Bankrate banking and fintech reporter Mary Wisniewski quoted two product managers from MX in her story, "Out of control with your holiday spending? Have your bank app stop you," Dec. 18, 2019.
Other bank technology vendors are testing card control functionality. For instance, MX, a financial data and money management tool provider, is piloting functionality that would let bank customers set spending limits on their cards for specific merchants on a weekly or monthly basis. “We’re diving into a lot of testing with this functionality to help show how setting a limit for yourself or a more-enforced limit can help your finances move in the right direction,” says Caden McBride, a product development manager at MX.
While consumers could undo the limit, the idea is to create a pause that might change the outcome. “By setting your limits, you could certainly get past that as a user and adjust those limits, but at least you’re thinking through that,” says Michael Lott, product development manager at MX.
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