After after explaining on stage at FinovateFall 2019 about how his life was saved through increased collaboration among the medical community, MX cofounder and CTO Brandon Dewitt related, “In business there are industries people call a zero-sum game – there has to be a winner and a loser … [And yet] the human endeavor is an ever-increasing pie, and the more you do to increase the pie, the more we push the cutting edge of what can be done.”
See full excerpt below from Penny Crosman's Sept. 25 story in American Banker, "6 standout fintechs at Finovate 2019":
Brandon DeWitt, cofounder and chief technology officer, demonstrated the company’s two new products — MX Enabled and Pulse — and explained its idealistic philosophy.
MX has 30 million users and 2,000 financial institution customers. It provides data aggregation, data cleansing and data insights that can be used to help consumers better manage their finances.
The new Pulse product is a news feed of sorts that flags matters customers might want to attend to, such as spending overages or redundant subscriptions.
“When we rolled this out internally at MX, one person found out he had three Netflix subscriptions in his family, so he thought the software was broken until he drilled in, and found out it was true,” DeWitt said during his presentation.
MX Enabled is a community of fintechs, including MX rivals, that the company is putting together to collaborate on consumer solutions. DeWitt drew an analogy to the medical world, where collaboration has led to improvements in treatment.
“Three and a half years ago I was diagnosed with stage 4 cancer — I had metastatic cancer throughout my lungs and the rest of my body,” DeWitt said. “The project that ended up saving my life started a decade before that. Researchers and scientists in pharmaceutical companies came together in a unified data platform to analyze genetic mutations of tumors in cancer patients and to collaborate and distribute innovation and experimentation. That yielded the chemo and immunotherapy I’m on today. My initial prognosis was 90 days, and I’m alive three and a half years later because people chose to come together and collaborate from the innovation side.”
Some of the fintechs that have signed up for MX Enabled, including Personetics and Kasisto, are competitors of MX as well as partners. But DeWitt says that is no contradiction if one has an enlightened view of competition.
“In business there are industries people call a zero-sum game — there has to be a winner and a loser,” DeWitt said during a follow-up interview. “In a recent town hall, I said we have to elevate our thinking, change our mindsets because this is not true of the human endeavor. The human endeavor is an ever-increasing pie, and the more you do to increase the pie, the more we push the cutting edge of what can be done, and we need to be almost strictly focused on that.”
The end goal for DeWitt is to improve people’s lives.
“Part of it is because I have stage 4 cancer, and I’m way more worried about legacy than I am worried about how do we build a company that makes a ton of money,” he said.