Money Experience Summit 2020: MX Innovator Awards Recognize FormFree, M&T Bank, and Synovus
2020 MX Innovator Awards celebrate those organizations and teams that are using the power of data to deliver breakthrough money experiences
SILICON SLOPES, Utah – SEPTEMBER 3, 2020 /PRNewswire/ – MX, the leader in money experience, announced the 2020 MX Innovator Awards winners at the first annual Money Experience Summit. The annual awards celebrate the organizations and teams that are using the power of data to deliver breakthrough money experiences for their customers.
“Organizations around the world are harnessing the power of data to define the future of money experience and empower their customers to be financially strong,” said Nate Gardner, Chief Customer Officer at MX. “The MX Innovator Awards are our way of recognizing those brands that are leading the way with new products and services that will change the future of money forever.”
The 2020 MX Innovator Award winners include:
FormFree is leveraging users’ transaction history data to automate the verification of borrowers’ identity, assets, income and even employment. To date, FormFree has helped lenders calculate, verify and quantify what consumers can afford for over $2 trillion in loans. Whereas borrowers once spent hours collecting all the documentation required for their loans, FormFree has pioneered digital asset verification for lending, reducing verification times to minutes.
“Lenders who rely on twentieth-century paper pushing have almost no visibility into a consumer’s true ability to pay,” said Brent Chandler, Founder and CEO of FormFree. “FormFree gives lenders real-time visibility into a consumer’s financial DNA while making the experience of applying for a loan simple and fun for the borrower. With MX’s clean data powering our asset verification report, we’re helping some of the largest banks, credit unions and lenders in the United States make lending better and faster than ever before.”
M&T recently implemented a forward-looking, predictive tool powered by MX Cash Flow. The tool enables M&T customers to take a proactive approach to managing their money. M&T Bank is deeply committed to understanding what’s important to customers and finding ways to help them improve their financial health. To M&T it’s not just about a product or a service, it’s about helping their clients when they need it most — which starts with listening to them to gain a deep understanding of their own personal financial journey.
“At M&T, we help our customers achieve their financial dreams with confidence. One way we do this is by providing insights on future cash balances within Digital Banking, which is where MX plays an important role,” said Mary Kate Loftus, Senior Vice President, Director of Digital Banking, M&T Bank. “When COVID-19 hit, we listened to our customers and heard that they needed better ways to manage their money looking ahead. MX is our partner that provides the Cash Flow feature within M&T Money Smart. Cash Flow helps customers visualize the predicted daily balance in their account based on recurring in’s and out’s like paychecks or rent. This helps customers plan accordingly. It has been a game changer.”
Synovus recently completed a successful proof-of-concept by partnering with MX on a kids app for mobile users that allows parents to move money from their account to their child’s account. It also helps kids define goals and rewards, as well as teaching them from an early age about budgeting, saving, and overall financial wellness. The proof-of-concept was built on a leading core technology platform and was a part of the bank’s core modernization strategic initiative. Synovus is leading the industry by continually innovating on digital transformation tools and services to enrich the customer experience and meet the needs of communities.
“This project with MX was all about modernizing our core and pushing the boundaries on what’s possible,” said Matt Maxey, Sr. Director, Payments, Core, and Innovation at Synovus. “We wanted to work with one of our forward-thinking partners to develop and explore certain innovative capabilities, and this mobile app concept was a good fit. MX was a great partner in this exercise, and through their involvement we were able to achieve significant progress and insights for our journey to transform the bank’s capabilities from the bottom up.”
This week, MX hosted the first annual Money Experience Summit 2020. The two-day digital event featured the financial industry's foremost thought leaders and practitioners discussing how to accelerate the future of money and deliver data-driven money experiences. To view the live and breakout sessions, visit: https://www.mx.com/summit
MX, the leader in money experience, is built on the belief that financial data should be accessible and actionable for all. MX gives your customers a seamless way to move, view, and interact with their money. We call this the Money Experience. 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.