You hold the data that shows where your consumers' money is going. MX turns it into deposit growth by helping you see it, act on it, and win the primary relationship.
More direct deposit switches in six months. Central Pacific Bank.
Central Pacific Bank
more consumers switched direct deposit in under three weeks.
First Foundation Bank
more consumers switched direct deposit in under three weeks.
OneUnited Bank
Higher rates taught consumers to chase the next best offer. Fintechs are pulling balances out of community institutions. And the biggest banks use their size to dominate acquisition.
You will not win by outspending the market or by beating every rate. Those are fights you lose slowly.
You win inside your own digital channel, with the data you already hold.
More direct deposit switches in six months. Central Pacific Bank.
more consumers switched direct deposit in under three weeks.
more consumers switched direct deposit in under three weeks.
Growing deposits is measured two ways and MX drives both.
More stable, low-cost money staying with you. Not hot money that leaves the moment a better rate shows up somewhere else.
Deposits you win in your own digital channel cost less than deposits you buy. The cheaper channel of acquisition is the one you already own.
Most platforms can't do it all. MX closes the full loop by identifying accounts your consumer holds somewhere else and getting the paycheck landing with you.
CONNECT
Link all the accounts a consumer holds. This is where you find the balances and the paycheck that are not coming to you.
ANALYZE
Enriched data and analytics show you the direct deposit landing at another bank, the balances sitting outside your walls, and the savings a consumer is leaving on the table.
ENGAGE
Prompt the consumer inside your own app, at the moment it matters, with something that fits their actual situation instead of a generic offer.
ACT
Move the paycheck. Verify the new account. Fund the balance. The action finishes where the consumer already is, so nothing gets left for another day.
MX stops deposits from leaking across the entire account journey.
Opening an account online is still slow and manual. Consumers get asked for information you could look up, they break the flow to find it, and often give up or finish in a branch. MX fills in the form and runs the identity check inside your own flow, so fewer people quit halfway.
An open account with no money in it is not a relationship. Every day a consumer waits to fund is a day they might not come back. MX verifies an outside account instantly so the first transfer happens right then, not next week.
Moving a direct deposit is a chore, so most consumers never get around to it. That one unfinished task is what keeps you from becoming their primary account. MX lets them move their paycheck and their card on file in a few taps, right inside enrollment.
Consumers keep their deposits where they manage their money. Fintechs and big banks are competing for that spot every day. MX gives you the highest-rated financial experience in the market, plus early warning when a consumer starts drifting, while you can still do something about it.
One product per consumer rarely pays for itself. Most consumers stop at the first one because nobody showed them the second one at the right time. MX reads enriched transaction data to spot when a consumer is ready for a savings account or a CD, then makes the offer fit.
“We embedded our direct deposit switch into the mobile app, and the results have been unbelievable. The day we put it on a mobile device, we had 60 conversions in the first week.”
Banks and credit unions using MX to grow core deposits, and the numbers they moved.
More consumers switched their direct deposit in under three weeks.
First Foundation Bank
Read the case study >Higher funding rates with instant account verification. Without it, 65% of new accounts never get funded.
See where it is published >Increase in consumer lifetime value over 30 days, from deposit switches.
Global Credit Union
Read the case study >Microdeposits take one to three business days to confirm. Instant verification finishes in five to ten seconds, without leaving the application.
Top 5 U.S. bank
See the comparison >The questions banks and credit unions ask most about growing core deposits.
Core deposits are stable, low-cost, relationship-based deposits. Checking accounts, savings accounts, and local money market accounts. They stay put, which is what makes them worth more to a bank or credit union than balances bought with a high rate.
Deposit growth is the increase in money consumers hold with your bank or credit union over time. Most institutions measure it two ways. How much the core deposit base grew, and what it cost to bring that money in. A big gain you paid for in rate is not the same as steady growth from consumers who chose you.
Organic deposit growth is money you win from consumers you already have, or from new ones you bring in yourself. It is growth you earn. The opposite is growth you buy, through rate promotions or by acquiring another institution.
Start with the data you already hold. Clean transaction data shows you who has a paycheck landing somewhere else. It shows you who holds money at another bank. From there, prompt them inside your own app and make the next step easy. Moving a direct deposit should take a few taps, not a form with their employer.
Rate competition is expensive, and the money it brings in tends to leave for the next offer. The cheaper path is winning the primary relationship. When a consumer's paycheck lands with you, balances run higher and accounts last longer. One anonymized Top 5 U.S. bank found that accounts with direct deposit held 23% higher balances and lasted twice as long.
A direct deposit switch moves where a consumer's paycheck gets deposited. Done by hand it means paperwork with an employer, which is why so few people ever finish it. A digital switch does the same thing in a few taps. Central Pacific Bank saw 37 times more switches in six months after building it into their mobile app.
Let's turn your digital channel into your strongest deposit engine.