With the help of MX, BBVA Compass has improved its mobile app by providing insight on spending habits to its consumers.
BBVA has connected to MX through its APIs to separate a user’s transaction data into distinct categories.
“To be effective this has to be done in realtime,” said [Alex Carriles, head of online and mobile banking at BBVA Compass]. “The MX engine will categorize a user’s spending into different subjects and subsects, like food, clothing, etc. But also, the customer will be given the option to self-categorize. So, if your transaction shows you’ve shopped at Walmart, for instance, you can add the specific category of that purchase.”