Read the PDF version of this case study here.
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.
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.
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.
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.
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.