Affinity Federal Credit Union Increases Member Adoption With Deeper Integrations With MX
Leading credit union achieves 26 percent increase in total external accounts, improves insights and enhances member experiences without additional marketing spend
SILICON SLOPES, UT – SEPTEMBER 1, 2020 – MX, the leading financial data platform enabling organizations to develop, launch, and power new money experiences, today announced that Affinity Federal Credit Union has significantly increased member adoption of its digital tools, and the total number of its members aggregating external accounts, over the past two years, by using MX. Specifically, Affinity has seen the following increases:
26 percent increase in total external accounts
23 percent increase in users aggregating external accounts
22 percent increase in total users
“When more of our members aggregate their external accounts, it allows us to capture a much larger data set from which we can gain further insight into ways to more effectively serve them,” said Shireen Davis, AVP, Digital Information Technology at Affinity Federal Credit Union.
Over time, Affinity’s money management product (powered by MX) was buried in the online experience, making it hard for users to find it. This led to low adoption and engagement rates. As a result, Affinity implemented MX widgets in more prominent and accessible locations on its online dashboard -- and consequently increased engagement by 11 percent and external accounts added by an additional 11 percent, within six months.
Motivated by the successful early adoption rates in the first several months, Affinity made another push by introducing *mobile* widgets in the offering. This led to an additional 33 percent increase in active users in just three months.
“By including these widgets on mobile, our members have direct access to the tools and can interact with their money and with Affinity straight out of their pocket,” said Davis. “The convenience for our members to view their accounts and spending information, as well as the ease of setting up budgets for all their accounts from the convenience of their smartphones is what we’re most excited about in this new offering.”
It’s that enhanced offering that brings Affinity closer to its mission of pushing profits back to its members in the form of great rates, fewer fees, and a better banking experience.
“Affinity FCU has long been an organization focused on the financial success of its members and its community,” said Nate Gardner, Chief Customer Officer of MX. “It is gratifying and thrilling to be a partner with them in powering a money experience that has an impact on clarity, loyalty and growth.”
MX, the leading financial data platform enabling organizations to develop, launch, and power new money experiences, is built on the belief that financial data should be accessible and actionable for all. Founded in 2010, MX is one of the fastest-growing fintech innovators, powering more than 2,000 financial institutions and 43 of the top 50 digital banking providers to improve the financial lives of tens of millions of people worldwide. To learn more, visit www.mx.com.
About Affinity Credit Union
With more than 20 branches across the tri-state area, Affinity is the largest credit union headquartered in the state of New Jersey, proudly ranking in the top 2% of all credit unions in terms of asset size. It is a member-owned, not-for-profit, full-service financial institution federally insured by the National Credit Union Administration (NCUA). For more information visit www.affinityfcu.com.
1 Source: NCUA.gov. Using the 'Credit Union & Corporate Call Report Data' found here: https://www.ncua.gov/analysis/credit-union-corporate-call-report-data