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.
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.
Is the digital experience you are offering your account holders sufficient to stay on the cutting edge of innovation?
As the first of our new MX webinar series this event provided valuable information on the trends financial institutions face in 2015, which engaged 100% of viewers through 55 minutes of the 60 minute presentation.
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?
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?