MX hosted its Fintech Reads book club with Fintech Takes to discuss "The Verifiers" and how data use ties to the fintech industry.

“The Verifiers” teaches key lessons about data use, trust, and privacy — with key lessons for the fintech industry from Fintech Reads.

Fintech Reads Book Club: The Verifiers

A novel, community-focused experience has emerged in the fintech sector for individuals who believe groundbreaking ideas originate from creative inspiration and insightful reading. In April, MX&rsquo;s Fintech Reads was born &mdash; with its inaugural event at New York Fintech Week. Filled with everything from fiction to the latest best-selling business book, Fintech Reads brought together finance and fintech leaders for open conversations and networking opportunities about the books, business and ethical challenges, and opportunities that keep us up at night.
The event was such a hit that MX and <a href="https://fintechtakes.com/">Fintech Takes</a> continued the conversation with a virtual Fintech Reads Book Club meeting to discuss Jane Pek's debut novel. The Verifiers spins a captivating mystery around the burgeoning world of online dating and the increasingly blurred lines between our digital and real-life personas. This witty, contemporary detective story is a sharp examination of privacy and the pervasive nature of data collection. With the ethical considerations in the data space, this book has close ties to the finance industry and was a natural choice as our first fiction selection for Fintech Reads Book Club.&nbsp;
The novel introduces Claudia Lin, a sharp, Jane Austen-loving, Chinese-American woman who finds herself drawn to the secretive world of Veracity &mdash; a detective agency that specializes in vetting individuals that meet on dating apps. Clients hire Veracity to uncover the truth behind carefully curated online profiles, seeking assurance before investing emotionally or otherwise.
The Verifiers quickly establishes a world where personal data is the ultimate commodity. The online dating industry, as depicted by Pek, thrives on the accumulation and analysis of vast amounts of user information. In our book club discussion, we explored the following key themes in the book, and how it made us think about our responsibilities to our customers when it comes to data stewardship:&nbsp;
<h2>The Ethics of Data Collection and Algorithmic Influence</h2>
Veracity's very existence highlights the anxieties surrounding online authenticity. The novel delves into how dating platforms collect extensive personal data, using complex algorithms not only to match individuals, but also to potentially shape their desires and choices. This raises critical questions about the extent to which users are aware of, and consent to, this level of data harvesting and algorithmic manipulation.&nbsp;
The book club group discussed the important role that companies can play in consumer outcomes by influencing consumer behaviors. In the fintech industry, this may look like <a href="https://www.mx.com/products/financial-insights/">prompting users</a> to deposit more of their paycheck directly into their savings account &mdash; which can benefit the consumer. Or, they can push consumers toward outcomes that are better for the business (rather than the consumer), by making the button to share more user data more visible than the button to exit a popup window.&nbsp;
<h2>Privacy in the Digital Age</h2>
Claudia's investigations often involve delving deep into the digital footprints of individuals, blurring the boundaries of privacy. While the characters in the book did give permission for their data to be used, they were unaware of negative data use applications. The ease with which online information can be accessed and pieced together to form a picture of someone &mdash; accurate or otherwise &mdash; is a central theme.&nbsp;
In the fintech space, there are novel (and often beneficial!) applications of user data to improve their financial lives, like non-traditional credit underwriting. If misused, however, these details can be pieced together by bad actors to <a href="https://www.mx.com/blog/fraud-on-the-rise-and-how-to-fight-it/">facilitate financial fraud</a> and other bad consumer outcomes.
<h2>Corporate Deceit, Data Misuse, and Surveillance</h2>
As Claudia investigates a client's suspicious death, she uncovers a web of corporate deceit within the lucrative matchmaking industry. This plotline shines a light on the potential for powerful tech companies to exploit user data for profit, control, or even more sinister purposes, often with little transparency or accountability. The novel also subtly critiques a society growing accustomed to trading privacy for convenience, whether in finding a partner or navigating daily life.&nbsp;
Our book club discussion highlighted the need for extensive consumer education to make it clear what consumers are consenting to when they check a box or start using a service. In the financial services and fintech industries, consumers are sharing extremely sensitive data &mdash; which calls for a need for greater visibility and trust from those they are sharing it with.&nbsp;
<h2>Building Trust and Securing the Future</h2>
Through Claudia's engaging narration and the unfolding mystery, The Verifiers serves as a timely commentary on our relationship with technology. Pek masterfully weaves together a compelling whodunit with a thought-provoking exploration of how our data is collected, controlled, and commodified, leaving readers to ponder the true cost of navigating love and life in the digital age. As financial services and fintech professionals, we owe it to our customers to think deeply about these issues and do the right thing by them and their data. Their financial outcomes depend on it!

Beyond the Swipe: What "The Verifiers" Taught Us About Data Trust

MX's innovative new and and updated products will transform your data into action. 

Learn about the latest MX product innovations including Direct Deposit, Manage Money Dashboard, live data-sharing reports, and more.

MX Product Innovations | Get the Most Out of Your Data

&rdquo;Growth isn&rsquo;t your biggest challenge. Your biggest challenge is how you use your data to power growth,&rdquo; says Wes Hummel, MX&rsquo;s Chief Product and Technology Officer.&nbsp;
Financial institutions have more data than ever, but making it actionable and turning it into real results isn&rsquo;t easy. Consumers want relevant and personalized financial insights. And, financial institutions need to better harness data to win in an increasingly competitive market.
This is where MX can help. Our <a href="https://www.mx.com/product-updates/2025/spring/">latest product innovations</a> are designed to help financial providers transform data into growth.
Here is an overview of how our recent updates and innovations help you tap into <a href="https://www.mx.com/blog/what-is-consumer-permissioned-data/">consumer-permissioned data</a> to drive growth, build stronger relationships, and deliver better experiences.
<h2>Making Data More Actionable</h2>
When it comes to growth, deposits are at the top of most financial institutions&rsquo; list. But, how do you identify the right opportunities to grow deposits? MX&rsquo;s <a href="https://docs.mx.com/use-cases/direct-deposit/">Direct Deposit solution</a> helps you easily identify account holders without a direct deposit relationship or with deposits flowing to external accounts.
In addition, MX&rsquo;s <a href="https://www.mx.com/products/customer-analytics/">Customer Analytics</a> surfaces clear insights based on data to help you better target the right customers with the right message at the right time. With targeted segmentation and campaign tools, financial institutions can identify customers without direct deposit, tailor messaging, and deliver personalized offers that encourage setup and switching.
<h2>Driving Stronger Engagement&nbsp;</h2>
Customer engagement is a highly important, but often elusive priority for financial providers. Beyond using data to reach consumers with insights, engagement comes from giving consumers the tools and guidance to turn those insights into better financial decisions.&nbsp;
With this in mind, MX completely reimagined our <a href="https://www.mx.com/products/personal-financial-management/">Manage Money Dashboard</a> to make it more intuitive, actionable, and configurable. Now, the new Manage Money Dashboard is available for you to use to:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Simplify how consumers interact with financial management tools</li>
<li style="font-weight: 400;" aria-level="1">Deliver the insights most relevant to them</li>
<li style="font-weight: 400;" aria-level="1">Help them understand their money in real-time</li>
<li style="font-weight: 400;" aria-level="1">Provide guidance, offers, and recommended next-best actions throughout the digital banking experience.</li>
</ul>
This is more than a budgeting tool. It&rsquo;s an intelligent, automated way to help consumers engage with their finances in a meaningful way.
<h2>Gaining Better Insights&nbsp;</h2>
Our new data sharing reports within <a href="https://www.mx.com/products/data-access/">Data Access</a> help you understand where customers are sharing their financial data beyond your institution. Without these insights, you can&rsquo;t see where customers are turning to other providers for solutions &mdash; and might be missing opportunities to better serve them and grow your business.&nbsp;
Our Live Data-Sharing Dashboard gives you real-time visibility into how your customers are permissioning and sharing their data. And, you gain access to customer data-sharing trends with new reports for current connections and connections over time &mdash; with easy export options for deeper analysis.
We&rsquo;ve also continued to make <a href="https://www.mx.com/blog/data-enhancement-upgrade/">updates to our Data Enhancement</a> solution to deliver clear, accurate data using machine learning.&nbsp;
<h2>Connecting the Dots</h2>
Everything we do is based on our ability to facilitate fast, reliable connections. That&rsquo;s why we&rsquo;ve made major improvements to our connectivity solutions to ensure seamless data flow and stronger performance. And, these enhancements are already making an impact &mdash; financial institutions using multiple MX products have seen a 30% increase in conversion rates.&nbsp;
The financial institutions that thrive aren&rsquo;t the ones with the most data, but the ones that know how to turn that data into action. These latest product innovations can help you&nbsp; turn raw information into real business impact &mdash; so you can make smarter decisions, deepen relationships, and drive meaningful outcomes. With the right tools, that data becomes your biggest advantage.
 For a deeper look into these latest updates and more, visit our <a href="https://www.mx.com/product-updates/2025/spring/">Spring Product Update page</a> or watch the <a href="https://www.mx.com/product-forums/harness-data-drive-growth/watch/">replay of our latest Product Forum</a>.

Solving Your Biggest Challenge: Putting Data into Action

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

Regardless of regulatory uncertainty, MX continues to focus on customer outcomes driven by open banking, financial inclusion, etc.

In the face of uncertainty at the CFPB, MX remains steadfast in its commitment to supporting financial consumers and the companies that serve them.

Prioritizing Consumer Outcomes In the Face of CFPB Uncertainty

Just a few weeks ago, we shared a <a href="https://www.mx.com/blog/what-cfpb-turbulence-means-for-open-banking/">recap and early thoughts</a> on all the happenings at the Consumer Financial Protection Bureau. Since then, quite a bit has changed. On February 11, President Trump <a href="https://www.bankingdive.com/news/cfpb-mckernan-fdic-nomination-70-employees-fired/739892/">nominated civil service veteran Jonathan McKernan</a> to serve as Director of the CFPB. McKernan has most recently been serving a five-year term as a director at the FDIC, where he advocated for &ldquo;responsible risk-taking&rdquo; and against &ldquo;duplicative&rdquo; regulatory requirements on financial institutions across agencies.&nbsp;
The in-progress nomination of McKernan signals a potential longer term &ldquo;settling of the dust&rdquo; for all the recent tumult at the agency. But at present, uncertainty continues in the face of multiple actions from Administration leaders and multiple lawsuits in the courts.&nbsp;
While MX can&rsquo;t predict where things will end up, we do know that our mission of supporting financial consumers and the companies that serve them remains unchanged in the face of political uncertainty. We&rsquo;re proud to work closely with banks, credit unions, and other financial providers to help them drive better financial outcomes for consumers. To uphold our mission and continue to support financial institutions in meeting consumer needs, we&rsquo;re staying focused on five key principles:&nbsp;
<h2>1. Open Banking is the path forward regardless of regulation.&nbsp;</h2>
MX is committed to open banking adoption and secure APIs because we believe that it is the path forward for financial consumers and the companies that serve them. <a href="https://www.mx.com/blog/what-is-open-banking/">Open Banking</a> allows consumers to securely share their financial data with trusted third-party providers, which can then provide them with innovative financial products and services that can help them manage their money more effectively. Secure APIs are essential for ensuring that this data is shared safely and securely. By focusing on <a href="https://www.mx.com/products/data-access/">open banking and secure APIs</a>, MX is helping to create a more competitive and innovative financial services landscape that benefits consumers and businesses alike.
<h2>2. Financial inclusion is a key ingredient of societal strength and stable democracies.&nbsp;</h2>
When individuals and communities have access to &mdash;&nbsp;and can effectively use &mdash;&nbsp;a range of financial services, it fosters economic empowerment, reduces inequality, and promotes social mobility. This, in turn, creates a more equitable and resilient society, where all citizens can participate fully in economic life and contribute to the nation's overall well-being. By breaking down barriers to financial access and promoting financial literacy &mdash; and arming consumers with <a href="https://www.mx.com/products/financial-insights/">personalized advice</a> and intelligent tools, we can build stronger, more inclusive, and more democratic societies that benefit everyone. We see this in the work that our clients do to use consumer-permissioned data to support those customers with the personalized advice and insights they want to help them better manage their finances.&nbsp;
<h2>3. Helping to fight fraud remains a top priority.</h2>
<a href="https://www.mx.com/blog/fraud-on-the-rise-and-how-to-fight-it/">Financial fraud</a> is a huge problem, with no signs of slowing down. According to the Federal Trade Commission (FTC), consumers reported losing more than $10 billion to fraud in 2023. MX helps bolster <a href="https://www.mx.com/use-cases/fraud-risk-management/">fraud prevention and mitigate risk</a> with tokenized connections that eliminate credential sharing, real-time verifications and balance checks, and cleansed and enhanced transaction data that can help you spot anomalies faster. Through these robust tools and insights, we work hard to play a crucial role in maintaining the integrity of the financial system and protecting consumers from the devastating effects of fraud.
<h2>4. Building in a privacy-first way is a corporate value.&nbsp;</h2>
Since Day 1, MX has focused on building products in a way that protects consumer privacy. We also believe consumers should have the right to control their financial data and choose how it is shared and used. Unlike some others in the aggregation space, our approach ensures that consumers maintain anonymity when they connect to multiple financial institutions or fintechs that use our products to connect. We intentionally ensure we don&rsquo;t know that the same consumer has connected to two of our clients so that we avoid &ldquo;profile building&rdquo; in our systems without consumer consent. We believe consumers should provide clear and explicit permission for use of their data, including how it will be used to perform the requested service. Regardless of what happens, we think Rule 1033 is a signal in the right direction by promoting secure, permissioned transfer of data, and is moving the industry away from less secure, more expensive screen scraping. 
<h2>5. Assessing risk in bank-fintech partnerships should put the consumer first.&nbsp;&nbsp;</h2>
We&rsquo;re committed to continuing to practice responsible, consistent due diligence in our bank-fintech partnership arrangements. We believe that risk assessments should be based on the level of risk to consumers, with higher-risk use cases (e.g., money movement, credit scoring) requiring more stringent controls. We will continue to protect consumer data through bilateral agreements and consistent due diligence practices, regardless of the current uncertainty among U.S. financial regulatory agencies.&nbsp;
<h2>Conclusion&nbsp;</h2>
Regardless of political headwinds and regulatory uncertainty, MX will continue to focus on open banking, financial inclusion, fraud prevention, privacy protection, and responsible risk assessments in bank-fintech partnerships. We believe that these principles will help us to create a more competitive and innovative financial services landscape that benefits consumers and businesses alike.
And, a financial ecosystem driven by these principles &mdash; which all tie back to protecting consumer-permissioned data &mdash; creates a win-win scenario for both consumers and financial institutions. Simply put, better data management leads to happier customers, increases engagement and retention, and drives growth from increased deposits and more. The financial institutions and fintechs who understand this and are already implementing open banking APIs and new data strategies are poised for success regardless of what happens in the new regulatory environment in the United States.&nbsp;

Prioritizing Consumer Outcomes in the Face of Uncertainty 

MX's latest research shows that Open Banking has grown from being the exception to the rule for consumers. 

MX research shows consumers expect seamless, secure financial connectivity, making Open Banking a universal standard.

Consumers Expectations Drive the Future of U.S. Open Banking

As policy and industry leaders continue to debate how Open Banking should take hold in the U.S., consumers already live in an open finance world. Through budgeting apps, loan applications, investment tools, payment platforms, and more, the majority of Americans already use services powered by data sharing, even if they don&rsquo;t realize it.
According to<a href="https://www.mx.com/research/crossing-the-chasm-consumer-demand-mobile-experiences/"> MX&rsquo;s latest consumer research</a>, adoption and awareness of Open Banking are both growing. Among Gen Z and Millennials in particular, familiarity is quickly rising. This signals that younger generations not only know about data connectivity, but expect it as part of modern financial life.
<h3>The Demand for Financial Freedom</h3>
At its core, Open Banking isn&rsquo;t just about access, it&rsquo;s about freedom. Freedom to connect accounts, to view finances holistically, to shop around for the best financial products, and to use the tools that best serve individual needs.&nbsp;
In our latest survey of 1,000+ U.S. adults, 44% of consumers said the ability for them to share their own financial data with third-party providers to get better experiences and services is important. That number climbs dramatically for Gen Z (64%) and Millennials (66%), underscoring the future of Open Banking.
But, even among more cautious consumers, attitudes are shifting. Nearly 6 in 10 (59%) now say they&rsquo;re willing to share their financial data as long as they trust it&rsquo;s securely protected &mdash; up ten points from just a year ago.&nbsp;
<h3>The Expectation for Connected Accounts</h3>
Today, 82% of U.S. adults say they expect to be able to see all of their financial data in one place. This growing demand reflects a broader shift in consumer mindset: financial connectivity is no longer a luxury, it&rsquo;s a necessity.&nbsp;
People want the ability to create a unified view of their financial world, from checking and savings accounts to credit cards, loans, and investments. They want personalization, simplicity, and control &mdash; all powered by secure data sharing.
As these expectations increase, Open Banking has become the foundation of a modern financial ecosystem. For financial providers, the message is clear: enabling secure data connectivity isn&rsquo;t optional anymore. It&rsquo;s what consumers already assume you&rsquo;ll deliver.
<h3>The Cost of Restriction</h3>
Still, the path forward isn&rsquo;t without friction. One key point of discussion in the industry has been if fees for data access should be allowed. However, doing so would likely introduce added complexity and downstream costs for consumers for what many now see as a basic right &mdash;&nbsp;to connect your own financial data to the third parties and services you choose.&nbsp;
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, and that reluctance spikes among older generations. The willingness to pay, where it exists, is highest among Millennials, but even then, cost sensitivity remains high.
Introducing fees or blocking data connections doesn&rsquo;t just threaten innovation, it threatens consumer trust. Our research found that more than 4 in 10 U.S. adults would be likely to stop using a financial provider that restricted their ability to share data with a trusted third party. That&rsquo;s not a small risk &mdash; it&rsquo;s a warning signal.
<h3>Open Finance Is the Future &mdash; and Consumers Know It</h3>
The evolution of Open Banking from innovation to expectation is well underway. Consumers no longer simply want access to their banking data. They want seamless control over their financial lives and actionable insights based on their permissioned financial data to help them achieve their goals.
Financial institutions that lean into openness and transparency won&rsquo;t just meet consumer expectations, they&rsquo;ll earn their loyalty. Those that resist &mdash;&nbsp;or are slow to embrace Open Banking &mdash; may soon find themselves left behind.

Open Banking No Longer Optional for Consumers

Financial institutions have massive amounts of data. Putting data into action can create more engaging customer experiences.

Financial institutions have massive amounts of data. By putting data into action, they can create more engaging customer experiences.

Putting Data into Action for Better Customer Experiences

Today&rsquo;s economic uncertainty requires financial providers to effectively leverage consumer data to positively influence the financial system.&nbsp;
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/">recently said</a>, &ldquo;Our financial system is strong, our regulators are engaged, and our innovators, companies like MX, are proving that technology, data, and partnerships can create a more inclusive and resilient financial system.&rdquo;
Unfortunately, 31% of consumers agree they don&rsquo;t feel financial providers do enough to support their financial needs, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX</a>. The same study found that 65% of consumers agreed they expect financial institutions to use the data they have about them to provide them with actionable and clear insights about their finances.
What does this tell us?
Consumers want and expect more. They need more for a resilient financial system that prioritizes consumer outcomes. And, the solution can be found through financial data.
Financial institutions are sitting on massive amounts of consumer-permissioned data. But data for the sake of data doesn&rsquo;t do anything. The key is turning that data into action. Action for the institutions. Action for the consumers. Action that transforms.
<h2>What Do We Mean by Data?</h2>
Every time a consumer opens their mobile banking app, taps their card to make a payment, or browses loan options, they&rsquo;re signaling who they are and what they need. Financial institutions can leverage this data and turn it into wisdom to become a dynamic partner to their customers.
Additionally, consumers opt to share specific data that can help their financial institution to know them even better. Once they&rsquo;ve consented to sharing data, it&rsquo;s up to financial institutions to turn that data into something better.
As <a href="https://www.thisweekinfintech.com/from-bits-to-gold-the-alchemy-of-data-in-financial-services/">Jas Shah with Fintech Takes</a> said, &ldquo;Data is valuable, but only when it&rsquo;s given context, meaning, and put into action to make intelligent, informed decisions.&rdquo; He also shared how each of these things build upon each other to transform data into something real and tangible.
 <img src="https://cms.mx.com/assets/75e9dc94-cffc-4f15-bd05-3a4c4551fcd9?width=1600&amp;height=901" alt="DIKW/DIKI Pyramid" /> 
<h2>Consumers Don&rsquo;t Just Want It &mdash; They Expect It</h2>
In a <a href="https://www.mx.com/webinars/data-in-action-retain-grow-deposits/watch/">recent webinar</a>, Jana Manley, Chief Growth Officer at Suncoast Credit Union, answered the question whether customers are ready for their providers to use consumer data to personalize their experiences.
<blockquote>
&ldquo;They expect it. And I think a lot of them are exceptionally disappointed that their financial institutions don&rsquo;t look to that level to help them.&rdquo;
</blockquote>
Consumers agree with that sentiment. Today, 55% of U.S. consumers said they would give their financial provider access to more of their data if they knew it would result in a better experience, <a href="https://www.mx.com/research/financial-apps-fall-short/">according to MX</a>.
Putting data into action is a value add for everyone. Financial providers can create better, more engaging customer experiences. Consumers can take advantage of improved, personalized financial experiences. It&rsquo;s a win-win.
<h2>Activating Data for Financial Institutions</h2>
Data is dynamic. Financial providers that treat data as such will be able to unlock growth that impacts the entire business and drives better outcomes for consumers. Some key areas of growth include:
<ul>
<li style="font-weight: 400;" aria-level="1">Attract and Retain Deposits: Grow relationships and share of wallet with early visibility into deposit risks.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Support Financial Wellness: Unlock insights that offer personalized guidance to help customers reduce financial stress and take action to improve their financial strength.</li>
<li style="font-weight: 400;" aria-level="1">Deliver Personalized Insights and Offers: Surface data-driven product recommendations that improve engagement and deepen relationships over time.</li>
<li style="font-weight: 400;" aria-level="1">Prevent Fraud: Recognize irregularities that may be a sign of fraud more quickly to help proactively manage risk and reduce call center volumes.</li>
</ul>
<h2>Activating Data for Consumers</h2>
Financial institutions that make data-driven decisions will be able to delight customers and create more engaging experiences. Activating data can transform the customer experience through:
<ul>
<li style="font-weight: 400;" aria-level="1">Increased Engagement and Financial Wellness: Consumers can receive personalized nudges about savings goals, switching direct deposits, or reviewing irregular transactions. These insights can empower them to take a more active role in their financial lives &mdash;&nbsp;and drive higher levels of engagement.</li>
<li style="font-weight: 400;" aria-level="1">Increased Clarity and Transparency: Cleansed data ensures that consumers know where their money is going &mdash; instead of trying to make sense of a confusing jumble of numbers and letters.</li>
<li style="font-weight: 400;" aria-level="1">Increased Trust: Through better data use, financial providers can become even more trustworthy partners for financial decisions.</li>
</ul>
<h2>Your Data into Action Partner</h2>
MX&rsquo;s solutions are built on the promise of turning data into action, and letting that create positive outcomes for consumers. At <a href="https://www.mx.com/summit/2025/welcome-mxs-2025/">Money Experience Summit 2025</a>, Rodney Hood said, &ldquo;MX proves that financial data &mdash; when delivered transparently and responsibly &mdash; can close gaps in access and, in fact, promote fairness.&rdquo;
In practice, what does data into action look like? Rodney went on to explain that institutions using fintech tools that provide proactive, real-time financial nudges can help underbanked families start saving for emergencies, avoid overdraft fees, and pay down debt &mdash; which all have a significant impact on financial health.
Turning data into action is a non-negotiable for financial institutions today. To win and retain customers, it&rsquo;s all about the data and making the right data work. Financial providers who put the data consumers choose to share with them into action will drive stronger engagement, increased customer satisfaction, higher deposits, and establish long-term relationships.
To see how you can turn data into action, <a href="https://www.mx.com/request-demo/">discover MX</a>.

The Power of Data: Putting Data into Action

Jason Rudman from BECU shared what his team does to create customer-first experiences at the 2025 Money Experience Summit.

At MXS 2025, BECU’s Jason Rudman shared how the team creates member-first experiences that drive financial wellness.

Driving Financial Wellness through Member-First Experiences

The ultimate goal and guiding force at BECU is improving the financial well-being of members in the communities it serves. But, financial wellness means different things to <a href="https://www.mx.com/research/financial-apps-fall-short/">different consumers</a>. Financial providers need to start by understanding their consumers and needs on a deeper level.&nbsp;
Jason Rudman, executive vice president and Chief Member and Digital Experience Officer at BECU shared what his team does to create customer-first experiences at the <a href="http://mx.com/summit/2025">2025 Money Experience Summit</a>. <a href="https://www.mx.com/summit/2025/driving-financial-success/">Watch the full conversation here</a> and read on for three key highlights:
<h2>1. Listen More, Talk Less</h2>
&ldquo;We have two of those and one of these,&rdquo; Jason said, pointing to his ears then mouth, meaning that financial providers should listen more than they talk to fully understand consumers and their needs.&nbsp;
<a href="https://www.mx.com/research/financial-apps-fall-short/">MX research</a> found that 67% of consumers expect their financial provider to know them. Luckily, financial providers have the data that tells them more about who their customers are, what they are going through in their lives, and what personalized products or services they may need to find success on their financial journey. And, consumers want financial providers to use this data to deliver a better experience.&nbsp;
<blockquote>
&ldquo;But that's about listening to the needs of the community, particularly marginalized communities and figuring out how [our team] can put them on a path from financial access, encourage them to get to financial freedom, and again, put them on that path to creating lasting, durable, generational wealth.&rdquo; -Jason Rudman, EVP and Chief Member and Digital Experience Officer, BECU
</blockquote>
<h2>2. Prioritize Goals</h2>
Staying on top of changing regulations. Implementing AI strategies. Replacing legacy systems. There is no shortage of projects that financial professionals may need to prioritize.
In order to prioritize the onslaught of tasks, Jason shared how his team has implemented a strategy on a page (SoaP) document to guide their decision making. This single page SoaP lists goals and priorities so that the team can stay aligned on priorities &mdash; and say &ldquo;not right now&rdquo; if suggested initiatives don&rsquo;t tie in to the year&rsquo;s overall goals.
<img src="https://cms.mx.com/assets/d3a74c3d-393c-46b1-b7cd-ce9d00f103ac?width=3000&amp;height=2000" alt="Day2 38" />
<h2>3. Iterative Engagement</h2>
Jason shared how BECU branched out into a new geographic area &mdash; Spokane, Washington. At first, BECU kept doing what had brought it success in the Seattle area. This didn&rsquo;t produce the results it expected, so it set out to do something new.
After looking for ways BECU could adequately show up for the Spokane community, the credit union decided to help fund a new open air farmer&rsquo;s market. Showing up for the community in ways that mattered had a great impact and allowed BECU to flourish in a new market.
Things that have once worked won&rsquo;t always be the best solution. Financial providers that are willing to be flexible and adaptable to new situations will better exceed consumer expectations in new ways.

A Roadmap for Customer-First Experiences 

Check out the key take ways from the multigenerational panel at MXS 2025 on how to better look at and look beyond consumers' age.

Generations panel at MXS asks financial providers to offer simplicity, clarity, and education to help them navigate financial life stages.

Generations Panel Asks for Simplicity and Resources to Navigate Finances 

What&rsquo;s one of the best ways to better understand your customers? Ask them! At last month&rsquo;s Money Experience Summit, MX did exactly that. We hosted a multigenerational panel to explore how consumers at different life stages approach money, what challenges they face, and what they want from their financial providers.&nbsp;
The conversation, spanning Baby Boomers to Gen Alpha, revealed that, while each generation&rsquo;s financial story is unique, common threads run across age groups. For financial providers, the message was clear: the challenges consumers face are less a product of their generation and more about their stage of life. And, understanding the generational context is essential to understanding how best to provide the tools and resources they need to navigate their biggest financial challenges.
<h3>Simplicity and Clarity Are Universal Needs</h3>
Across generations, the desire for simplicity emerged as a dominant theme.
For instance, as they are in or approaching retirement, Baby Boomers and Gen X navigate a lot of complexity. They face questions around tax timing, healthcare, and Social Security benefits that require significant effort to piece together. They want a clear straightforward set of tools that cut through the complexity and lay out actionable next steps.
Our Millennial representative voiced similar frustrations while juggling family responsibilities and his career. The challenge isn&rsquo;t a lack of awareness about financial planning. It&rsquo;s the lack of time. He expressed that at his stage, he needs easy-to-use tools that are automated to fit seamlessly into his busy life.
Gen Z and Gen Alpha want simplicity of a different kind. Instead of battling time or complexity, they&rsquo;re up against information overload and unfamiliarity. Our Gen Z panelist said she struggles to find reliable sources of financial advice in the age of social media &ldquo;finfluencers&rdquo;. At the same time, our Gen Alpha respondent says he wants banking to feel less intimidating and be more digital-first.&nbsp;
Regardless of age, consumers crave simplicity. What differs is the context; whether that&rsquo;s clarity around retirement, time-saving automation, or gamified engagement.
<h3>Education Is Lacking, and Consumers Know It</h3>
Each generation also expressed a desire for more comprehensive, accessible, and impactful financial education resources.
The older generational representatives pointed out financial literacy resources are often fragmented or absent, especially when it comes to preparing for retirement. They expressed a wish for a clear and simple roadmap for retirement &mdash; one that gives clear guidelines for when milestones are coming and how making certain choices around retirement funds, healthcare coverage, and social security can have different impacts at different stages throughout retirement.&nbsp;
Middle generations, those approaching retirement or raising families, see the value of advice but don&rsquo;t always have the desire or capacity to sit down with an advisor. Instead, they want personalized digital resources that help them understand their options before engaging a professional.
Younger generations struggle to find reliable, easy-to-consume resources. For instance, Gen Alpha wants banks to meet them where they are with simple, digital education.
Consumers at every life stage want to be smarter with money. But, they need guidance that is reliable, digestible, and aligned with where they are in life.
<h3>Balancing the Present with the Future</h3>
Balancing the competing priorities of living in the present and preparing for the future was another common thread.
Our Baby Boomer and Gen X representatives expressed they need to shift their mindset from building up their financial future to making it last.&nbsp;
Our Gen Z representative says her generation feels a sharp divide between a &ldquo;live now&rdquo; mindset reinforced by social media while knowing they should save and plan for the future.
Regardless of generation, consumers are constantly balancing short-term enjoyment or responsibility against long-term security and goals. Financial providers that help them find this balance, through insights, planning tools, and empathetic guidance, will build trust.
<h3>What This Means for Financial Providers</h3>
Consumers don&rsquo;t just want financial products, they want financial partners. Across life stages and age groups, they want providers to help them cut through the noise, understand their options, and act with confidence.
Here are the main takeaways for financial providers:
1. Understand your customers&rsquo; journeys.&nbsp;
Use data to understand not just their demographics, but their life stage and financial priorities. A Gen Xer&rsquo;s needs will vary depending on whether they&rsquo;re raising kids, paying off debt, or preparing for retirement.
2. Simplify the complex.&nbsp;
Whether it&rsquo;s retirement planning, budgeting, or opening a first account, consumers want simplicity at every stage of their lives. Design and offer straightforward and intuitive tools that guide consumers through their financial priorities.&nbsp;
3. Provide education that sticks.&nbsp;
Offer trustworthy resources that help consumers navigate misinformation and make smarter financial decisions. Tailor it to the channels and formats each generation trusts.
4. Balance short- and long-term perspectives.&nbsp;
Help consumers enjoy today while preparing for tomorrow, offering insights and tools that show how everyday decisions affect future outcomes.
5. Build trust through recognition.&nbsp;
Acknowledge that all generations are valuable customers. Retirees, young adults, and teens alike want to feel that providers understand their unique challenges and aspirations.
Financial providers who can personalize their approach, simplify complex decisions, and deliver trustworthy guidance will not only earn loyalty across generations &mdash; they will become indispensable partners in helping consumers build financial confidence for life.

How Different Generations Think About Money — and What Financial Providers Should Learn

Rodney Hood joined Jane Barratt at MXS 2025 to discuss data, fraud prevention, and financial inclusion across the industry.

At MXS 2025, Rodney Hood joined Jane Barratt for a discussion on the role of data in fraud prevention and financial inclusion.

The Role of Data in Fraud Prevention and Financial Inclusion

&ldquo;The data we have today, when used strategically, will create some win-win customer experiences,&rdquo; says Rodney Hood, Former Acting Comptroller of the Currency and Chairman of the National Credit Union Association.&nbsp;
This is one of the key points Rodney made during his fireside chat with Jane Barratt, MX&rsquo;s Chief Advocacy Officer and Head of Global Public Policy, to kick off Money Experience Summit 2025 in Park City, Utah.
<img src="https://cms.mx.com/assets/9ee9b19a-657d-48d1-b9ab-fa370f22b064?width=3000&amp;height=2000" alt="Day2 26" />
Here are key lessons from their conversation on the <a href="https://www.mx.com/summit/2025/welcome-mxs-2025/">current state of financial services and how providers can leverage data to create better opportunities for consumers</a>:
<h2>Preventing Fraud through Data</h2>
When consumers opt to share their data with their financial institutions, financial providers can play a more active role in their customers&rsquo; finances. Providers can identify fraud before it impacts consumers. And, it&rsquo;s something consumers expect from financial providers. <a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">MX research</a> found that 84% of consumers expect their financial provider to proactively alert them when something looks suspicious.&nbsp;
Rodney shared how he was targeted for fraud &mdash; and was saved by his financial institution. His bank immediately alerted him of an abnormal purchase, giving him an opportunity to challenge the transaction. Without clear, actionable financial data, institutions wouldn&rsquo;t know their consumers on a personal level, nor be able to identify what&rsquo;s normal &mdash; and use this information to protect their consumers.
<h2>Data and Partnerships Create Financial Inclusion</h2>
&ldquo;The reason I take financial inclusion so seriously is because I know what happens when you don&rsquo;t have access. I know about the 40% of our American households who don&rsquo;t have access to $400 in an emergency or the 77 million households who are credit invisible,&rdquo; says Rodney.&nbsp;
Many consumers are suffering and need their financial providers to partner with them to support their financial endeavors. Working with the right people and bringing about the right information can help financial institutions achieve greater financial inclusion.&nbsp;
Jane asked Rodney about the role of data within financial inclusion, and Rodney responded by saying that data is a &ldquo;strategic imperative&rdquo; to promoting financial inclusion. Data isn&rsquo;t simply nice to have or helpful. Financial inclusion and financial wellness runs on data.&nbsp;
With <a href="https://www.mx.com/products/customer-analytics/">customer analytics data</a>, financial institutions can understand where the cracks may be. Are consumers paying their bills on time? Do they have multiple financial accounts? Are consumers working towards savings goals? Are financial services accessible to all? The right tools can help providers turn those data points into <a href="https://www.mx.com/products/financial-insights/">greater opportunities and insights</a> for consumers.
Rodney ended his remarks with some key insights about how data is not just a metric, but an opportunity to fully understand the customer journey.
<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&rsquo;re not going to be able just to meet their needs, you&rsquo;re going to be able to anticipate those needs.&rdquo;
</blockquote>
<a href="https://www.mx.com/summit/2025/welcome-mxs-2025/">Watch the full fireside chat for a greater look into the role of data in fraud prevention and financial inclusion here</a>.

Data, Fraud Prevention, and Financial Inclusion: Lessons from Rodney Hood

Check out key takeaways from Fintech Takes article on how to cultivate lifetime value through understanding life stages.  

Check out the key takeaways from Fintech Takes article on how to drive customer lifetime value.

Building Customer Lifetime Value Relies on Data into Action

&nbsp;A recent article from Alex Johnson at Fintech Takes states that cultivating customer lifetime value (LTV) relies on more than acquisition and cross-sell. It is about earning trust at multiple life moments, solving real financial problems over time, and giving customers a reason to stay. Below is a modern playbook for building LTV in banking and fintech &mdash; one rooted in depth, duration, and data.
<h3>What Is Customer Lifetime Value (LTV)?</h3>
Customer lifetime value is the total profit you expect to earn from a customer across their full tenure, minus all the costs needed to acquire and serve them. For financial institutions, revenue comes via interest spreads (what you charge vs. what you pay) and non-interest income (subscriptions, interchange fees, advisory, etc.). Costs include acquisition, servicing, fraud losses, partner splits, capital, and so on.
But, LTV doesn&rsquo;t depend on those levers alone. What truly drives LTV is how deeply ingrained your relationship is with the customer (depth) and the duration you can maintain that relationship.&nbsp;
One without the other is insufficient. Depth without duration is a flash in the pan &mdash; a burst of cross-sell that fades quickly. Duration without depth is passive inertia &mdash; customers stay, but are never fully engaged. Real growth comes when you continually solve problems as they arise and reinforce that trust over time.
<h3>Building Lasting Relationships for Lasting Value</h3>
The future of LTV builds around life stages, not product checklists. Consumers don&rsquo;t live in financial products, they live in moments: entering the workforce, moving in with a partner, starting a family, working in their peak career years, planning for retirement, etc.&nbsp;
A financial provider must find ways to be present in those moments, identifying and predicting life events.&nbsp;
Every financial provider&rsquo;s strategy should and will vary based on its customers. But, the principle is the same &mdash; sequence your offerings based on what comes next for a customer rather than offering every product at once.
<h3>Data: The Engine That Powers Depth &amp; Duration</h3>
But, life stage strategies only work if they are grounded in data. You must detect, interpret, and act on life and money events &mdash; not just surface metrics. Speed, context, and relevance matter.
And, consumers expect this level of intelligence. <a href="https://www.mx.com/research/financial-apps-fall-short/?utm_medium=sponsorship&amp;utm_source=fintech+takes&amp;utm_campaign=deep+dive+oct+2025">MX research shows</a>:
<ul>
<li style="font-weight: 400;" aria-level="1">58% of consumers expect their provider to use their data to personalize their experience</li>
<li style="font-weight: 400;" aria-level="1">65% of consumers expect their financial provider to provide them with clear and actionable insights about their finances</li>
<li style="font-weight: 400;" aria-level="1">67% of consumers excerpt their financial provider to know them</li>
</ul>
That&rsquo;s not optional. It's the baseline.
Here&rsquo;s what a data-first playbook demands:
<ol>
<li style="font-weight: 400;" aria-level="1">First, you need to get a more complete picture of your customers.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Then, you need to be able to identify and recognize life and money events (e.g., new job, move, baby, income volatility, spending spikes) &mdash; and meet customers where they are. This can&rsquo;t be static snapshots. You need to be able to spot patterns and signals.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Finally, you have to put the data into action.&nbsp;</li>
</ol>
<blockquote>
&ldquo;Seeing these moments means nothing if you don&rsquo;t act on them. Data becomes action when it turns into a message, an offer, or a service that helps someone move forward with confidence. That&rsquo;s how you grow deposits, engagement, and trust &mdash; one moment at a time.&rdquo;
</blockquote>

A New Playbook for Building Customer Lifetime Value in Banking and Fintech

Government shutdowns can have far-reaching economic consequences and devastating implications on people’s livelihoods. 

Government shutdowns can have far-reaching economic consequences and devastating implications on people’s livelihoods. Here’s how financial providers can help.

Supporting Consumers through a Government Shutdown

Yesterday, the U.S. federal government suspended all operations except those deemed essential. Why? Every year, Congress passes legislation to fund the federal government for the coming fiscal year &mdash;&nbsp;which began on October 1, 2025. However, if the appropriations process is not completed in time, the government halts all unfunded &ldquo;non-essential&rdquo; functions until a new appropriations bill can be enacted.&nbsp;
While most shutdowns are resolved within less than two weeks, a longer-lasting shutdown could have a serious impact for our nation&rsquo;s consumers and small businesses. And, if history repeats itself, this could be a longer process. In fact, <a href="https://www.cnbc.com/2025/09/30/government-shutdown-congress-what-it-means-your-money.html">according to CNBC</a>, the last shutdown happened in late December 2018 and was the nation&rsquo;s longest on record, running 35 days.&nbsp;
<h2>Work Without Pay, or No Work at All</h2>
Government shutdowns can have far-reaching economic consequences and devastating <a href="https://www.bbc.com/news/articles/cgj1p485p0no">implications on people&rsquo;s livelihoods</a>.&nbsp;
Forty-percent of the federal workforce &ndash; approximately 750,000 people &ndash; could be furloughed and put on unpaid leave. At the same time, essential federal workers, like law enforcement, military, and Transportation Safety Administration (TSA) workers, will continue to work but won&rsquo;t receive paychecks until operations resume. While most workers will receive back pay, many federal contractors won&rsquo;t have that assurance.&nbsp;
Without a steady paycheck, the implications could be massive:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">No incoming funds for everyday costs like groceries, gas, and utilities.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Missed mortgage and rent payments, putting housing at risk.</li>
<li style="font-weight: 400;" aria-level="1">Rise in overdue bills or overdraft fees as bills that are on autopay become delinquent &mdash; incurring additional fees and putting services at risk.</li>
<li style="font-weight: 400;" aria-level="1">Increase in the cost of borrowing as credit scores take a hit.</li>
<li style="font-weight: 400;" aria-level="1">The need to tap into savings or retirement funds to cover any shortfalls.</li>
</ul>
Many <a href="https://www.militarytimes.com/pay-benefits/mil-money/2025/09/30/here-are-some-financial-resources-for-troops-if-shutdown-stops-pay/">financial providers who serve the military community</a>, such as USAA, Navy Federal Credit Union, and PenFed, offer programs to provide zero-interest loans or paycheck protection. But what about those outside of the military or who have accounts with other providers? As financial providers, this is our time to help consumers in this situation weather the storm.&nbsp;
There are many ways the financial services industry can help in the short-term, including:
<ul>
<li style="font-weight: 400;" aria-level="1">Determine those customers or members that are impacted and reach out to them to provide support.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Offer pauses or extensions for recurring debt repayments &mdash;&nbsp;mortgages, credit cards, Buy Now, Pay Later, loans, etc. &mdash; without penalties.</li>
<li style="font-weight: 400;" aria-level="1">Offer no- or low-interest loans to cover living expenses, and make the payback easy when paychecks resume.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Increase visibility into account balances to help consumers spot if recurring payments will put their account into overdraft.</li>
<li style="font-weight: 400;" aria-level="1">Pause overdraft fees if they are still in place.</li>
<li style="font-weight: 400;" aria-level="1">Stop outbound marketing for products that may be insensitive to the reality of people who are worried about making rent and putting food on the table.</li>
</ul>

How Financial Providers Can Support Consumers through a Government Shutdown

MX’s annual invite-only MXS brought together more than 100 attendees from every area of the financial industry. 

At MX’s Money Experience Summit 2025, financial industry professionals gathered to discuss how to turn data into action for better customer outcomes.

A Look Back at MXS 2025

For the dreamers, doers, and disruptors. MX&rsquo;s annual invite-only <a href="https://www.mx.com/summit/">Money Experience Summit</a> (MXS) recently brought together more than 100 attendees from every area of the financial industry &mdash; banks, credit unions, fintechs, and more.&nbsp;
The event was filled with opportunities to engage and connect &mdash; friendly conversations while on horseback, one-on-one meetings between financial leaders, a lively welcome reception with customized swag stations, sunrise puppy yoga, and a competitive trivia night in the heart of downtown Park City, Utah.&nbsp;
<img src="https://cms.mx.com/assets/c473ac61-a876-4eaf-8be2-82f6d12965f1?width=3000&amp;height=2000" alt="Day 1 106" /><img src="https://cms.mx.com/assets/fa2451ac-0e0d-48fd-b96a-a9c15089ba8e?width=434&amp;height=600" alt="Day 1 111" /><img src="https://cms.mx.com/assets/dad3e6e8-9388-4c41-bb13-ae8288c0b2f4?width=3000&amp;height=2000" alt="Day2 174" />
<a href="https://www.mx.com/summit/media/">See the full MXS photo library here.</a>
While the activities, fun, and networking opportunities were memorable, the most valuable thing was the learnings shared by our incredible speakers. Here are some of our favorite takeaways:
<h2>The Financial Ecosystem Is at a Crossroads</h2>
<a href="https://www.mx.com/summit/2025/welcome-mxs-2025/">Rodney Hood, former Acting Comptroller of the Currency</a>, kicked off our morning keynote addresses with a warm welcome &mdash; and some unsettling statistics like this one: less than 40% of American households can&rsquo;t afford a <a href="https://www.empower.com/the-currency/money/over-1-in-5-americans-have-no-emergency-savings-research">$400 emergency</a>. Today&rsquo;s financial system puts consumers in a difficult position as they work to get a grip on rising costs. And, that&rsquo;s why financial providers should partner with consumers on their financial wellness journey.
Who can make the difference in the industry?
<img src="https://cms.mx.com/assets/106a0258-7b9f-44a9-ba7b-7b7759251849?width=3000&amp;height=2000" alt="Day2 23" />
<h2>Financial Wellness Starts with Providers</h2>
<a href="https://www.mx.com/summit/2025/financial-health/">Jennifer Tescher, CEO of the Financial Health Network</a>, continued Rodney&rsquo;s message saying, &ldquo;We must harness our collective power as an industry. We need more than good intentions &mdash; we need standards.&rdquo;&nbsp;
Financial providers must take the initiative to provide for consumers. Through action that puts consumers at the heart of all decisions, providers can set the standard for an economy that wants to see consumers succeed.
And, action starts with data.
<img src="https://cms.mx.com/assets/eea87200-2d15-48f2-ac39-cee72cad1e76?width=2000&amp;height=3000" alt="Day2 48" />
<h2>Turning Data into Action</h2>
One common theme that connected each session throughout MXS was turning data into action. Many of the issues that are top of mind for financial professionals &mdash; fraud, future proofing the organization, supporting financial health, and gaining primacy &mdash; can be achieved through data. But simply having data isn&rsquo;t enough. It must be put into action. Using data to understand the customer journey. Using data to know what consumers need. Using data to give consumers actionable insights that can drive financial health.
Don&rsquo;t miss out on how you can turn data into action to drive growth and measurable results for consumers and your business. <a href="https://www.mx.com/summit/2025/">Watch the replay of keynote and breakout sessions here</a>.

A Moment with MX: Money Experience Summit 2025

Check out these key takeaways from the Financial Health Network's 2025 Pulse report. 

The Financial Health Network’s Pulse Report shows important improvements for financially vulnerable consumers as well as how far we still have to go.

FHN’s Pulse Report Shows Impactful Gains and Work Still to Be Done

American households have faced a whirlwind of economic change over the past five years &mdash; from pandemic-era government aid to rising inflation and interest rates. The <a href="https://finhealthnetwork.org/research/financial-health-pulse-2025-u-s-trends-report/">Financial Health Network&rsquo;s 2025 Financial Health Pulse U.S. Trends Report</a> highlights what factors most impact the financial health of U.S. individuals and households &mdash;&nbsp;and provides guidance for how financial providers can help consumers navigate uncertain economic waters.&nbsp;
On the face of it, the report hints at cautious optimism. For example, some vulnerable households have seen modest relief in spending and debt management, indicating some improvements in the day-to-day lives of many Americans. But, the report also shows long-term progress remains stubbornly elusive for a significant number of individuals and households.&nbsp;
Here are the key takeaways from this year&rsquo;s findings:
<h3>Vulnerability Declines, but Progress Is Fragile</h3>
From Spring 2024 to Spring 2025, households classified as &ldquo;financially vulnerable&rdquo; fell from 17% to 15%. While this may seem like a statistically insignificant percent change, it represents more than 2.5 million families.
Some key factors that also show small, but impactful, improvements are:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Better debt management: Households reporting unmanageable debt decreased from 30% to 29%. Those with no debt rose from 18% to 20%. </li>
<li style="font-weight: 400;" aria-level="1">Improved saving: More households reported spending less than they earned (increased from 47% to 49%), signaling a greater ability to save.</li>
</ul>
<h3>Relief for Lower-Income and Historically Underserved Groups</h3>
While it&rsquo;s tempting to predict that lower wealth/income households are less likely to show improvements than others, this report tells a different story. Debt management and savings potential rose for households with negative net worth or low/moderate income and, as a result, lowered the percentage of financially vulnerable households in these same groups.
The report highlighted an increase in households spending less than their income in the following groups from 2024 to 2025:
<ul>
<li style="font-weight: 400;" aria-level="1">Low- and moderate-income (LMI) households (36% to 38%)</li>
<li style="font-weight: 400;" aria-level="1">Negative net worth households (19% to 24%)</li>
<li style="font-weight: 400;" aria-level="1">Renters (36% to 39%)</li>
</ul>
Correspondingly, these same groups saw a significant decrease in the percentage classified as financially vulnerable between 2024 and 2025.
<ul>
<li style="font-weight: 400;" aria-level="1">Low- and moderate-income (LMI) households (26% to 23%)</li>
<li style="font-weight: 400;" aria-level="1">Negative net worth households (56% to 48%)</li>
<li style="font-weight: 400;" aria-level="1">Renters (29% to 26%)</li>
</ul>
These shifts, combined with slight declines in material hardships (such as food insecurity and missed rent or utility payments), suggest that financial resilience is beginning to grow.
<h3>Warning Signs: Insurance Confidence and Student Loans</h3>
Not all the news from the report is positive. New and changing factors have influenced U.S. consumers' confidence and capacity in the current economic ecosystem. For instance:
<ol>
<li> Insurance confidence is declining. Only 56% of households felt confident their insurance policies would cover them in an emergency &mdash; down from 59% in 2024, and part of a long-term downward trend. Rising premiums, more frequent natural disasters, and shrinking access in high-risk regions are fueling consumer anxiety.</li>
<li> Student loan borrowers are struggling. With federal forbearance ending, credit scores for student loan borrowers dropped sharply (69% to 65% reporting &ldquo;good&rdquo; or better credit). For many, this is just the beginning: resumed collections, potential wage garnishment, and administrative backlogs could deepen financial strain in 2026.</li>
</ol>
These trends highlight how quickly financial health can erode if risks are not addressed head-on.
<h3>Building Stronger Financial Health with the Right Tools</h3>
The report highlights how simple improvements can lead to impactful change &mdash; and tools that can help consumers make these small changes. For example, one of the main metrics the Financial Health Network uses to determine financial health is liquid savings, or readily accessible funds in case of an emergency or specific need. But, building a savings habit isn&rsquo;t easy for many consumers.&nbsp;
Pulse data shows households with automated savings are significantly more likely to have liquid savings sufficient to handle an emergency. The good news? Thirty-one percent of households now use automatic transfers into savings accounts. And, this translates into improved financial health:
<ul>
<li style="font-weight: 400;" aria-level="1">Households with automated savings are more likely to have more than $2,000 in their checking or savings account than those without automated savings (76% vs 63%).</li>
<li style="font-weight: 400;" aria-level="1">Households with automated savings are more likely to have 3 months of living expenses saved (65% vs 58%).</li>
</ul>
Innovations as simple as this can generate lasting impacts for households looking to improve their financial health.&nbsp;
That said, this is not a new feature, it has been offered nearly everywhere for years. But, nearly 70% of households do not use it. Financial providers have an opportunity to&nbsp; improve how they communicate and educate the value that features like automated savings can have for consumers.&nbsp;
<h3>What This Means for the Industry</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Financial distress is easing, but only slightly. While millions of households have made improvements in their financial health, millions more remain one unplanned expense away from hardship. </li>
<li style="font-weight: 400;" aria-level="1">At-risk groups are making progress. Targeted solutions for low-income, negative net worth, and renter households have potentially begun to help close long-standing gaps, but there is still a long way to go. </li>
</ul>
Advancing technology is part of the solution. Simple tools and features&nbsp; have the potential to drive huge benefits on the financial health of all U.S. consumers. It is up to us to find a way to get the tools into consumers&rsquo; hands.

Financial Health Sees Modest Gains and Lingering Gaps

PYMNTS research shows generative AI has become a household tool and is approached differently by each generation.

A report from PYMNTS shows the ways each generation sees and uses AI and how that might shape the future of the technology in the financial industry. 

PYMNTS’ Report Shows Generational Paths Forward with Generative AI

Generative AI is no longer just a buzzword &mdash; it&rsquo;s embedded into the way consumers live, work, and manage their daily routines. From drafting emails and conducting research to creating videos and powering customer service, AI is quickly becoming part of everyday life.
Today, 57% of U.S. adults are using generative AI tools, according to PYMNTS&rsquo; <a href="https://www.pymnts.com/study_posts/generation-ai-why-gen-z-bets-big-and-boomers-hold-back/">Generational Pulse Report</a>. But just as adoption is growing, so are concerns. And, the way those concerns play out may depend heavily on age.
Here are the key findings from the report and what they mean for the future of generative AI adoption:
<h3>Younger Generations Are Leading the Way</h3>
Sixty-three percent of Gen Z consumers say they are very or extremely familiar with generative AI, compared to just 5% of Baby Boomers. The bridge generation of Zillennials (those born between 1991 and 1999) are close behind Gen Z &mdash;&nbsp;53% reporting strong familiarity, and older Millennials at 46%.
And, these younger consumers aren&rsquo;t just aware of AI &mdash; they&rsquo;re putting it to use in all aspects of their lives. Two out of three Gen Zers and Zillennials use AI for both work and personal purposes. By contrast, adoption drops off sharply among older groups. Only 37% of Gen Xers and 10% of Baby Boomers use generative AI across both personal and professional settings. For many Baby Boomers, limited exposure and lack of familiarity remain the biggest barriers to adoption.
<h3>Generational Concerns Differ Sharply</h3>
Even as consumers embrace the productivity and convenience of AI, concerns remain widespread. PYMNTS reports that most consumers say they don&rsquo;t fully trust generative AI, while 62% worry about misuse. But, the concerns about misuse differ by generation.
<ul>
<li style="font-weight: 400;" aria-level="1">Gen Z: The top concern is job loss. Nearly 40% fear AI could replace their roles, especially in entry-level positions that are most vulnerable to automation.</li>
<li style="font-weight: 400;" aria-level="1">Millennials: Split between the current state of AI tools and their long-term impacts. Younger Millennials are concerned with AI&rsquo;s tendency to "hallucinate" misleading or incorrect information, while older Millennials are concerned most about the long-term impacts on human skills and creativity.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Gen X: Split between the concerns of Millennials and Baby Boomers. Nearly 1 in 4 Gen Xers are most concerned about the security of their personal information with the second highest concern being incorrect responses and answers from AI.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Baby Boomers: The biggest worries are privacy and reliability. Nearly half say they are concerned about misleading answers and the questionable accuracy of AI outputs.</li>
</ul>
It&rsquo;s clear that every generation recognizes the risks, but the lens through which they view them &mdash; whether from an individual or systemic misuse &mdash; depends on age and stage of life.
<h3>What Financial Providers Should Take Away</h3>
The generational divide in generative AI adoption isn&rsquo;t just an interesting trend &mdash; it&rsquo;s a roadmap for how businesses can shape their strategies.
<ul>
<li style="font-weight: 400;" aria-level="1">Ease of Use Matters: Consumers will continue to prioritize tools that are simple, intuitive, and reliable. Younger consumers are already embedding AI into everyday routines, and others will follow as tools become easier to use. </li>
<li style="font-weight: 400;" aria-level="1">Trust Is Critical: Baby Boomers&rsquo; concerns about privacy and accuracy highlight the importance of building transparent, responsible AI systems. Without trust, adoption will stall. </li>
<li style="font-weight: 400;" aria-level="1">Productivity Drives Loyalty: Millennials are proving that when AI tools help users get more done, satisfaction soars. This is a clear signal for providers to focus on real, measurable outcomes. Whether this is onboarding, setting up direct deposits, or addressing issues, AI can be a powerful tool for growth in financial institutions.</li>
</ul>
The Bottom Line: Generative AI adoption is surging, but concerns remain and look different depending on age. Gen Z sees risks to their career growth, Baby Boomers are cautious about privacy, while Millennials and Gen X worry about the state of the tools as they stand. But, what unites all generations is a desire for tools that will help them navigate their personal, professional, and financial lives. Every generation recognizes that generative AI is here to stay &mdash; but have a lot to say when it comes to how they want it to support their lives.

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