The MX content collection contains all the information you need to know about the MX product suite, our internal teams and our guiding philosophy.
SAN ANTONIO and LEHI, Utah (PRWEB) January 30, 2018 — KIVA Group, a premier, omnichannel CEM/CRM software provider to banks and credit unions, and MX, the world leader in unified financial data, announced today that America First Credit Union (AFCU) successfully deployed the companies’ leading-edge technologies to power its mobile banking application. With the Helios cross-platform framework from MX and KIVA’s open integration middleware, AFCU is providing a feature-rich, user-friendly mobile experience that’s earning high praise from its members.
If you regularly follow the news, chances are that you've seen story after story about data breaches.
Evansville Teachers Federal Credit Union (ETFCU) has always believed in a “people helping people” philosophy. As such, they’ve invested in digital money management (DMM) for years with the intent of improving their members’ financial well-being and maintaining user loyalty in the process.
In 2016, ETFCU learned that their digital money management product would be migrated to the MX platform. Since they’d seen good results with their prior DMM product, ETFCU was excited for the migration and the additional functionality they would gain with the new Money Management solution powered by MX.
They ended up being the first client to make this particular migration, and the results were impressive. Within two months, ETFCU saw a five-fold increase in total aggregated accounts and reached a 41% adoption rate with 21% of total Money Management users aggregating their accounts.
ETFCU was also able to put their money management product to better use by integrating it directly into the mobile experience (something they were unable to do until they integrated with MX). This opened up Money Management features to a range of mobile-first members and increased the appeal of the mobile experience at ETFCU, improving the likelihood that these users will stay loyal to the credit union.
In addition, ETFCU integrated the MX Insight & Target platform along with Discovered Accounts, resulting in a dramatic return on investment. For example, they used the fresh data gathered from Money Management to re-run a credit card campaign and brought in six times more balances transferred and three times more new credit cards than they had brought in previously — all because they were able to create hyper-personalized offers that got real results.
“It’s a testament to the information that we’re able to get out of Insight & Target,” Meaghan Elpers, VP of Operations said, “and it’s so very important to the service, to use that data to help our members, save them money, and move them toward our products and services.”
Finally, the migration to MX exceeded expectations. “We were preparing for an uptick in call volume and complaints after we made the switch,” Elpers said, “but the implementation was seamless.” She added, “We didn’t really see an increase in call volume, which is a testament to the usability of this financial tool.”
“We’re very happy with the MX experience,” Elpers said. “We want to live our philosophy of ‘people helping people,’ and MX and NCR’s Digital Insight solution allows us to do that. We can offer products and services to our members that save them money. We can compete with the big banks now that we have the data to gain insights into our members’ financial picture and really help them. Money Management and Insight & Target has allowed us to do that.”
“It’s a testament to the information that we’re able to get out of Insight & Target. And it’s so very important to the service, to use that data to help our members, save them money, and move them toward our products and services.” - Meagan Elpers, VP of Operations
Utah Community Credit Union — UCCU successfully launched innovative Digital Money Manager by MX
Click here to read the PDF version of this case study.
When UCCU chose Q2 as a digital banking provider, they were excited at the prospect of integrating MX products directly into their online experience. They knew that an MX integration would give their members guidance in managing their finances, resulting in greater loyalty and an improved ability to attract new members.
Because they were already familiar with the benefits that MX would provide their users, UCCU knew they wanted to do a major promotion in launching the product. Brad Norton, SVP of Marketing at UCCU, created internal marketing materials and also leveraged MX for video assets to increase engagement from day one.
Norton said, “We didn’t want to bury this product in any way. Instead, we wanted to put it front and center — showing our members what they could accomplish with it, getting them to really envision how this can inspire smart decisions, and help change their financial habits for the better.”
The promotion paid off. Within three months, 28 percent of UCCU members had adopted digital money management, and 17 percent of those users had added external accounts at an average of 4.1 accounts each. This means that these users are signing into UCCU to view all their finances in one place (and, by implication, becoming less and less likely to sign into UCCU’s competitors to do so). As a result, UCCU is quickly proving themselves as the primary financial institution in their region.
Norton added, “From integration to launch and beyond, we’ve been very pleased with the experience of working with MX. We couldn’t be happier with the fact that so many of our members have started getting their financial lives in order. This partnership brings us exactly what we’re looking to deliver to our members & we are really excited about it.”
Park Sterling, a bank with branches in North Carolina, South Carolina, Georgia and Virginia more than $3.3 billion in assets, has successfully rolled out an innovative financial education course for internal employees and partner companies.
Financial services is currently undergoing a major shift, and data is at its center. But how should you be using data? How do you pick the right provider? How do you find the time and resources to make the shift to a data-centered culture?
BECU's app, powered by MX, received recognition from both the Financial Brand and MagnifyMoney in December. BECU appeared as the most improved app in MagnifyMoney's third annual Mobile Banking App Study, which compiles the iOS and Android banking app ratings from over 100 of the biggest credit unions and banks.
Read the whole case study here.
Read the whole case study here.
Users of Data-driven Money Management Increase Savings By 20% Over Four Months
Brennan Knotts, Product Lead at MX, introduced FinSmart in our most recent webinar, which you can watch here. (Brennan's section starts at 26:15.)
New research reveals that consumers are hungry for advice to help manage and improve their financial health but a hesitance to aggregate accounts could reduce the usefulness of the insights generated by financial institutions. Javelin finds that while 46% of bank PFM users are willing to provide passwords to their primary FI for aggregation of external accounts, only 17% of non-users would be willing to do so. “The ability to deliver personalized insight and advice hinges on compiling a complete picture of a customer’s finances: deposit accounts, credit cards and loans, and investments, including those held at secondary FIs,” writes Javelin in its April report Digital Money Management in 2016: Moving Beyond Fits And Starts. “But gathering this data requires customers to share their login and passwords, a model that FIs oppose innately.”
Having eclipsed 2.5 million users, MX appears for the first time as a featured vendor in Forrester's Vendor Landscape: Pick The Right Digital Money Management Technologies. The March 17 report advises FIs to deeply integrate money management capabilities into digital banking and look for a partner who understands their business objectives rather than just a technical fit.
Last week at the Sundance Resort in Utah, MX held the 5th Fintech Festival, an exclusive event for the most innovative companies and thought leaders in financial services.
In 2012 research firm Celent reported that only 4 percent of online banking customers at the top 50 banks were active users of personal financial management (PFM). Selling you a product that no one will use is not a sustainable business model. MX believes that PFM is dead.
How has digital banking impacted specific roles within the financial services industry? In order to answer this question we surveyed 200+ financial service professionals and wrote our latest ebook which summarizes our findings. You can find the ebook here.
While the banking industry dug its way out of the financial crisis by reducing costs and increasing profitability, it now faces the challenge of growing revenues. Security and compliance certainly loom large as financial institutions plan an increase in technology spend but senior IT executives are also focusing on generating top-line growth. Responding to Ovum's ICT Enterprise Insights survey, 43 percent highlighted supporting revenue growth as one of their top three strategic priorities for 2015. “The need to grow topline revenue through sales and customer conversion rates is driving investment into digital channels,” said Kieran Hines, Practice Lead for Financial Services Technology at Ovum.
FAQ: What's The Difference Between A Full Integration And A Tabbed Approach To Digital Money Management?
There are a number of different ways for a financial institution to provide their users with a rich digital money management (DMM) experience. A financial institution can pursue:
How Do I Demonstrate ROI To My Board And Executive Team?
At MX, we know that account holder interest in digital money management is not enough to justify investment by most financial institutions.
That's why we walk through a detailed ROI calculation with each prospective client to demonstrate tangible benefits and provide them with the tools necessary to make the business case.
What's the point of signing a contract if you're not currently integrated with my online banking provider?
You need to define your digital strategy - not existing limitations.
MX should be an important part of your strategic vision and we'll help you work towards integration with your existing channel or mobile banking provider. If not, we can also direct you to one of our partners where we have an excellent integration already. MX is partnered with over 35 online and mobile providers.
A Competitive Edge
ATB Financial wanted to widen their lead on the competition and find a solution that fit their campaign of “using banking to create happiness.” After searching through a range of possible options, they landed on the idea of integrating a digital money management solution within their online banking portal.
Click here to read the PDF version.
Also see ATB Financial featured in The Financial Brand.
Advocacy has never been more important than in this age of consumer choice. As account holders become more empowered, financial institutions need to focus on building trust and loyalty or risk being left behind.
Learn from MX clients how implementing our Insight & Target platform has changed the way they cross-sell to their account holders.
The Future of Integration
Financial institutions sometimes worry that the move to a personal financial management tool will require lengthy coding and an extensive pilot. Perhaps these clients have previously worked with awkward proprietary protocols such as Open Financial Exchange (OFX), and so they expect a similar experience going forward. But integration doesn’t have to be a chore. The reality is that well-crafted, lightweight RESTful APIs allow for the rollout of new functionality with minimal difficulty.
Do you have the ability to mine real-time insights on end users and immediately put those insights to use? This white paper shows how bankers can gain this ability and become more like Google in the process.
Forrester Research says that digital money management is essential to “quash the disruptive threat from digital banks” and “garner the loyalty of younger customers,” and Accenture has found that 67% of millennials "are interested in their bank providing tools and services that help them create and monitor a budget."
In this deep-dive webinar, MX clients shared insights into how digital money management is shaping the way they interact with their account holders. Guest panelists include Rita Sly from ATB Financial, Rob Cummings from Mountain America CU, Rick Claypoole from Cadence Bank, and our CEO Ryan Caldwell.
On May 20th, industry experts Brad Leimer, Alpine Jennings, John Hanley and Brandon Dewitt shared their insights on how digital money management is driving a shift in the way account holders view their finances and their financial institutions.
Do you ever struggle to understand how to appeal to different demographic segments? In this digital white paper, we turn to industry experts to answer demographic questions including:
With digital leaders like Amazon, Netflix, and Apple setting expectations for user experience, do your account holders rave about their digital experience with you?
In this webinar, guest panelists from Santander, Moven, Security Service FCU and Q2ebanking share their insights about the challenges institutions must overcome in digital experience design.
Whether you know it or not, the battle to remain top of mind and be the primary financial institution for account holders is (and will continue to be) the biggest challenge you face as a banker. Consumer trends, banking revenue models, the competitive landscape, and the rise of digital have fundamentally changed the game. With all disruption, things build up slowly without you really noticing and then bam, a catastrophic change happens.
The financial services industry is in the throes of the digital revolution. Large banks are spending upwards of $500 million a year on mobile alone, global fintech investment grew 201% between 2013 and 2014 and a CEO of a major bank predicts that up to half of the world’s banks will disappear through the cracks caused by digital. In addition, Accenture believes that these changes, combined with deleveraging and squeezed margins, will put 30 percent of traditional banking revenues at risk by 2020.
Banking today is built on a foundation of digital data. The old enormous filing cabinets filled with account documents and ledgers have been replaced by data centers, and the financial industry is floundering to make the most of the shift. As Chris Skinner, author of the book Digital Bank, puts it: “We built an industry on the physical distribution of paper in a localized world, and we’re now having to get to grips with the digital distribution of data in a networked world.” For bankers, it’s not business as usual.
“Millennials’ annual spending power is expected to surpass Baby Boomers by 2018.” - Market Insights
What is Account Aggregation?
Account aggregation enables users to see all their accounts and transactions in one place. For example, if ACME Financial offered account aggregation, account holders could log in and view data from Wells Fargo, Chase, and potentially anywhere else they have a financial account — all through ACME Financial’s banking portal. In short, account aggregation turns a digital banking portal into a one-stop financial hub.
The competition is heating up. Account holders are looking for a primary banking application — an app they keep on the home screen of their phone. This infographic shows how to stay in the ring.
MX teams up with digital banking providers to supercharge the account holder experience at financial institutions. We offer money management and user acquisition tools, as well as customizable solutions that seamlessly integrate with digital banking.
Put Account Holders First
With so much competition in the financial services industry it can be hard to know what your top priority should be for 2015. Do you focus on compliance? Back-end technology? Customer service? All of the above?
Recently, Fast Company published an article titled “Sorry Banks, Millennials Hate You”. The article highlights a three-year study from Scratch about disruptive and transformative industries, with the article primarily focusing on banks and the financial services industry. The subjects in the research were described as millennials, a term used to define those born between 1981 and 2000. What’s most interesting is the one word Fast Company used to sum up how millennials feel about banks — hate.
As a banker, you’ve seen the evidence.
Fewer people visit your branches each year, while the demand for digital banking intensifies.
You recognize that a digital revolution is at hand. But do you have a plan to stay relevant, beat your competitors, and expand your market share?
MX works with digital banking providers to enable banks and credit unions to thrive in the digital age. People from a range of companies have taken note of our work, and below we've listed a few of the testimonials we've received.
Note that while most of the testimonials came before our rebrand from MoneyDesktop to MX, we list the current name of the company in the pull quotes below.
Stop Making Big Data Blunders
According to Gallup Research's recent study, over half (53%) of fully engaged customers have received an ad from their primary bank for a product they already had. In the age of targeted marketing, sending general blanket ads to all your account holders just won't cut it.
Target lets you create segments, deploy adaptive offers, and start tracking a campaign in under five minutes with absolutely no assistance from IT. It’s all about using the data from Insight to place the right offer in front of the right account holders at the right time.
Nexus lets you pick and choose which of our features you’d like to integrate into your current online or mobile banking platform. You can add account aggregation, auto-categorization, alerts, ads and analytics to your core platform — all while maintaining your current, familiar interface.
Today’s account holders want to bank when, where and how they want. Helios meets those needs by enabling a full-feature digital banking experience on any device or platform — tablet, desktop and phone. Best of all, Helios is a native cross-platform framework, which means it’s fast, stable, and device optimized.
You’ve seen the evidence. Fewer people visit your branches each year, while the demand for digital banking intensifies. You recognize that a digital revolution is at hand. But do you have a plan to stay relevant, beat your competitors, and expand your market share? This white paper outlines the seven steps that will help you lead the digital revolution.
In Money Summit’s recent post “Do You See Disruption or Opportunity?" Bradley Leimer summarizes his experience at this spring’s Finovate conference and gives his insight into how this year’s presenters are impacting the future of financial services. Leimer says Finovate presenters mainly showcased incremental changes, but that these small improvements are collectively causing a massive shift toward digital financial tools.
Financial services — and specifically, the relationship between account holders and financial institutions (FIs) — has evolved over the years with changes in technology, account holder expectations and economic stability. For decades the only interested parties in this relationship were the account holder and their preferred FI, but now competing banks and third parties in the tech industry have raised the stakes by pushing the financial services industry in a much more competitive direction that focuses on user demand.
See how Personal Financial Management (PFM) makes you the Primary Financial Institution (PFI)
See how personal financial management (PFM) applications can make a difference in your account holders' lives.
More than anything else, account holders log in to online and mobile banking to check their account balances and transactions (Consumers and Mobile Financial Services Report, 2013). With MoneyDesktop, you can turn these channels into a “Financial Hub”, a one-stop shop where your account holders can access their outside accounts and quickly check all their balances.
There Will Be Blood
In his American Banker’s BankThink article “There Will Be Blood: The Era of Engagement Banking,” thought leader Bradley Leimer discusses the future of the banking industry. Leimer suggests that with the economic downturn “(mostly) behind us,” and with changing consumer behavior on the rise, that the next big challenge facing the industry is the full-on shift to a mobile platform. He goes on to say that the economic imperative to innovate and shift has finally come to an industry not known for innovation. In fact, inspired by the banking industry’s signs of mobile adaptation, an entirely new market and business model was created—financial technology, or fintech for short.