Communications Manager - Public Relations

Personalization is no longer optional. Consumers expect clarity, protection, and guidance from their financial providers.

MX research finds personalization is no longer optional. Consumers expect clarity, protection, and guidance from their financial providers.

MX | What Consumers Want From Personalized Banking

The average consumer generates <a href="https://thefinancialbrand.com/news/deposits/most-financial-institutions-have-a-data-problem-not-a-deposit-problem-187874">more financial data than ever</a> in more places than ever &mdash;&nbsp;making money management more confusing, fragmented, or overwhelming.&nbsp;
Consumers need a financial partner that can help them make sense of their financial data to better manage their money. But, more financial providers are falling behind on consumer expectations for personalized insights and financial guidance.&nbsp;
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s latest consumer research</a> shows 66% of consumers now expect greater levels of personalization than ever before (up from 46% in Q3 2024). This doesn&rsquo;t mean just using a first name in an email or sending a generic birthday greeting once a year. It&rsquo;s about interpreting real-time behavioral signals that reveal where someone is in their financial life and what they might need next. It&rsquo;s the difference between simply showing a balance and helping an individual avoid an overdraft, reduce a recurring expense, or qualify for a better financial services product.
Consumers expect clarity, protection, guidance, and a fair value exchange from the financial institutions they trust with their data. And these expectations are setting a new standard for quality in mobile and digital banking. Personalized experiences are no longer an enhancement. They&rsquo;re a core function that drives confidence, loyalty, and financial well-being. Here&rsquo;s what consumers expect:&nbsp;
<h2>Expectation #1: Help Me Understand My Financial Habits</h2>
Consumers don&rsquo;t want just more data displayed on their screens &mdash; they want meaning. They expect their financial institutions to identify patterns, interpret behaviors, and deliver insights that simplify their financial lives. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research</a> shows the three things consumers most expect their financial providers to know are:
<ul>
<li style="font-weight: 400;" aria-level="1">Where they have recurring transactions or bills (57%)</li>
<li style="font-weight: 400;" aria-level="1">Categories of where they spend their money (53%)</li>
<li style="font-weight: 400;" aria-level="1">How much money they can save and still pay their bills (50%)</li>
</ul>
These expectations reflect a deep human need: to feel in control. <a href="https://www.mx.com/products/data-enhancement/">Clean, categorized transactions</a> and intuitive summaries are no longer optional; they&rsquo;re baseline for personalized clarity. When institutions surface patterns and trends automatically, consumers feel supported instead of overwhelmed and empowered instead of confused.
<h2>Expectation #2: Warn Me Before Something Goes Wrong</h2>
According to the Aspen Institute, <a href="https://fraudtaskforce.aspeninstitute.org/">fraud and scams drain more than $158 billion from U.S. households each year</a>. But the financial loss is only the beginning. Fraud erodes trust, undermines confidence, and shakes the foundation of financial stability.
Consumers want &mdash; and increasingly expect &mdash; their financial institution to spot risks early and communicate quickly. Personalized protection is one of the strongest signals that a financial institution is paying attention. Whether it&rsquo;s an unusual spending spike, a forgotten subscription renewal, or a looming overdraft, consumers want their financial providers to <a href="https://www.mx.com/use-cases/fraud-risk-management/">connect the dots before the damage hits</a>. This isn&rsquo;t just loss prevention &mdash; it&rsquo;s a mechanism for reassurance, safety, and peace of mind.
<h2>Expectation #3: Guide Me Through Real Life, Not Just My Balance</h2>
Money becomes especially emotional &mdash; and complicated &mdash; during moments of transition. These moments rarely appear as a single, obvious cue. They show up in subtle shifts like a name change, a new recurring payment, a pause in tuition charges, or an uptick in moving expenses.
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s latest research</a> shows consumers want their financial institution to recognize these transactions and proactively help them navigate what comes next. The top life events consumers want support with are retirement (70%), buying a first home (67%), and moving to a new city (53%).
Consumers don&rsquo;t want cookie-cutter advice or broad marketing pushes. They want guidance that fits the moment they&rsquo;re in. When an institution recognizes a life transition and responds with relevance, care, and confidence, the relationship shifts from transactional to relational. It communicates, &ldquo;We see you. We know what this moment means, and we&rsquo;re here to help you move forward.&rdquo;
<h2>Expectation #4: Give Me Something Useful in Exchange for My Data</h2>
Consumers understand their data has value, and they expect a fair return. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">More than half (53%) would share more data if it led to a better experience</a>. But 37% still don&rsquo;t believe their financial institution is doing enough to support their financial needs. The expectation is simple: Be transparent about how data is used, clearly show the benefits, and make the experience easier, smarter, and more rewarding.
This value exchange is at the heart of trust. When consumers feel their data is working for them &mdash; not just being collected, they become more willing to engage, share, and explore new services. Transparency builds trust. Personalization sustains it.
Consumers aren&rsquo;t asking for perfection. They&rsquo;re asking to feel understood, protected, and guided by the financial institutions they depend on every day with a clear and fair value exchange for the data they share.&nbsp;
MX&rsquo;s research makes it clear: the path to trust and long-term loyalty lies in transforming raw data into real help. The financial institutions that embrace this shift will redefine what the modern banking relationship looks like. And those that don&rsquo;t will feel the growing cost of missed expectations.

From Raw Data to Real Help: What Today’s Consumers Expect From Truly Personalized Banking

Growth happens in mobile. Relationships happen in mobile. A recent MX webinar uncovers how to grow in mobile.

Financial providers can combat challenges like building relationships, losing to competition, and meeting customer expectations with mobile banking.


Solving 3 Digital Banking Challenges

Growth happens in mobile. Relationships happen in mobile. The future of finance is mobile. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">Recent MX research</a> found that 91% of consumers say a good mobile experience with their financial providers is important.
This tells us that mobile and digital banking experiences are top of mind for consumers across the board. Consumers are used to clean, straightforward, and automated experiences across their other day-to-day experiences. Finances are no different.&nbsp;
Recently, MX&rsquo;s Chief of Staff and Head of Product Crystal Anderson and Head of Revenue Matt West discussed the top challenges that financial providers face today &mdash; and how a strong mobile banking experience can provide solutions.
<a href="https://www.mx.com/webinars/greatest-growth-engine-mobile-experience/">Watch the full webinar here.</a>
<h2>Challenge: The Expectation Gap</h2>
Today, there is a significant gap between what consumers expect from their financial institutions and what financial institutions actually deliver. In fact, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX research</a> found that 66% of consumers expect greater levels of personalization than ever before. But, financial providers are often missing the mark.
As Matt said, &ldquo;The reality is most institutions are still catching up. Not because they don&rsquo;t care. But because moving fast with old systems and layers of compliance can be very hard.&rdquo;&nbsp;
Too much dependence on legacy systems makes it hard to meet those customer expectations, even when they&rsquo;re doing all they can.
<h3>Solution: Personalization Through Digital Solutions</h3>
Turning to digital solutions like mobile banking apps that emphasize human and personalized experiences can close the expectation gap. As financial institutions work to juggle various customer requests, better digital and banking experiences can put more functionality into the hands of customers &mdash; not only meeting, but exceeding customer expectations.&nbsp;
<h2>Challenge: Data Without Relationships</h2>
Financial institutions have mountains of data that tell them where consumers are spending money, what additional financial accounts they have, and their deposits. Unfortunately, simply knowing your customers&rsquo; surface-level financial information does not guarantee a relationship.
Building those relationships are essential today. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX found</a> that 40% of consumers now use a non-traditional digital banking provider. Crystal shared, &ldquo;Consumers still trust their banks. They keep their paychecks there. But they&rsquo;re going elsewhere for help with planning, saving and feeling in control of their money.&rdquo;
<h3>Solution: Combine Data and Relationships</h3>
While data in itself doesn&rsquo;t equal a relationship, data is an essential piece to helping financial institutions build strong relationships with their customers. Turning <a href="https://www.mx.com/blog/data-into-action/">data into action</a> creates the opportunity for financial providers to become a dynamic contributor to consumers&rsquo; financial lives &mdash; instead of a place where consumers hold their deposits. Think: providing a 360-degree view of their finances, personalized nudges towards financial goals, and more.
<h2>Challenge: Losing to the Competition</h2>
Fifty-seven percent of consumers say they&rsquo;d find a new provider if their current one couldn&rsquo;t deliver the mobile features they want &mdash; <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">according to MX</a>. More than half of consumers are willing and ready to make a switch away from subpar mobile experiences.
And, people are switching based on convenience, not loyalty. The days of staying loyal to one financial institution for life are over. Digital banking solutions available to consumers whenever and wherever they want have created one key truth: financial providers have to fight for their customers.
<h3>Solution: Drive Engagement Through Mobile</h3>
Consumers have multiple mobile apps for finance-related tasks. Prioritize your mobile growth strategy to bring consumers into your mobile app &mdash; and get them to stay. You can do this by creating a dynamic, engaging experience.
Don&rsquo;t just tell consumers their savings account balance. Find out what their savings goal is and show them how they can achieve it.&nbsp;
Don&rsquo;t just show consumers their recent transactions. Help them identify where they&rsquo;re spending their money.&nbsp;
Don&rsquo;t wait for your customers to recognize an irregular transaction. Use the data to recognize potential fraud and flag it immediately.
Financial providers can offer so much more than basic financial statements. Meeting customers where they are &mdash; in their mobile banking app &mdash; can help providers thrive in the face of competition.
<h2>Solve Digital Challenges with MX</h2>
MX is the ultimate solution to solving all of your digital banking bottlenecks. MX helps financial institutions provide consumers with better digital banking tools &mdash; and take control of their financial journey. When MX powers the mobile experience, growth follows. Deposits grow. Loans increase. Engagement deepens. <a href="https://www.mx.com/request-demo/">Discover MX to boost your mobile banking strategy and experience real results</a>.
<a href="https://www.mx.com/webinars/greatest-growth-engine-mobile-experience/">Watch the full webinar here.</a>

Solving Growth Challenges with Mobile Banking

MX recently submitted a comment letter to the CFPB in response to its new ANPR regarding its reconsideration of Section 1033. 

MX’s CFPB comment letter dives into benefits of Open Banking for the entire ecosystem, as well perspectives on key questions raised and areas of consideration. 

Charting the Path Forward for Open Banking | ANPR 1033 Comments

MX recently submitted a new comment letter to the Consumer Financial Protection Bureau in response to its new advanced notice of proposed rulemaking regarding its reconsideration of Section 1033 of the Dodd-Frank Act on personal financial data rights. In our response, we continue to advocate for secure, permissioned data sharing that drives consumer-centric innovation forward for our clients, consumers, and the broader financial services industry.
As the CFPB evaluates the nearly 14,000 comment letters received, we believe this is a pivotal moment for the U.S. financial services industry. Preserving key elements of the current 1033 Rule is necessary to foster a more competitive and consumer-centric ecosystem.&nbsp;
The U.S. financial system can be complex and difficult for many Americans to navigate, compounded by the fact that the <a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">average consumer has at least 5-7 financial accounts</a> across multiple different providers. Without access to, and a unified view of, their financial information, it becomes nearly impossible for consumers to make truly informed financial decisions.&nbsp;
Consumers need access to digital financial technology that will bring disparate financial information together and provide the tools and insights needed to effectively understand their finances and make informed financial decisions.&nbsp;
Open Banking is the key to promoting innovation, increasing competition, and ultimately empowering consumers. And, it&rsquo;s not just consumers who benefit from Open Banking. Banks, credit unions, fintechs, and all data providers benefit from Open Banking, such as:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Reducing potential exposure or misuse of consumer login credentials and associated fraud costs by moving from screen scraping to token-based API access for authorized third parties</li>
<li style="font-weight: 400;" aria-level="1">Gaining insight into which authorized third parties are accessing consumer-permissioned data through an API, which enables both enhanced security controls and intelligence into areas where the data provider could create better experiences for consumers.</li>
<li style="font-weight: 400;" aria-level="1">Enhancing overall data protections and liability exposure by requiring the execution of bilateral agreements with authorized third parties as a pre-requisite to providing data access, which establishes clear access, security, and liability parameters</li>
</ul>
Our comment letter dives into the benefits of Open Banking for the entire ecosystem, as well as our perspectives on key questions raised by the CFPB and areas of consideration. These key questions and areas of additional consideration include: 
<h2>1. Data Access Fees</h2>
We strongly support the existing PFDR Rule&rsquo;s prohibition on <a href="https://www.mx.com/webinars/data-access-fees-impact/">fees for data access</a>. A fee for access fundamentally contradicts the nature of a right. A consumer&rsquo;s financial data belongs to the consumer, and financial institutions are merely the custodians of that information. Allowing financial institutions to charge fees would not only obstruct a consumer&rsquo;s right to their own data, but also create an anti-competitive environment where some large banks could use fees as a gatekeeping mechanism to stifle innovation and crush smaller players in the market. 
<h2>2. Defining Consumer &ldquo;Representatives&rdquo;</h2>
How &ldquo;representative&rdquo; is defined will determine how easily data flows and how much choice consumers have in the marketplace. <a href="https://www.mx.com/webinars/defining-role-consumer-representatives/">Permissioned third parties should be considered representatives</a> in order to enable consumers to truly own and manage their data.&nbsp;
Limiting the definition of &ldquo;representative&rdquo; would hinder the consumer&rsquo;s ability to choose and work with their preferred financial technology or other third-party service provider, or potentially eliminate the consumer&rsquo;s choice altogether if those third parties cannot adequately compete without necessary access to data.
<h2>3. The Secondary Use of Data</h2>
The rule limits the collection, use, and retention of covered data to what is "reasonably necessary" to provide the consumer's requested product or service, even where broader use may ultimately benefit the consumer without any sale of covered data. We believe this interpretation is too narrow, which could prevent more tailored and beneficial financial products being offered to consumers.&nbsp;
If a consumer gives informed consent, they should be able to authorize uses of their data that add value for them. For example, these beneficial use cases can unlock a range of powerful benefits for consumers:
<ul>
<li style="font-weight: 400;" aria-level="1">Fraud prevention and product improvements: By analyzing a consumer's entire financial footprint, banks can more effectively detect and prevent fraud. And, data analysis helps companies improve the design and functionality of their financial products, making them more user-friendly and secure.</li>
<li style="font-weight: 400;" aria-level="1">Better, more tailored offers: Companies can use transaction data and spending patterns to create personalized credit card and loan offers, rewards programs, payroll deposit switching, and other financial management tools that are more relevant to a person's lifestyle.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Public interest uses:Anonymized and aggregated data can be used by researchers to analyze economic trends, inform public policy decisions, and improve access to the financial system by helping lenders build more complete credit profiles for consumers with thin credit histories.&nbsp;</li>
</ul>
<h2>4. Re-authorization Requirements</h2>
The current rule requires third-party data recipients to obtain a new authorization from a consumer at least once every 12 months to continue collecting data. This creates an unnecessary and burdensome administrative hurdle to the detriment of consumers and service providers alike. It could also disrupt the continuous services provided by third parties, such as long-term financial planning, budgeting and tax tools, or fraud monitoring, which rely on a consistent flow of updated data.&nbsp;
<h2>The Road Ahead</h2>
As we&rsquo;ve said before, consumer demand, market innovation, and regulatory momentum have converged around a shared principle: <a href="https://www.mx.com/1033-reopened/">people should be able to securely access and share their own financial data</a>. Though the CFPB is reevaluating parts of Rule 1033, the current PFDR Rule takes a significant step in the right direction by ensuring permissioned data sharing is a statutory right for consumers.&nbsp;
The stakes are incredibly high. In addition to the ANPR, the U.S. District Court for the Eastern District of Kentucky issued a ruling to <a href="https://www.pymnts.com/bank-regulation/2025/court-halts-cfpbs-open-banking-rule-as-banks-fintechs-await-rewrite/">halt the CFPB from enforcing Rule 1033 until the Bureau completes its ongoing reconsideration</a>. This could further disrupt the timeline for Open Banking implementation and lead to additional activities by Congress, federal and state regulators, and the broader industry. The CFPB&rsquo;s reconsideration of key parts of Rule 1033 will determine how competitive and consumer-centric the financial services industry in the United States is going forward. Speed and clarity are of the essence.&nbsp;
We look forward to further collaboration across the ecosystem to foster innovation, protect consumers, and ensure the continued growth of the U.S. Open Banking market.&nbsp; Regardless of what happens, MX remains committed to ensuring that secure and permissioned data access continues to drive innovation forward and deliver positive outcomes for consumers and businesses.

Another Fork in the Road for the Future of Open Banking

What is financial wellness and why does it matter? See how financial institutions can promote financial wellness.

Financial wellness is the ability to comfortably manage one’s finances and build better habits.

What Is Financial Wellness? Definitions, Benefits, and Examples

Families in the U.S. are wealthier than ever &mdash; with total family wealth quadrupling between 1989 and 2022, according to <a href="https://www.cbo.gov/publication/60807">a report from the Congressional Budget Office</a>. But this newfound wealth distribution has been anything but equal. The top 10% of households have 60% of the wealth.
<a href="https://www.mx.com/research/financial-apps-fall-short/">According to MX research</a>, 44% of consumers say they struggle to make ends meet. The stress of money and the widening wealth gap make prioritizing financial wellness more important now than ever before &mdash; for both consumers and their financial providers.
So what is financial wellness and why does it matter? This blog will answer every question about financial wellness and how financial institutions can help:
<ul>
<li><a href="#what-is-financial-wellness">What Is Financial Wellness?</a></li>
<li><a href="#examples-of-financial-wellness">Examples of Financial Wellness</a></li>
<li><a href="#financial-wellness-and-well-being">What Is the Difference Between Financial Wellness and Financial Well-Being?</a></li>
<li><a href="#benefits-of-financial-wellness">Benefits of Financial Wellness</a></li>
<li><a href="#financial-providers-promote-financial-wellness">How Financial Providers Can Promote Financial Wellness</a></li>
<li><a href="#mx-empowers-financial-wellness">How MX Empowers Financial Providers</a></li>
</ul>
<h2 id="what-is-financial-wellness">What Is Financial Wellness?</h2>
A quick search for &ldquo;what is financial wellness&rdquo; turns up many results &mdash; without a single agreed-upon definition.&nbsp;
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX asked consumers how they define financial wellness</a> and, unsurprisingly, the results were widespread&nbsp; &mdash;&nbsp;and influenced by their past, present, and future. Financial wellness means different things to different people but each definition has a common thread: how well a person manages their money, if certain financial needs are met, and financial comfort. 
<img src="https://cms.mx.com/assets/82661b41-ad70-4db1-9465-d84cdc2bedfe?width=3891&amp;height=1698" alt="Asset 1@4x" />
The <a href="https://www.americanbanker.com/opinion/banks-should-embrace-new-tools-for-measuring-consumer-financial-health">Office of the Comptroller of the Currency</a> (OCC) gives a more practical definition of financial wellness: &ldquo;having stable day-to-day finances, resilience to withstand shocks, and security for the future.&rdquo;&nbsp;
Rolling all of these definitions into one, financial wellness is defined as the ability to comfortably manage one&rsquo;s finances.
Check out our blog <a href="https://www.mx.com/blog/consumers-define-and-measure-financial-wellness/">Metrics and Mindsets: How Consumers Define and Measure Financial Wellness</a> to learn more about how different genders and generations view financial wellness.
<h2 id="examples-of-financial-wellness">Examples of Financial Wellness</h2>
Because financial wellness is influenced by our past, present, and future, consumers can see practical application in each of these areas. Here are some examples of financial wellness practices for consumers:
<h3>Debt Management</h3>
Understanding our past money habits can help consumers on their journey towards financial wellness. Financial wellness can mean keeping debt at manageable levels or completely paying off debt.
<h3>Daily Spend Stability</h3>
Financial wellness is also about everyday money habits. Consumers should strive to live within their means. Budgeting and paying bills in full and on time can help consumers to control their daily spend &mdash; promoting financial wellness.&nbsp;
<h3>Emergency Preparedness</h3>
Nineteen percent of consumers find that being able to save for the future defines financial wellness, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX</a>. Consumers can look towards the future with emergency preparedness in mind. Being proactive about savings, contributing to retirement accounts, and setting financial goals are examples of financial wellness.
<h2 id="financial-wellness-and-well-being">What Is the Difference Between Financial Wellness and Financial Well-Being?</h2>
Financial health, financial well-being, and financial literacy are all commonly used in conversations surrounding consumers and their ability to manage their finances effectively. Now that we&rsquo;ve defined financial wellness, what is financial well-being? Financial well-being is the ability for a person to effectively meet all of their financial obligations.&nbsp;
Financial wellness and financial well-being are 2 phrases can generally be used interchangeably. They all have the same goal, emphasizing the importance of proper financial management and how it can impact consumers.
<h2 id="benefits-of-financial-wellness">Benefits of Financial Wellness</h2>
Financial wellness is a powerful goal. It&rsquo;s a cause that will provide long-term benefits to consumers and financial institutions. Financially strong consumers lead to financially stronger businesses and communities. When people have the tools, resources, and knowledge to improve their financial health, it creates a win-win scenario for all parties involved.
Financial providers that invest in <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness tools</a> will be able to connect with their customers on a deeper level and contribute to higher levels of financial well-being. This translates to higher customer engagement, retention, and loyalty &mdash;&nbsp;and drives business growth, higher deposits, and long-term stability.&nbsp;
<h3>Benefits of Financial Wellness for Consumers</h3>
Able to Manage Day-to-Day Expenses
Financial wellness can benefit consumers right away. Fifty-five percent of consumers report that they are currently living paycheck to paycheck, <a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">MX recently discovered</a>. Financial wellness can help consumers prepare for and handle upcoming everyday expenses to get out of the paycheck to paycheck cycle.
Prepare for the Future
Financial wellness can teach consumers important skills like saving, budgeting, and investing. Consumers that prioritize their financial health will become more prepared financially for unexpected life events. Ultimately, financial wellness will empower consumers to make more informed financial decisions that will have a lasting impact.
Mental and Physical Health
Fifty-one percent of consumers say money is their main source of stress, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX research</a>. Financial wellness helps consumers to limit the stress caused by financial issues, offering them a greater sense of optimism and security. Because <a href="https://www.cuimc.columbia.edu/news/link-between-health-and-financial-well-being">health and financial well-being are connected</a>, investing in financial wellness can give consumers more fulfilling lives.
<h3>Benefits of Financial Wellness for Financial Providers</h3>
Stronger Customer Retention
There is rigorous competition within the financial services industry. So if a consumer doesn&rsquo;t like something about their financial provider, they are more than willing to find one that is a better fit for them. In fact, <a href="https://www.mx.com/research/the-missing-link/">MX found that</a> 57% of consumers said they&rsquo;d likely seek out a new financial provider if their current one couldn&rsquo;t deliver on these most wanted features. Financial providers must be willing to increase their service offerings so that consumers are more willing to stick around long term.
Increased Deposits
Banks, credit unions, and other financial providers that work to promote financial wellness will have consumers that are financially healthier, making them more likely to pay off their loans and increase their deposits.
Data-Driven Insights
Financial institutions that partner with consumers on their financial journeys will gain access to greater insights based on additional consumer-permissioned data. This data&rsquo;s power is two-fold. Banks will be able to better understand their customers, while also using that information to offer more relevant products and services that will help them to retain customers.
<h2 id="financial-providers-promote-financial-wellness">How Financial Providers Can Promote Financial Wellness</h2>
According to the <a href="https://finhealthnetwork.org/research/financial-health-pulse-2023-u-s-trends-report/">Financial Health Network</a>, 47% of unbanked households were considered financially vulnerable. Banks have the opportunity to turn the financially vulnerable population around through financial wellness promotion.
Financial providers should rethink how they are approaching financial wellness and its accessibility for their consumers. Thanks to today&rsquo;s advances in technology across the financial industry, financial institutions have easier access to the tools that promote financial wellness. There are various ways that providers can promote financial wellness:
Connect the Dots
Do your consumers know where their finances stand? Financial wellness is nearly impossible without full visibility into financial accounts. The majority of consumers have various financial apps, so switching between them is an inefficient way to fully understand their financial state. By implementing an <a href="https://www.mx.com/blog/what-is-open-banking/">open banking solution</a> to help consumers connect the dots across their various financial accounts, they&rsquo;ll gain a 360-degree view of their finances.
Leverage Data to Better Engage and Inform
Even centralized financial data can be messy and hard to understand at times. Financial institutions that prioritize <a href="https://www.mx.com/blog/what-is-data-enhancement/">data enhancement</a> will empower consumers to better understand their finances. Likewise, banks and credit unions will have more clarity into the data to tailor the right messages for the consumers at the right time.
Engage Through Personalization
Every consumer is different, so they should be treated that way. Understand who your customers are through their data and engage with them appropriately. Give your customers <a href="https://www.mx.com/products/financial-insights/">proactive insights</a> or nudges to better manage spending, pay down debt, or increase savings based on their account activity. These insights can empower your customers to recognize how they can make more informed financial decisions.
Nudge Consumers to Action
Your consumers are sharing high amounts of information with you. Use it to your advantage. Did they recently connect a new account? Have they opened up a mortgage? Could they benefit from a <a href="https://www.mx.com/case-studies/global-credit-union/winning-the-fight-for-deposits/">deposit switch</a>? With the right tools, you can understand more about your customers and act accordingly with targeted offers and services &mdash; helping you gain primacy.
<h2 id="mx-empowers-financial-wellness">How MX Empowers Financial Providers</h2>
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX found</a> that 31% of consumers don&rsquo;t feel financial providers do enough to support their financial needs. What can they do to better meet customer expectations? Jane Barratt, MX Chief Advocacy Officer, offered the solution when she said, &ldquo;Data, or the lack thereof, can make or break financial wellness.&rdquo;
MX helps financial institutions connect, analyze, engage, and act on <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> to create better customer experiences. MX&rsquo;s suite of <a href="https://www.mx.com/use-cases/financial-wellness/">financial wellness tools</a> can help you make the most of your financial data. Discover <a href="https://www.mx.com/case-studies/verabank/">how MX helped VeraBank transform financial wellness</a> across its customer base for a 65% increase in engagement.

What Is Financial Wellness and Why It’s Not Just Important for Consumers

The Canadian Budget Implementation Act detailed upcoming rules under Canada's Consumer-Driven Banking Act.

Ready to get started with Open Banking in Canada? 

The Consumer-Driven Banking Act dives more into Open Banking in Canada — putting consumers at the center of their financial data.

The Next Steps for Open Banking in Canada

On the heels of <a href="https://www.mx.com/blog/canada-budget-2025/">Canada&rsquo;s Budget 2025 announcement earlier this month</a> &mdash; which included an update on open banking regulations within the country, more news has been released about Canada&rsquo;s open banking journey. The <a href="https://www.parl.ca/DocumentViewer/en/45-1/bill/C-15/first-reading">Canadian Budget Implementation Act</a> detailed upcoming rules under Canada's Consumer-Driven Banking Act.&nbsp;
Open Banking is not just a regulatory mandate; it represents a significant commercial opportunity for both established Canadian banks and the burgeoning domestic fintech sector.&nbsp;
For large financial institutions, secure, <a href="https://www.mx.com/products/data-access/">API-driven data sharing</a> is a chance to move beyond compliance and embrace digital transformation. It enables them to leverage customer data, with explicit consent, to develop personalized, data-rich products that enhance customer loyalty, improve risk assessment for lending, and reduce operational costs by moving away from legacy data access methods like screen scraping.&nbsp;
For Canadian fintechs, this regulated framework is a game-changer. It provides them with the secure, reliable access to financial data they've long needed to build truly innovative services &mdash; such as sophisticated budgeting tools, alternative credit scoring models, and hyper-personalized lending platforms &mdash; leveling the playing field and fueling competition and rapid market growth within the Canadian financial ecosystem.&nbsp;
By fostering collaboration and ensuring a safer environment for data exchange, the new legislation acts as a critical accelerant for innovation, positioning Canada's finance sector for greater global competitiveness.
There are 2 main buckets that this legislation&rsquo;s key takeaways fall into:&nbsp;
<ol>
<li style="font-weight: 400;" aria-level="1">All participants must be accredited and maintain appropriate security practices.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Consumers are fully in control of their financial data.</li>
</ol>
Overall, the latest legislation is a big win for consumers as it puts them in full control of their financial data, while also enabling Canadian financial institutions to better serve their customer base.
Here are the main areas of focus for Open Banking from the Consumer-Driven Banking Act:
<h2>Licensed and Secure Participants</h2>
<h3>The Key Regulators that Run the Show</h3>
There are 4 key players that financial providers must familiarize themselves with to comply with the legislation. These players are made up of 2 government groups and 2 specialized bodies that will oversee the new system.
<ul>
<li style="font-weight: 400;" aria-level="1">Bank of Canada: This is the system&rsquo;s main regulator. It supervises every accredited company, checks for market trends, and makes sure everyone is playing by the rules.</li>
<li style="font-weight: 400;" aria-level="1">Minister of Finance: The Minister has the ultimate say on security, particularly when it comes to national security concerns that could impact accreditation.</li>
<li style="font-weight: 400;" aria-level="1">External Complaints Body: A dedicated ombudsman &mdash; or intermediary &mdash; handles consumer complaints that can&rsquo;t be resolved internally. All licensed participants must be members of the external complaints body.</li>
<li style="font-weight: 400;" aria-level="1">Technical Standards Body: This body (which is yet to be identified) will set the required API standards. This is the mandatory technical blueprint for how data is safely shared.</li>
</ul>
<h3>Who Gets to Play?</h3>
Any organization that wants to participate in data sharing will be required to be officially accredited by the Bank of Canada. This will include banks, credit unions, fintechs, payment providers, and third-party service providers.
<h3>The Ban on Screen Scraping</h3>
The Act effectively establishes a secure, API-only ecosystem by outlawing the traditional method of data access &mdash; <a href="https://www.mx.com/guides/banking-apis-oauth-sceenscraping/">screen scraping</a>. This new legislation prohibits using a consumer's login credentials to gain direct access to their data for the purpose of providing a product or service. This ban on screen scraping is an effort to mitigate the risks that credential sharing can create.
<h2>Consumers Own Their Data</h2>
<h3>The Scope of Data</h3>
Consumers are the ultimate owners of their data and have full power to make decisions regarding their data. The Act requires explicit permission from consumers to share data. The covered data includes:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Depository accounts</li>
<li style="font-weight: 400;" aria-level="1">Investment accounts</li>
<li style="font-weight: 400;" aria-level="1">Credit products</li>
<li style="font-weight: 400;" aria-level="1">Payment products</li>
</ul>
On the other side of the coin, the Act explicitly excludes derived data in its data-sharing ruling &mdash; meaning that financial institutions that enhance the data in a way that significantly increases its usefulness or commercial value are not required to share that resulting derived data externally.
Data access fees are strictly prohibited for consumers sharing their in-scope data.
<h3>Consent and Data Use</h3>
Getting &mdash; and keeping &mdash; a consumer's permission has strict and non-negotiable requirements. Participants must obtain the consumer&rsquo;s consent before requesting data. A consumer simply using a product or service does not in and of itself qualify as consent.
Participants that have obtained consumer consent must tell the consumer:
<ol>
<li style="font-weight: 400;" aria-level="1">Exactly what data they want</li>
<li style="font-weight: 400;" aria-level="1">How they will use it</li>
<li style="font-weight: 400;" aria-level="1">How long the consent lasts</li>
</ol>
Once consumers have granted content, it is valid for a maximum of 12 months. A participating organization must renew the consumer&rsquo;s consent after the expiration of the previous consent&rsquo;s effect. Additionally, consumers can withdraw their consent or request the deletion by the participating organization of their data at any time. Upon request, participating organizations must stop receiving the data immediately and delete it.
<h3>Security and Liability</h3>
The burden of security and financial loss is squarely placed on the shoulders of the participating entity. They are responsible for implementing the security safeguards in the framework and designating an officer responsible for the entity&rsquo;s compliance with these safeguards.
In the event of unauthorized data loss, consumers are not financially liable unless they are shown to have been grossly negligent. For participating entities, liability flows with the data, and the party responsible for a breach is held responsible.
<h2>What&rsquo;s Next?</h2>
Canada&rsquo;s open banking legislation sets a high bar for participation, emphasizing consumer control, security, and accountability. One significant question remains unanswered: the timeline. As this regulation moves through the parliamentary process, the financial industry can expect exact timelines to be finalized.
As Canada works towards implementing this legislation, financial institutions should begin to assess their strategies for keeping data in the hands of consumers. Institutions that are already designing financial systems that prioritize customer consent and API-driven data access will set a new standard of trust and innovation across Canada&rsquo;s financial ecosystem.

The Consumer-Driven Banking Act: Canadian Open Banking Takeaways

At MXS, key policy makers from Data aggregation leaders came together to discuss the present and future of Open banking. 

Top aggregation experts from across the industry explain the state of Open Banking in the U.S. at MXS 2025.

 Navigating the Future of Open Banking: Key Takeaways from Industry Leaders

The state of Open Banking in the U.S. is at a crossroads. Over the past year, the industry has seen rapid movement, from <a href="https://www.mx.com/webinars/data-access-fees-impact/">debates on data access fees</a> to a <a href="https://www.mx.com/blog/open-banking-anpr-revisited/">second ANPR on Section 1033 of the Dodd Frank Act </a>from the Consumer Financial Protection Bureau.&nbsp;
Questions around liability, consumer representation, and <a href="https://www.consumerfinance.gov/personal-financial-data-rights/">compliance timelines</a> continue to shape what the future of Open Banking will look like &mdash; and who will benefit from it.
To unpack these issues, MX brought together leaders from across the ecosystem for a <a href="https://www.mx.com/summit/2025/data-aggregators/">candid discussion during Money Experience Summit 2025</a>. The panel &mdash; featuring representatives from Plaid, Yodlee, and MX &mdash; explored the reality of today&rsquo;s Open Banking environment and what&rsquo;s needed to turn data movement into true value creation for consumers.
<h2>Liability and Scope of Data Are Missing from the ANPR Conversation</h2>
While issues of security, fees, and consumer representation are central to the current rulemaking process, the panel highlighted two areas notably absent from the conversation: liability and data scope.
Both have been longstanding sources of friction in Open Banking litigation and are critical to getting the next phase right. Without clear definitions of who bears responsibility in cases of data misuse or breach, and what specific data categories are covered, participants cautioned that the same disputes could stall progress again.
<h2>Fees for Data Access Should Remain Prohibited</h2>
The panel also tackled the growing debate over whether financial institutions can charge for data access. On this point the panelists were in agreement.&nbsp;
Referencing recent moves by financial institutions to add fees for data access, panelists noted that while the intention was to support infrastructure, Section 1033 is clear on the permissibility of fees for data access. As John Pitts, former Global Head of Policy at Plaid, said it simply &ldquo;... the 1033 law clearly makes paying fees for access illegal.&rdquo;
Beyond the legality issues, panelists further agreed that the introduction of fees will add unnecessary friction to the Open Banking ecosystem. Jane Barratt, Chief Advocacy Officer at MX, was direct about the implications:
<blockquote>
&ldquo;Data access is a zero-sum game. If you charge for data out, data in will cost more. We&rsquo;re just adding costs to the ecosystem under the guise of covering API costs &mdash; and those costs eventually roll downhill to the consumer.&rdquo;
</blockquote>
Her point underscored a shared concern: monetizing access could create new barriers to competition and erode the consumer value proposition at the core of Open Banking.
The panel all agreed that the introduction of fees for access to financial data will roll downhill, eventually being applied directly to consumers. But, consumers don&rsquo;t want this. <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s most recent research</a> revealed that nearly half (48%) of consumers say they would be unlikely to connect external financial accounts to their primary bank if it came with a fee.&nbsp;
<h2>The Role of Data Intermediaries</h2>
With more than 8,500 financial institutions and thousands of fintechs in the U.S., the panel agreed that intermediaries play an essential role in facilitating the secure flow of financial data.
&ldquo;No single company can connect every system alone,&rdquo; noted Eric Jamison, former Head of Product at Yodlee.
Data intermediaries provide quality control, standardization, and translation of raw, machine-readable information into meaningful, actionable insights. The panel compared their role to credit bureaus, where multiple data sources converge to create a holistic consumer benefit.
Expanding the flow of data, they emphasized, &ldquo;raises all ships&rdquo;, improving the tools available to consumers and encouraging innovation across the ecosystem.
<h2>The Need for Regulatory Clarity</h2>
The U.S. Open Banking landscape is at a critical juncture. Over the past 9 months, financial institutions, fintechs, and regulators have navigated new developments. Consumers, who often hold 5 to 7 financial accounts across multiple providers, need secure, unified access to their financial information to make informed decisions. Open Banking is key to enabling this, creating an interoperable ecosystem that promotes competition, drives innovation, and empowers consumers to manage their own data.
Yet uncertainty remains. Panelists highlighted that, absent clear guidance on representation, access fees, and compliance timelines, the rulemaking process could stretch on for years, leaving smaller institutions hesitant to invest and widening the competitive gap between large and small players. Without regulatory clarity, the risk grows that community banks and credit unions fall behind, consumers face limited choice, and the industry sees little meaningful progress.&nbsp;
Strong, consistent leadership from regulators is essential to ensure that Open Banking fulfills its promise for both consumers and the broader financial ecosystem.
<h2>The Road Ahead Has Two Paths</h2>
Looking ahead, the panel outlined two possible futures for Open Banking in the U.S.:
<ol>
<li style="font-weight: 400;" aria-level="1">An interoperable ecosystem built on standardized APIs, robust consumer protections, and open competition. </li>
<li style="font-weight: 400;" aria-level="1">A fragmented market dominated by proprietary networks controlled by a few large players, where access comes with a toll.</li>
</ol>
Without clear and timely regulation, the latter could become reality &mdash; especially as emerging technologies like agentic AI drive new forms of data aggregation outside formal channels.
<h2>Turning Data into Value</h2>
As the panel closed, the message was clear, it is time for Open Banking to evolve from data movement to value creation. And, ensuring data flows safely, securely, and with tangible benefit to consumers is how we get there.
Open Banking in the U.S. is no longer a question of if, but how well. The work ahead lies in aligning regulation, infrastructure, and innovation so that access becomes empowerment &mdash; and every connection creates value.

Data in Motion, Value in Action: Open Banking Insights

Jennifer Tescher explains building financial wellness needs to start noew with small changes that will lead to big outcomes. 

At Money Experience Summit 2025, industry leaders explored how prioritizing financial wellness drives better outcomes for consumers and institutions alike.

Building a Future of Financial Wellness for All

As Americans continue to face uncertainty about the economy, employment, and the cost of living, consumers need financial partners that can help them make ends meet, absorb financial shocks, and plan for the future.&nbsp;
But, achieving financial wellness across our country and communities requires more than individual effort by an individual financial provider. It depends on an ecosystem &mdash; one where financial institutions, fintechs, and technology partners work together to deliver meaningful, measurable outcomes for consumers. And, we have work to do.
Jennifer Tescher, founder and CEO of the Financial Health Network (FHN), challenged the industry to think differently about what progress really means at <a href="https://www.mx.com/summit/">MXS 2025</a>.
<a href="https://www.mx.com/summit/2025/financial-health/">Tescher&rsquo;s message was simple but powerfu</a>l: financial institutions have an outsized role to play in improving the lives of their customers. And, in that role, financial providers do not need to wait for regulation or massive transformation to make an impact. As Tescher put it, "small actions, when taken with intention, can have outsized impact.&rdquo;
<h3>The Business Case for Financial Wellness</h3>
The connection between financial wellness and business performance is clear. Research from <a href="https://finhealthnetwork.org/research/how-digital-communities-can-drive-financial-decision-making-and-customer-satisfaction/?utm_source=chatgpt.com">FHN</a> and <a href="https://www.jdpower.com/business/press-releases/2025-us-retail-banking-satisfaction-study">JD Power</a> shows that when banks and credit unions offer even one tool, it increases customer engagement and satisfaction. Offering tools like budgeting, forecasting, or expense tracking consistently see customer satisfaction increases by double digits.
When customers experience less financial stress, they&rsquo;re more engaged, more trusting, and more likely to view their financial institution as a true partner in their success.
Tescher shared examples of institutions putting this philosophy into action. One bank saw late payments drop by 27% simply by letting borrowers choose their own payment dates. This human-centered adjustment improved both customer outcomes and portfolio performance. Small change. Big impact.
<h3>From Tools to Standards: Creating Systemic Change</h3>
While progress is being made, Tescher emphasized that the moment calls for more than good intentions. It calls for standards &mdash; clear, industry-wide benchmarks that define what effective financial health practices look like.
Standards have long been catalysts for transformation, from building codes that ensure safety to nutrition labels that empower better choices. Financial wellness should be no different. Establishing and adopting shared standards can help institutions design products that consistently improve financial health, foster consumer trust, and strengthen brand reputation.
The Financial Health Network&rsquo;s <a href="https://finhealthnetwork.org/tools/finhealth-standards/">newly developed standards</a> for checking and credit products are designed to get the ball rolling. These standards focus on spending well and aligning product features with consumer well-being. And, tools like <a href="https://www.mx.com/products/personal-financial-management/">MX&rsquo;s financial wellness solutions</a> align closely with these standards, enabling consumers to better manage their budgets, label their money, and gain a complete view of their finances through data connectivity.
<h3>The Path Forward</h3>
The financial industry is entering a new era &mdash; one where customer well-being isn&rsquo;t just a metric, but a mission.&nbsp;
As Tescher reminded us, the power to build a financially healthier future lies not in sweeping reforms, but in the collective impact of many small, intentional choices. For financial institutions, the opportunity is clear &mdash; prioritizing financial wellness leads to better outcomes for both consumers and providers.

Building a Future of Financial Wellness: Why It Matters Now More Than Ever

Financial providers that want to personalize customer experiences should focus on understanding consumers' life events.

MX research found that consumers want more from their providers, and using data to understand life events is the solution.

Personalize Financial Experiences Through Life Events

&nbsp;
Thirty-seven percent of consumers feel that their financial providers don&rsquo;t do enough to support their needs &mdash; <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">according to MX research</a>.&nbsp;
Not meeting consumer needs is a dangerous game to play in today&rsquo;s competitive financial ecosystem. While finances are clearly not a one-size-fits-all solution, financial providers can work to understand the life events that consumers are passing through to meet each consumers&rsquo; unique needs.
<img src="https://cms.mx.com/assets/ea974424-469a-4bf7-98e2-3168e2efb069?width=2703&amp;height=783" alt="69156" />
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">MX&rsquo;s latest research report</a> reveals that consumers have high expectations for their financial providers. Across the digital financial ecosystem, financial providers have access to more tools and resources than ever before to adequately meet those needs and create personalized financial experiences by better understanding consumer life events.&nbsp;
<h2>Understanding Consumers Through Life Events</h2>
<a href="https://fintechtakes.com/articles/2025-09-30/a-new-roadmap-for-building-customer-lifetime-value/?hashed_user=c5db910442dcc8bd5f4bc035ece2ab78&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=9.30.25%20Fintech%20Takes%20-%20MX%20Deep%20Dive&amp;utm_term=Fintech%20Takes">Alex Johnson of Fintech Takes</a> talked about misunderstandings that come from focusing too much on generational differences saying, &ldquo;Many of the things we associate with consumers from those generations are, more accurately, characteristics of all consumers at that age.&rdquo;&nbsp;
When financial providers only link financial habits to the generation instead of the life stage, they may have an incomplete picture of who their customers are &mdash; and struggle to provide what customers seek.
Where can financial providers step in to help? MX asked consumers which life events they most want their financial provider to proactively help them navigate. The three most common answers (with a spread across multiple generations) were retirement (70%), buying a first home (67%), and moving to a new city (53%). Here are the results:
<img src="https://cms.mx.com/assets/399e15df-1eff-49d3-8c9c-90677d468764?width=2197&amp;height=4616" alt="69178" />
The data makes it clear that buying a first home isn&rsquo;t just for Gen Z and Millennials. And, retirement is top of mind for generations that are still years away from retirement.&nbsp;
While those in a certain generation may experience similar events on a similar timeline, you can&rsquo;t discount those consumers who pass through life at a different pace.&nbsp;
<h2>Data Moments = Life Moments</h2>
At <a href="https://www.mx.com/summit/">Money Experience Summit 2025</a>, Rodney Hood, Former Acting Comptroller of the Currency and Chairman of the National Credit Union Association, <a href="https://www.mx.com/summit/2025/welcome-mxs-2025/">shared how data is the secret to anticipating customer needs</a>.
<blockquote>
&ldquo;I want you to view data not just as a metric, but as a narrative of our lives. Not just looking at the numbers, but looking at the story it tells, looking at what it tells you about that individual, about that family. And that is how you're not going to be able just to meet their needs. You're gonna be able to anticipate those needs.&rdquo;
</blockquote>
Financial providers don&rsquo;t have to look far to know what their consumers are going through. Their data already tells an important story. A new direct deposit account might show that a consumer is starting a new job. Large Home Depot purchases could mean that the consumer recently moved. Adding another individual to their bank account might indicate they just got married. Watching for these signs and adjusting products and services accordingly may be the solution to meeting your consumers&rsquo; needs.
Knowing customers and anticipating their needs can help financial providers support consumers in whatever they are going through. Supporting consumers through these life stages, regardless of age, can create more meaningful engagement, loyalty, and lifetime value for your organization. It can also mean the difference between temporary product use and long-term loyalty.&nbsp;
<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">Read the full consumer research report for data about consumer expectations, mobile and digital experiences, and more.</a>

The Secret to Meeting Customer Needs: Understanding Life Events

The Canadian government put significant momentum into its Consumer-Driven Banking Act with the release of Budget 2025.

Open Banking is set to take a leap in Canada, as Budget 2025 provided much-needed regulatory clarity. 

Canada’s Budget 2025 Set to Accelerate Open Banking

Earlier this week, the Canadian government injected significant momentum into its Consumer-Driven Banking Act &mdash; and Open Banking journey &mdash; with the release of <a href="https://budget.canada.ca/2025/home-accueil-en.html">Budget 2025</a>. This isn't just another incremental step; it provides the much-needed regulatory clarity and time frames that the industry has been waiting for, setting the stage for the practical implementation of a national data-sharing framework.
<h2>The New Regulatory Mandate: Bank of Canada Takes the Helm</h2>
The most pivotal announcement is the shift in regulatory oversight. The responsibility for the administration, oversight, and enforcement of the Consumer-Driven Banking Act (CDBA) framework is being transferred from the Financial Consumer Agency of Canada (FCAC) to the Bank of Canada (Canada's Central Bank).
This move is strategically designed to create a more streamlined and consolidated regulatory environment. The Bank of Canada already supervises Payment Service Providers (PSPs) under the Retail Payment Activities Act (RPAA). Placing the CDBA under the central bank's control reinforces the framework's focus on systemic stability, security, and the integration of Open Banking with new payment infrastructure like the Real-Time Rail (RTR).
<h2>The Mid-2027 Target for "Write Access": A Clear Roadmap for Innovation&nbsp;</h2>
While the government has not announced a single, final "launch date" for the entire system, Budget 2025 sets a major concrete goal: legislating the advanced functionality known as "write access" by mid-2027.
"Write access" moves beyond simply viewing data ("read access") and allows a consumer to direct an action on their behalf through an accredited third-party app. This high-value functionality enables core use cases such as:
<ul>
<li style="font-weight: 400;" aria-level="1">Payment Initiation: Making a bill payment or initiating a transfer from a bank account directly through a third-party app.</li>
<li style="font-weight: 400;" aria-level="1">Account Switching: Seamlessly moving an entire account to a new financial institution.</li>
</ul>
The mid-2027 deadline is set to take place after the launch of the Real-Time Rail (RTR) payment system. This is a timeline that all industry participants &mdash; from established financial institutions to fintechs &mdash; must now use to align their strategic and technical development roadmaps.
<h2>Economy-Wide Data Mobility: A Policy Beyond Banking&nbsp;</h2>
In a signal of a broader policy vision, the government confirmed its intent to introduce a data-mobility right within the Personal Information Protection and Electronic Documents Act (PIPEDA).
This move indicates that the policy is much larger than just the financial sector. It suggests a future where consumers have the right to securely move their data across various sectors &mdash; not just banking, but potentially telecom, utilities, and other consumer services.
For innovators, this broader vision presents a massive opportunity to eventually open up new data sources, enabling the creation of more holistic financial and service products.
<h2>Looking Ahead: The Road to a Data-Empowered Canada</h2>
The coming years will be crucial as financial institutions, fintechs, and other stakeholders work to build the infrastructure and services that will empower Canadian consumers with greater control over their financial data and pave the way for a more integrated and efficient digital economy.
For more than a decade, MX has been a leader in Open Banking and consumer-permissioned data sharing. We strongly believe that consumers should own their financial data, with a great need for regulations supporting that ownership. Financial institutions have the responsibility to create better financial opportunities for consumers that permit data sharing.&nbsp;
MX&rsquo;s <a href="https://www.mx.com/products/data-access/">Data Access</a> solution combines an API platform that meets FDX standards with built-in analytics to create actionable intelligence &mdash; for consumers and their institutions.

Canada's Open Banking Acceleration: The Budget 2025 Game-Changer

At Money20/20 USA, financial leaders talked about the ways that mobile and digital experiences impact growth.

At Money20/20, financial industry experts shared how they are using digital experiences and data to create personalized financial experiences.

Using Digital and Mobile Banking to Differentiate

An overwhelming 91% of consumers say a good mobile experience with their financial providers is important, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">according to MX research</a>.
Digital and mobile experiences as channels to engage with customers are nothing new. But they have too often been viewed as just another channel. Just another spot where businesses need to have a presence. Just another item on a long list of priorities. Today, mobile and banking strategies must move to the top of your priority list.&nbsp;
Last week, many of the brightest leaders across the payments, fintech, and financial services spaces gathered together in Las Vegas at Money20/20 USA. As part of the event, MX hosted a breakfast and panel discussion talking about some of the ways mobile and digital experiences are directly impacting growth &mdash; and how digital can help businesses differentiate.
<img src="https://cms.mx.com/assets/3ab205b9-6819-4aed-9040-018d32de0538?width=4032&amp;height=3024" alt="Img 5008" />
The panel included James Dotter, Chief Business Officer at <a href="https://www.mx.com/">MX</a>, Andy Hernandez, Founder of <a href="https://hernandez.digital/">ARH Agency</a>, Jason Lazzerini, Executive Vice President and Chief Digital Officer at <a href="https://www.cpb.bank/">Central Pacific Bank</a>, Howie Wu, Executive Vice President and Head of Product at <a href="https://www.seattlebank.com/">Seattle Bank</a>, and Heather Warner, Head of Client Success at <a href="https://www.mx.com/">MX</a>. Here are the highlights from the conversation:
<h2>Solving the Retention Problem</h2>
When asked about how financial institutions are shifting their strategies toward digital, Andy said, &ldquo;As an industry, we have a customer retention problem. You've got several companies who are making it easy to switch. We used to rely on the fact that it was very hard to switch.&rdquo;
For consumers, it&rsquo;s no longer about which bank is closest to their home. With the ease and accessibility that digital and mobile banking solutions provide, the number of financial providers that consumers have access to without stepping foot outside their door is astounding.
And, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">the data shows</a> that 58% of consumers would switch financial providers if the mobile banking experience was bad. Financial providers need to provide their customers with the solutions and resources they need through digital channels.
<h2>The Differentiation Situation</h2>
With thousands of banks, credit unions, and fintechs across the U.S., financial service providers have no choice but to look for ways to differentiate. While they may be limited on differentiating on rates, they have many opportunities to stand out from the competition in the ways they offer products and services. Here are some of the recommendations from the panelists.
<h3>The People and the Passion</h3>
Andy shared how differentiation goes beyond technology: &ldquo;We all live and work around technology. But to differentiate, you&rsquo;ve got to surround yourself with good people who are truly passionate about doing right by the customers.&rdquo;&nbsp;
Putting consumers at the center of financial relationships is key to standing out &mdash; and leading with personalized financial experiences.
<h3>Begin with the Basics</h3>
Jason shared some ways that Central Pacific Bank has been able to stand out from the competition.&nbsp; "In today&rsquo;s volatile market, simplicity isn&rsquo;t optional, it&rsquo;s the foundation for growth, especially as we navigate regulatory shifts and rising expectations from our consumers. We care to make the fundamental stuff easy. Keeping things simple helps consumers build better financial lives."
<a href="https://thefinancialbrand.com/news/mobile-banking-trends/definitely-not-phoning-it-in-driving-customer-engagement-with-superior-mobile-banking-experiences-192102">After rolling out its new mobile app</a>, the bank lives and breathes the simplicity Jason called out. Consumers can now find financial wellness, direct deposit switches, new account openings, and loan originations easy and accessible.
<h3>Get Clarity with Your Customers</h3>
While competing with large providers, Howie noted how his team at Seattle Bank stands out by saying, &ldquo;As smaller institutions, it&rsquo;s about knowing your customers, finding those moments of delight, and solving problems using digital.&rdquo;
At a previous organization, Howie&rsquo;s team helped recognize a need unique to their high net worth customer base &mdash; easily moving large amounts of money. This was not a common capability among their competitors, so the institution built tech that would benefit and retain consumers based on these unique needs.
<h3>Dig into the Data</h3>
James wrapped up the suggestions with an all-encompassing theme: &ldquo;Don't be afraid of the data. Don't be afraid of the statistics. Dig in, get familiar with it, and use those to guide you on how you're going to create the right experiences for your customers.&rdquo;
Data is one of the most powerful tools that financial providers can use to give consumers exactly what they want. And, <a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/">59% of consumers</a> expect their financial providers to leverage the data financial providers have about them to personalize their experience. Leveraging consumer-permissioned data puts consumers at the center of their own financial experiences.
Consumers already share who they are, their goals, and how they work towards those goals with their financial providers every single day. With every purchase. With every dollar saved. With every account connected. Financial providers can give consumers the peace of mind that they know them and are ready to partner with them on their financial wellness journey.&nbsp;

Leveraging Digital and Mobile Banking Experiences as a Differentiator

Open Banking can seem daunting, but the big scary things deterring you aren't as frightening as you think. 

Open Banking may seem intimidating, but with FDX standards and the right partners, financial institutions can significantly benefit from Open Banking.

The Big, Scary Things About Open Banking (That Aren’t That Scary)

In honor of Halloween today, let&rsquo;s take a look at the &ldquo;scary&rdquo; topics that might keep people up at night when it comes to Open Banking. Between evolving regulatory conversations and the pressure to modernize data access, it&rsquo;s easy to think, &ldquo;where do I even start?&rdquo;
You&rsquo;re not alone. Financial institutions across the United States&nbsp; are asking:
<ul>
<li style="font-weight: 400;" aria-level="1">&ldquo;What if I build something that&rsquo;s not compliant with 1033?&rdquo; </li>
<li style="font-weight: 400;" aria-level="1">&ldquo;How do I build an API that will actually get used?&rdquo; </li>
<li style="font-weight: 400;" aria-level="1">&ldquo;How can I scale it when the traffic starts coming in?&rdquo;</li>
</ul>
The truth is, these aren&rsquo;t monsters lurking in the shadows &mdash; they&rsquo;re just unknowns waiting to be unmasked. And once you do, you&rsquo;ll see that the path forward isn&rsquo;t as scary as it seems.
At MX, we&rsquo;ve helped some of the largest financial institutions in the U.S. navigate these exact challenges. Here is a look at the &ldquo;big scary things&rdquo; in Open Banking and how to unmask the reality behind them.
<h2>Monster #1: &ldquo;What if I&rsquo;m Not Compliant with 1033?&rdquo;</h2>
The Fear: The CFPB&rsquo;s evolving definition and enforcement of Rule 1033 has left many financial institutions hesitant to begin building their open banking APIs. The uncertainty of what Rule 1033 demands and whether its stated compliance deadlines (starting in April 2026 for the largest institutions) will go into effect can make every API decision feel like a costly gamble.
The Reality: The foundation for compliant APIs already exists, and it&rsquo;s called the Financial Data Exchange (FDX) standard. FDX&rsquo;s standards have created a market-led, widely adopted framework that meets the spirit (and much of the letter) of what Rule 1033 will require. It&rsquo;s been tested, trusted, and refined by some of the largest financial institutions and data recipients in the world.
The FDX API standard is a great place to start with building your API because it directly addresses the core demands of Section 1033:
<ul>
<li style="font-weight: 400;" aria-level="1">Use OAuth 2.0 and OpenID Connect for secure, tokenized access </li>
<li style="font-weight: 400;" aria-level="1">Manage granular consumer consent for data sharing </li>
<li style="font-weight: 400;" aria-level="1">Ensure data standardization and interoperability across providers</li>
</ul>
The takeaway: Regardless of where the CFPB&rsquo;s Section 1033 rulemaking ultimately lands, FDX is a great blueprint for compliant and secure Open Banking in the U.S. &mdash; and the great place to start your Open Banking journey.
<h2>Monster #2: &ldquo;How Do I Even Build This?&rdquo;</h2>
The Fear: Where do you even begin the massive, complex project of converting your data infrastructure into a consumer-permissioned, FDX-compliant API? Do you really have to build every single piece yourself?
The Reality: You don&rsquo;t have to build it alone. The Open Banking ecosystem already has trusted partners, platforms, and data intermediaries built around the FDX standard. Rather than starting from zero, you can leverage market-ready solutions that streamline the process and accelerate your go-to-market timeline.
Finding the right platform partner can turn the frightening prospect of building a full API into a ready-to-implement advantage. Platform partners like MX offer products specifically designed to:
<ul>
<li style="font-weight: 400;" aria-level="1">Streamline API Creation: Provides the "ready-to-wear" framework that sits on top of your core system, handling the complex OAuth 2.0 Security Profile and the FDX data translation layer for you.</li>
<li style="font-weight: 400;" aria-level="1">Ensure Compliance by Design: These products are pre-engineered to meet the strict FDX protocols, giving you confidence that your API launch will be compliant.</li>
<li style="font-weight: 400;" aria-level="1">Simplify Management and Maintenance: You shift the burden of keeping up with version updates and patching the system to a dedicated partner, freeing your internal teams to focus on core banking innovation.</li>
</ul>
The takeaway: You don&rsquo;t need to reinvent the wheel. By partnering with a trusted Open Banking platform, you can get to market faster, reduce risk, and ensure compliance from Day 1.
<h2>Monster #3: &ldquo;What Happens When the Traffic Hits?&rdquo;</h2>
The Fear: Once third parties shift from screen scraping to your API, how will your infrastructure handle the sudden surge in connectivity traffic?
The Reality: A unified, FDX-based API actually makes scaling easier. Today, the FDX ecosystem supports more than 5 billion API calls per month for <a href="https://www.financialdataexchange.org/FDX/FDX/News/Announcements/FDX%20Hits%2094%20Million%20Accounts,%20CFPB%20Publishes%20FDX's%20Standard-Setting%20Application.aspx">more than 94 million consumer accounts</a>. This model has already proven its ability to handle large-scale, real-time data sharing.
By adopting the FDX standard, you&rsquo;re replacing hundreds of custom, brittle screen-scraping connections with a single, standardized access channel. That means:
<ul>
<li style="font-weight: 400;" aria-level="1">Less technical debt: Ensuring fewer broken connections to fix down the road</li>
<li style="font-weight: 400;" aria-level="1">Predictable performance: Enabling you to handle high-volume, token-based requests</li>
<li style="font-weight: 400;" aria-level="1">Simpler monitoring and scaling: Providing one system to manage, not hundreds</li>
</ul>
The takeaway: What looks like a scalability monster is actually your biggest efficiency win.
<h2>Don&rsquo;t Let the Monsters Scare You</h2>
The road to Open Banking doesn&rsquo;t have to be as spooky as it seems. With the right standards, partners, and strategy, you can turn regulatory uncertainty into confident innovation.
Let&rsquo;s unmask those Open Banking monsters together.
Learn how <a href="https://www.mx.com/products/data-access/">MX can help</a> your institution build and manage an FDX-compliant API.

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