MX Recognized in Gartner® Report "Hype Cycle"™ for Digital Banking Transformation in 2021
MX highlighted in “Banking API Aggregators” and “API Marketplaces in Banking” sections of the Gartner report
LEHI, UT—September 2, 2021—MX, the financial data platform and leader in modern connectivity, has been recognized in the Gartner Hype Cycle for Digital Banking Transformation 2021. MX is highlighted in the “Banking API Aggregators” and “API Marketplaces in Banking” sections of the report.
According to Gartner, Hype Cycle reports provide “a graphic representation of the maturity and adoption of technologies and applications, and how they are potentially relevant to solving real business problems and exploiting new opportunities.”
MX’s inclusion in this Hype Cycle (the first such since 2019) shows that Gartner’s analysts are assigning a higher value to the importance of banking API aggregators within the banking industry.
According to Gartner analysts Don Free and Mark O'Neill, authors of the report:
“Banking API aggregators benefit fintechs by allowing them to work with a broad set of banks without the cost and expense of integrating with each bank individually.”
“A wide variety of organizations, including lenders, e-commerce sites and fintechs providing services, require access to banking data, which drives the need for banking API aggregators to provide this data.
“APIs are now the preferred mechanism to integrate with banks due to widespread developer skills and tooling support. Banks also favor APIs due to the ability to apply security and traffic throttling.”
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MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more, follow us on Twitter @MX or visit www.mx.com.