Grow and Retain Deposits with MX
Growing and retaining deposits isn’t easy. Consumer money motivations are extremely personal and diverse. There is not a one-size-fits-all approach (other than rates). And, unfortunately, if you rely on rates to win, you will just as often lose on rates. Increasing deposits requires a number of integrated tactics strategically combined to motivate people to take action or open an account. It requires personalized marketing strategies based on hyper-segmentation, as well as a digital experience that makes opening an account fast and easy with an immediate opportunity to fund the account and switch direct deposits. Retaining deposits requires engaging digital experiences that foster stickiness and loyalty.
Create Data-Driven, Personalized Marketing Campaigns with Customer Analytics
Customer Analytics’ enhanced transactional data helps you understand your consumers’ financial lives, including their:
- Spending behaviors, patterns, and preferences
- Primary and external providers for checking, savings, and other financial services
- Estimated monthly income
- Financial wellness scores
In addition, you can easily develop audiences and segments based on:
- Income range
- External banking relationships
Customer Analytics empowers you to easily analyze and act on your consumers’ data. With a holistic view of your consumers’ financial lives, you can better understand their money motivations and deliver the right message or incentive at the right time to the right consumer — at scale. Best of all, you can arm your frontline staff with the right insights so they can drive and retain deposits, deploying a multichannel deposit growth strategy.
Quickly and Easily Fund New Accounts with Instant Account Verification
Instant Account Verification is a time-saving solution primarily used to fund new accounts and set-up recurring payments and transfers. With coverage across nearly 7K U.S. and Canadian financial institutions, MX Instant Account Verification verifies whether a consumers’ source of funding is valid in a matter of seconds.
With Instant Account Verification, you can:
- Reduce new account origination abandonment
- Increase new account funding rates and amounts
- Increase satisfaction by expediting the money movement process
- Mitigate risk and reduce fraud
Deliver Value and Create Stickiness through Intelligent Digital Experiences
MX Personal Financial Management (PFM) + Insights helps consumers improve their overall financial well-being by delivering the tools and insights they need to better manage their money. Awarded Finovate best-in-class honors since 2014, the software allows consumers to:
- Track income, expenses, debts, investments, and other financial accounts — all in one place
- Identify opportunities to save (e.g., subscriptions, credit card interest)
- Understand money spending habits and behaviors
- Create and stick to personalized budgets
- Act on personalized, proactive insights and advice
In addition, it allows you to:
- Know your consumers’ money aspirations and behaviors
- Deliver differentiated money experiences that inform, guide, and protect consumers
- Drive higher adoption, engagement, and share of wallet
- Earn trust by improving financial wellness and providing value
- And, most importantly, retain and grow deposits
In today’s competitive landscape, MX understands the importance of increasing and retaining deposits through personalized marketing and intuitive, easy money experiences. MX’s innovative products and solutions can help you grow and retain deposits, future-proofing your institution. With MX’s suite of connectivity, data, and experience solutions, you can scale personalized marketing efforts, streamline account onboarding, surface insights to identify new revenue opportunities, and keep consumers coming back with the right tools to help them reach their financial goals.