Informative Research turned to MX as its primary bank data aggregation partner.

Previously, borrowers using AccoutChek would need to satisfy multiple multi-factor authentication (MFA) requests before connecting their accounts to the system. Using MX’s direct connections, AccountChek has condensed its consumer authentication process, thus eliminating a significant source of borrower drop-off and reduced success and completion rates. This shift also helped shorten the consumer authorization and enrollment process from an average of 2:45 minutes to less than 0:30 seconds.

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Reduced consumer authorization from 2:45 min to < 30 sec

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Improved connection success rates to above 99%

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32.9 million jobs completed in the last year

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3.1 million mortgage loans closed, totaling over $1.1 trillion

Additionally, Informative Research recognized the value of modern banking connections and Open Finance to create more secure, lasting connections. In working with MX, the company has been transparently switching its bank connections to modern Open Authorization (OAuth) connections — improving connection success rates to above 99% for users connecting their accounts.

“We’re constantly striving to drive access to more modern banking connections. That’s where MX is a tremendous partner — getting those connections provisioned and turned on, and then enabling them in our system so that our customers can immediately take advantage of it,” said Brian Francis, Head of AccountChek at Informative Research.

This improved experience has created a competitive advantage for AccountChek, speeding up the lending process and streamlining the borrower experience. In the last 12 months, Informative Research has completed 32.9 million aggregation and verification jobs, with a 97% overall job completion status. The average connection speed for an aggregation job is 24.64 seconds, while the average connection speed for a verifications job is 4.44 seconds.

In total, AccountChek has helped to close over 3.1 million mortgage loans with the help of MX, totaling over $1.1 trillion.

Data quality is very important. If you look at the use case associated with mortgage lending, there is a very high bar of data that needs to be provided. And we've worked in partnership with MX to continually drive that bar higher.

Brian Francis

Head of AccountChek at Informative Research

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Key Benefits
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Improve the customer experience by enabling borrowers to easily connect external accounts and share permissioned data during the loan application process

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Speed up the loan process and take manual work and errors out of it by enabling consumers to easily grant permission to financial data and connect accounts for loan data and asset verification

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Help mitigate risk and reduce fraud with instant verification of account owner identities, bank accounts, and other financial accounts

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Create more reliable, secure connections with OAuth and direct connections that eliminate the need for credential sharing or multiple MFA requests

About MX Account Aggregation
MX’s account aggregation solutions enable consumers to easily connect and view all of their financial accounts in one place — and give financial providers full visibility into consumer financial data to better meet their needs.

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About MX Instant Account Verifications
MX provides fast, reliable verification technologies to help organizations better manage risk, protect against cyberattacks, and maintain compliance. MX reduces your reliance on manual verification processes with instant account verifications (IAV) and account owner identification.

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About MX Balance Checks
MX helps financial institutions and fintechs verify account balances quickly to streamline processes, reduce risk, and deliver a better customer experience.

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Reliable Account Aggregation and Digital Verifications

YNAB Leverages MX Account Aggregation and Data Enhancement to Help Consumers Better Manage Money

YNAB (previously You Need A Budget) is a simple method and budgeting app that has taught millions of people to change their relationship with money. People find YNAB because they want to pay off debt and make financial progress — they stay because they've stopped fighting about money and have never slept better. More than just a budgeting app, YNAB offers an ever-evolving list of helpful features, and a wealth of resources, including free workshops, videos, podcasts, articles, guides, a book, and award-winning customer support.

The Challenge
YNAB uses a zero-based budgeting system which guides spending decisions through a simple set of habits, asking consumers to make a plan for every dollar they earn, or in other words, give each dollar a specific job. This helps them become more intentional with their spending so they can spend purposefully, save aspirationally, and even give generously.

However, with various financial accounts spread across different financial institutions and fintechs (checkings, savings, credit cards, loans, etc.), it’s difficult for consumers to get a clear picture of their finances. YNAB needed a way to enable consumers to easily connect all of their financial accounts so that they can use YNAB to help them meet their financial goals without the need to manually enter transactions into the tool.

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The Solution
YNAB turned to MX to enable its customers to easily link their external financial accounts into its app so that they always have up-to-date transaction data. Transactions form the foundation of a functioning and real life spending plan, and those who use YNAB’s Direct Import feature expect a high quality experience from start to finish. YNAB is invested in the health of connections even beyond the initial connection experience, because reliable connection health, excellent data quality, and frequent transaction imports will create more engagement and trust in YNAB over time.

Creating a linked account is an essential part of onboarding with YNAB, and 90% of users who start the linked account flow using MX account aggregation are able to create at least one linked account. Additionally, they see more than97% aggregation success rate with more than 57% of the connections made via secure OAuth connections. These OAuth connections average about 4 seconds to connect — allowing YNAB customers to see a near-instant view of their finances in one place. In total, MX aggregates an average of 13 accounts connected per user, representing more than one million connected accounts.

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In the beginning it was simply the data aggregation service that we needed MX to provide. And over the years, it’s grown into more of a partnership… We’re both wanting to do the same thing in the world when it comes to people’s finances. YNAB wants to help people gain control of their money and MX wants to empower the world to be financially strong.

Janelle Worrell

Direct Import Operations Manager, YNAB

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In addition, MX data enhancement services provide cleansed and categorized transactions that feed into YNAB’s interface so YNAB can properly categorize spending automatically for its users and present it in a way that lessens the burden on consumers trying to make sense of indecipherable raw transaction data as they manage their money. Instead, using MX, transactional data is cleansed and classified into simple, human-readable descriptions, making it easy for consumers to identify, organize, and act on financial data.

“If we want our users to be in their budget, making good decisions with their money, being able to fund what they want to do in their life, we don’t want them to have to worry about a broken connection or have to worry about the data coming in wrong. That’s just a nuisance. That’s keeping them away from what’s most important,” said Janelle Worrell, Direct Import Operations Manager at YNAB.

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Key Benefits
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Enable consumers to easily link to external accounts to gain a comprehensive view of their finances.

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Deliver lasting account connections that are reliable and secure for consumers with a more than 97% aggregation success rate.

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Provider cleansed and categorized transaction data to make it easier for consumers to understand and sort their transactions.

About MX Account Aggregation
MX’s account aggregation solutions enable consumers to easily connect and view all of their financial accounts in one place — and give financial providers full visibility into consumer financial data to better meet their needs.

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About MX Data Enhancement
MX offers a comprehensive suite of data enhancement services to deliver enhanced, verified financial data to improve money experiences, drive new growth opportunities, enhance decision making, and make better use of time and resources.

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