Our latest research revealed consumers' expectations for financial service providers to deliver a better money experience and the aspects that matter most.13 May 2015 0:00GMTOur latest consumer research revealed how consumers are managing their money on apps and the aspects most important to them.13 May 2015 0:00GMTHow consumers think about and use debt is changing. Financial institutions and fintechs should keep these evolving attitudes in mind.13 May 2015 0:00GMTMoney is personal, so the experience should be too. Senior leaders at Achieve and Suncoast Credit Union discuss the power of data to improve the money experience.13 May 2015 0:00GMTExplore top trends for fintechs to watch in the Buy Now, Pay Later (BNPL), consumer lending, mortgage, payments, and personal financial management (PFM) spaces.13 May 2015 0:00GMTMX’s latest consumer boils down how consumers define financial wellness, and current spending and saving attitudes and behaviors. 13 May 2015 0:00GMTFinancial institutions continually face challenges and opportunities presented by ever-changing market conditions. These are the top trends banks, credit unions, and insurers should keep in mind right now.13 May 2015 0:00GMTCNBC’s Financial Confidence survey shows 70% of Americans are feeling financially stressed. Financial providers can become a trusted partner to help consumers combat stress and reach financial goals.13 May 2015 0:00GMTThe only industry trusted less than financial services today is social media. Consumers need to be able to trust financial institutions and fintechs.13 May 2015 0:00GMTThe financial industry faces new challenges and opportunities. MX gathered industry and investors leaders to discuss their perspectives.13 May 2015 0:00GMTWe spoke with partners at TPG and Commerce Venture about what advice they’d offer to fintech leaders looking to raise funding in today’s market.13 May 2015 0:00GMTBy harnessing the power of data, financial institutions and fintechs can build stronger customer relationships and drive new growth opportunities.13 May 2015 0:00GMTFintechs should consider this path of innovation: integrating AI into their working models to evolve business processes and increase speed to market.13 May 2015 0:00GMTInsurance trends point to new reporting requirements, transforming digital experiences, decreasing insured, and higher catastrophe claims. 13 May 2015 0:00GMTCredit unions face liquidity challenges, higher delinquency rates, and the need to attract Gen Z and Millennial consumers in 2023. 13 May 2015 0:00GMTMacroeconomic trends point to higher credit card balances, lower savings rates, and a predicted recession as top areas where banks should be paying attention.13 May 2015 0:00GMTNew MX research shows consumers want more security and control, including multi-factor authentication and biometric login options, but it’s a balance.13 May 2015 0:00GMTWith greater access to financial data comes better insights, better experiences, and more personalization. Leveraging AI could help drive better financial outcomes. 13 May 2015 0:00GMTA list of the 250 largest banks in the United States by total domestic deposits according to data from the FDIC as of December 31, 2022. 13 May 2015 0:00GMTResearch shows consumers expect to be able to see all of their financial data in one place. But only a small portion have actually shared their data. Why? 13 May 2015 0:00GMTA list of the 250 largest banks in the United States by asset size according to data from the FDIC as of December 31, 2022.13 May 2015 0:00GMTA list of the 250 largest credit unions in the United States by asset size according to data from the NCUA as of December 2022.13 May 2015 0:00GMT2023 is another year to create better money experiences for consumers. Here’s a roundup of predictions from finance and fintech leaders and experts. 13 May 2015 0:00GMTBy putting financial data to work for automated budgeting, personalized alerts, balance checks and more, the joy of the holidays isn’t ruined by overspending. 13 May 2015 0:00GMTWhile data sharing enables more personalized products, insights, and recommendations, it can also create greater risk if not properly secured. Are you checking who has access twice? 13 May 2015 0:00GMTDevelopers need to understand their product’s why in order to drive impact. 13 May 2015 0:00GMTWe can ensure that newly-opened accounts and those linked for payments are used by their rightful owners with IAV and account identification services. 13 May 2015 0:00GMTTo promote a safer holiday shopping season, financial providers should strengthen security with authorized API connections, account verifications, and tokens. 13 May 2015 0:00GMTLenders today need to think of innovative ways to problem solve for borrowers. 13 May 2015 0:00GMTLeaders across banking, fintech, payments, and lending point to an increased need for speed to meet consumer expectations for account opening, money movement, and more.13 May 2015 0:00GMTThe gig economy complicates things like qualifying for loans, saving for retirement, and paying taxes.13 May 2015 0:00GMTA panel of financial industry experts discuss the impact technology innovation and recent trends have on consumer behavior, namely spending and saving habits.13 May 2015 0:00GMTAs the financial industry experiences a fintech disruption, a former cable company executive advises big players in the banking industry to be proactive and focus on innovation.13 May 2015 0:00GMTAs bank branches close across the U.S. at an unprecedented rate, financial institutions need to capitalize on the opportunity embedded financial services bring.13 May 2015 0:00GMTOpen data is the key to improving financial outcomes for consumers, according to Simon Taylor from Sardine.ai in his recent keynote at Money Experience Summit.13 May 2015 0:00GMTFintech is an expansive industry with new technologies and terms. In part 2 of this series, we discuss common fintech terms and definitions from the letters E to M.13 May 2015 0:00GMTRobin Hauser shares insights she learned while filming her documentary, $avvy — addressing women's challenges related to negative societal messaging around money.13 May 2015 0:00GMTAt MXS 2022, MX’s Chief Technology Officer Wes Hummel and Chief Product Officer Nandita Gupta shared thoughts on why MX and the future of the financial industry.13 May 2015 0:00GMTFinancial data, driven by an open finance ecosystem, can lead to powerful customer experiences across financial institutions and fintechs.13 May 2015 0:00GMTFintech is an expansive industry with new technologies and terms. In this series, we cover the most common fintech terms and definitions from letters A to D.13 May 2015 0:00GMTFinancial stress is on the rise for consumers. Through support, security, and context, financial providers can build consumer trust and grow brand loyalty.13 May 2015 0:00GMTConsumers are feeling anxious about their financial future because of factors like high amounts of debt, little retirement savings, and a lack of emergency savings.13 May 2015 0:00GMTResearch from MX shows how Gen Z is moving away from using Credit Cards as a payment method, instead opting to move towards digital and mobile banking for payments.13 May 2015 0:00GMTThe future of banking will not be defined by technology but by how well financial institutions can adapt to changing customer behavior and improving customer outcomes.13 May 2015 0:00GMTMX offers its perspective on how the CFPB can return to a “relationship banking” model.13 May 2015 0:00GMTA recently published research report from Gartner highlights how reliable, secure, and new API products are foundational to digital business trends in 2022.13 May 2015 0:00GMTA recently published report from Gartner highlights the leading factors, core technologies, and payment innovations that are evolving digital banking in 2022.13 May 2015 0:00GMTAccount holders expect an easy and secure connectivity experience from their financial providers. Learn more about MX’s modern connectivity experiences.13 May 2015 0:00GMTResearch from MX shows financial stress continues to rise across generations — increasing the need for financial institutions and fintechs to embrace Open Finance.13 May 2015 0:00GMTForrester’s latest report on mobile banking calls out 7 must-have features that financial institutions and fintechs need to consider for their mobile banking apps.13 May 2015 0:00GMTA Forrester report on financial well-being encourages prioritizing strategies to grow customer loyalty in a financially stressful time.13 May 2015 0:00GMTMX has membership with FDX to promote Open Finance API standards to enable transparent, secure, user-permissioned data sharing and utilization.13 May 2015 0:00GMTImproving financial wellness starts with creating a more connected open finance ecosystem with access to actionable data.13 May 2015 0:00GMTThe key to building an open ecosystem is secure data access. A new report from Aite-Novarica outlines what all financial institutions and fintechs should consider.13 May 2015 0:00GMTThe MX team is comprised of incredible individuals who raise the bar on industry excellence — here, we ask them some questions to get to know them just a bit better.13 May 2015 0:00GMTFounders, influencers, and leaders participated in an unmoderated, unfiltered discussion about trends, challenges, and opportunities in finance and fintech.13 May 2015 0:00GMTGreater access and ability to act on financial data can help shift consumers from reactive responses to proactively taking control of their finances.13 May 2015 0:00GMTOpen Finance can enable greater financial success and strengthen consumer loyalty in the face of a recession.13 May 2015 0:00GMTIn recognition of Juneteenth, MXers were encouraged to take June 20 as a day of action, education, and reflection.13 May 2015 0:00GMTMXers, friends, and family marched in Salt Lake City’s recent Pride parade with more than 100,000 people lining the streets.13 May 2015 0:00GMTOpen Finance helps companies make the most out of their financial data by providing context to the data, which equates to success for both businesses and consumers.13 May 2015 0:00GMTIn honor of MX's CTO and co-founder Brandon Dewitt, MX partnered with Moov to extend the #JustDewitt scholarship to 6 individuals to attend fintech_devcon.13 May 2015 0:00GMTOpen Finance enables more meaningful relationships with consumers, improving experiences and leveraging data to proactively support financial wellness.13 May 2015 0:00GMTMX answers questions from the recent webinar with MX and Cornerstone Advisors about Open Banking and data aggregation.13 May 2015 0:00GMTWhile competition has long been a focus for financial regulators like the CFPB and OCC, this time feels different with the promise of Open Finance.13 May 2015 0:00GMTMoneytree Software and Matrix Rental Solutions share their experiences with data aggregation and choosing an open banking data partner.13 May 2015 0:00GMTOpen Finance is the next step beyond Open Banking, enabling access and sharing of consumer data to even more financial products and services — not just banking.13 May 2015 0:00GMTChoosing a data partner to support open banking or open finance efforts is now easier with the first-ever Open Banking Data Partner RFI starter kit.13 May 2015 0:00GMTFor this webinar, we tackled five questions in 25 minutes based on the latest report from Cornerstone Research on Selecting an Open Banking Data Aggregation Vendor.13 May 2015 0:00GMTHere are 5 reasons why Open Finance will change the financial ecosystem for the better, driving consumer-permissioned data sharing, financial inclusion, etc.13 May 2015 0:00GMTOn the latest Finovate podcast, David Whitcomb discusses Open Banking and Open Finance, the benefit for financial institutions, and what to expect in the future.13 May 2015 0:00GMTA survey conducted by MX shows the value of account aggregation, or the ability for users to connect all their financial accounts into one view.13 May 2015 0:00GMTOpen Finance breaks down closed financial ecosystems to unlock the value of data. Are you ready to embrace it? Learn how MX powers the open finance economy.13 May 2015 0:00GMTConsumers Want a Personalized Approach to Finances13 May 2015 0:00GMTDaniel Haisley, Apiture EVP, Innovation, and Lauren Flickinger, Truebill Product Director, share benefits of open financial data at our MX Product Forum.13 May 2015 0:00GMTThe CFPB looks to level [regulatory] playing field between banks & certain fintechs not currently subject to federal oversight with 1024 dormant authority.13 May 2015 0:00GMTRead why ACH transfers are a more cost-effective and lasting option for businesses.13 May 2015 0:00GMTConsumers are demanding better digital and mobile banking experiences. New MX research shows increasing demand for seamless connectivity.13 May 2015 0:00GMTOpen finance enables better security, customer experiences, and innovation. Read insights from the MX Product Forum.13 May 2015 0:00GMTSeveral challenges could slow the adoption of crypto. How do crypto exchanges build a secure platform, but also retain the anonymity that many users value?13 May 2015 0:00GMTMX recently named Kimberly Cassady as Chief People Officer. In an effort to get to know her a bit better, we decided to have her play 20 questions. With over 25 years of experience, Kimberly is a fantastic addition to help MX continue to fulfill its mission to empower the world to be financially strong.13 May 2015 0:00GMTJane Barratt, Chief Advocacy Officer at MX, discusses the evolving narrative around the money experience — how financial institutions, fintechs, and consumers interact with each other on this episode of Banking Transformed with Jim Marous Open Banking enables these experiences and consumers can, and should, push their institutions to create better opportunities.13 May 2015 0:00GMTThe era of API Banking is here. Embracing APIs is critical on the path towards Open Finance, which gives us the ability to access and act on financial data to build personalized experiences, increase the pace of innovation, and drive industry collaboration.13 May 2015 0:00GMTThis Friday, March 25, the MX team is taking the day off for a very good reason. Founders Day is a new holiday on the MX company calendar to commemorate our co-founders Ryan Caldwell and Brandon Dewitt and the foundation they built at MX.13 May 2015 0:00GMTA discussion about how financial institutions should take actionable steps to tailor their services for underserved minority communities.13 May 2015 0:00GMTThe financial industry faces the challenge of a closed and complicated ecosystem. Today’s financial ecosystem doesn’t support secure and reliable data sharing — data sharing that is required to meet customer demand and fuel innovation. Open Finance is the answer. Open Finance is the ability to access and act on financial data to create personalized experiences, increase the pace of innovation, and drive industry collaboration.13 May 2015 0:00GMTSusan McPherson, best-selling author of The Lost Art of Connecting“ shares her advice for building meaningful and authentic relationships. Catch the recap or watch the full replay from FinTech Festival LIVE to learn how to do this.13 May 2015 0:00GMTJodie Gunzberg, Managing Director at CoinDesk Indices, shares her perspective on the inner workings of cryptocurrency investments, how to navigate the inherent risk, and the importance of educating yourself on an ever-evolving investment.13 May 2015 0:00GMTSimon Taylor, co-founder and Chief Product Officer at 11:FS, discusses regulated open banking in Europe versus open finance in the U.S. Read the recap or watch the full replay.13 May 2015 0:00GMTOpen banking and DeFi both lack clear rules of the road from Washington. This impedes innovation, makes America less competitive on the global stage, and robs consumers of affordable solutions. Both executive orders state this plainly. All contributors in the financial industry should support each other in seeking regulatory clarity on the path to a free and open financial system. Read more for MX’s perspective.13 May 2015 0:00GMTThis week, MX hosted some of the brightest minds in the financial industry to share stories and insights into how open finance is reshaping the future. Read key takeaways from our sessions with speakers from MX, 11:FS, USAA, CoinDesk Indices, She Banks, SUMA Wealth, Daylight and more. Topics include open finance, open banking, financial inclusion, innovation, and cryptocurrencies.13 May 2015 0:00GMTBrian Kinion, CFO of MX, chats with Jack Sweeney from the CFO Thought Leadership podcast about preparing for IPOs, the importance of predictability, proofing essential processes, and hiring a diverse team to lead the charge.13 May 2015 0:00GMTNew research suggests that financial institutions are not offering instant and embedded digital banking experiences. MX highlights what key data points on online account openings and instant account verification mean for financial institutions and fintechs.13 May 2015 0:00GMTMX shares 3 common themes from discussions with financial institutions and fintechs on open finance, connectivity, and data enhancement.13 May 2015 0:00GMTMX shares its mantra to #JustDewitt and looks to reach new heights in 2022 through empowering the world to be financially strong.13 May 2015 0:00GMTMX talked with the Director of Digital Banking at Javelin Research about key trends impacting financial services in 2022. Check out follow-on answers.13 May 2015 0:00GMTIndustry experts discuss how eroding primary banking relationships and financial fitness will define 2022, and share recommendations for digital banking strategies.13 May 2015 0:00GMTHear Industry trends, leadership insights, and favorite Ted Lasso quotes from Heidi Johnson, Chief Product Officer at Carta, and Scott Young, Chief Commercial Officer at Marcus by Goldman Sachs.13 May 2015 0:00GMTMeet MX’s new Interim CEO Shane Evans and hear his take on key trends for the future of open finance. Our vision is a more connected, frictionless, and secure financial ecosystem.13 May 2015 0:00GMTJason Sudeikis shared lessons learned and points of view from Ted Lasso, including hard work, the right attitude, and surrounding yourself with the best team.13 May 2015 0:00GMTSee new research on how the past year has changed customer preferences toward banking services and engagement for Gen Z & Millennials.13 May 2015 0:00GMTInsights and Takeaways from MX Experience Product Forum13 May 2015 0:00GMTAccelerate Open Finance and Improve Customer Trust and Loyalty13 May 2015 0:00GMTTheo Epstein sits down with Shane Evans, President of MX, to share how he helped revolutionize baseball with his unique approach to data, leadership, and culture.13 May 2015 0:00GMTMX’s Modern Connectivity solutions provide access to data required for enhanced fraud detection for ACH transactions per the 2021 NACHA ruling.13 May 2015 0:00GMTMX Product Forum Highlights: From Data to Action13 May 2015 0:00GMTMX responded to the CFPB’s ANPR regarding financial records data access under Section 1033 of the Dodd-Frank Act.13 May 2015 0:00GMTData Enhancement Is a Precursor to Financial Innovation at Banks13 May 2015 0:00GMTPrevent Fraud with Simpler and Easily Understandable Financial Transactions13 May 2015 0:00GMTNew Biometrics Capability When Connecting a Citi Account Through MX13 May 2015 0:00GMTOpen Finance Gives Banks New Options for Credit Cards13 May 2015 0:00GMTOpen Banking Speeds Up the Lending Process13 May 2015 0:00GMTHow Open Banking Will Augment the Credit Approval Process13 May 2015 0:00GMT10 Lessons From FormFree Around Data, Partnerships, and Disruptive Lending13 May 2015 0:00GMTLife at MX: Nicole Barkalow Understands FI Pain Points Firsthand13 May 2015 0:00GMTHow Open Banking and Open Finance Empower True Financial Strength13 May 2015 0:00GMTHow Will Open Banking Change Payments at Financial Institutions?13 May 2015 0:00GMTOne Question to Help Banks Know Whether to Build, Buy, or Partner13 May 2015 0:00GMTHow Open Banking Streamlines Mortgage Origination13 May 2015 0:00GMT67% of U.S. Consumers Say They Suffer Financial Hardship at Least Occasionally. How Can Banks Help?13 May 2015 0:00GMTFinancial Account Aggregation: A New Approach13 May 2015 0:00GMT3 Key Data and Connectivity Insights from the MX Product Forum13 May 2015 0:00GMTDisruptive Digital Banking Infrastructure: MX CEO Ryan Caldwell Speaks with Bank of America Securities13 May 2015 0:00GMTAccount Aggregation: Definitions and Benefits13 May 2015 0:00GMT3 Reasons Banks Can’t Afford to Stall Innovation During an Merger and Acquisition13 May 2015 0:00GMTWhen to Buy, Build, or Partner in Banking13 May 2015 0:00GMT10 Debate Highlights: Ron Shevlin Vs. Jim Marous on 2021 Challenges13 May 2015 0:00GMTThe Value of Digital Adoption and Engagement in Banking13 May 2015 0:00GMTJamie Dimon: Banks Face “Extensive Competition from Silicon Valley”13 May 2015 0:00GMTWhy Today's Top Priority for Banks Makes Perfect Sense13 May 2015 0:00GMTWill the Third Stimulus Check Help Americans Rebound?13 May 2015 0:00GMTOpen banking and open finance APIs are the future of banking. Read more about what is API banking, its use cases, and its benefits.13 May 2015 0:00GMTThe Ultimate Guide to the Top 2021 Bank Challenges13 May 2015 0:00GMTA Phone in the Pocket Is Closer Than a Branch Down the Street: The Case for Becoming a Digital-First Bank13 May 2015 0:00GMTFinancial wellness is a major focus for many financial institutions and fintechs alike in 2021. The same holds true for consumers. As it turns out, in one of our recent surveys we found that 79% of consumers said they’d like for their financial institution to help them understand how they can invest and grow their money. However, the first step in helping consumers take charge of their financial lives is surfacing financial information in a way that helps them know what’s going on, so they can start to track spending and set realistic budgeting goals.13 May 2015 0:00GMTGet Beyond Build vs. Buy in Banking13 May 2015 0:00GMTGrit Is About Intrinsic Motivation, Alignment, and Character: 3 Takeaways from Angela Duckworth’s Conversation With MX13 May 2015 0:00GMTThe Future of Banking Is the Bank-Fintech Hybrid13 May 2015 0:00GMT2021 Is the Year Banks Must Take Digital Challengers Seriously13 May 2015 0:00GMTEnhanced Bank Transaction Data: The Underrated Key to Digital Banking13 May 2015 0:00GMTPromote Better Financial Health With New Audience Conditions13 May 2015 0:00GMTTo Win the Future of Banking, Build a Financial Data Flywheel Today13 May 2015 0:00GMTWe believe that modern connectivity to financial data is the foundation for increased innovation in the financial industry and long-term financial health for consumers. Without reliable and secure data access, consumers have little transparency or insight into what is going on in their financial lives. By having secure access to their own financial data, they'll be able to make more informed decisions about their own finances.13 May 2015 0:00GMT6 Steps to Build a Culture That Uses Bank and Fintech Data13 May 2015 0:00GMTImagine the life of someone who’s living paycheck to paycheck. They’re constantly worried about an unexpected expense, particularly (in the US) a healthcare-related expense. (After all, the average U.S. citizen spends roughly $10,739 per year on healthcare.) In addition, these people worry about an economic downturn, the costs of childcare, rising tuition expenses, and more.13 May 2015 0:00GMTGuided and proactive financial wellness initiatives rely heavily on actionable and accessible data. Today’s data-driven world makes it nearly impossible for financial institutions to understand their customers without having a holistic view of where they are financially. However, most institutions still struggle with siloed and disparate data. When insights into data are limited, it’s difficult, at best, to market the right products and service at the right time.13 May 2015 0:00GMTAt MX, we believe that financial data holds immense value for organizations and their customers. Used intelligently and ethically, it can empower financial strength and grow businesses13 May 2015 0:00GMTHow MX Uses Data to Help You Be an Advocate for Your Customers13 May 2015 0:00GMTHighlights in Money Experience from MX Clients: M&T Bank, BBVA, FormFree, BECU, Synovus, and LGFCU13 May 2015 0:00GMTOff-Script With Shawn Achor: 6 Actionable Tips for Being Happier at Work13 May 2015 0:00GMTWhy TPG and CapitalG Invested in MX13 May 2015 0:00GMTFinancial wellness is becoming more and more of a focus in 2021 for both financial institutions and consumers. But it’s not always easy to provide a comprehensive financial wellness program or support for customers. Everyone has different needs and is at a different level when it comes to the complexity, understanding, and management of their financial lives. While some are just starting out on their financial journey, others are in the middle of hitting big milestones.13 May 2015 0:00GMTAutomating the Money Experience: What Does It Look Like?13 May 2015 0:00GMTOpen banking API platforms give organizations a way to launch open banking initiatives and connect with financial data from a variety of sources.13 May 2015 0:00GMTHelping Your Customers Thrive in 202113 May 2015 0:00GMT3 Insights into Consumer Money Habits in 202113 May 2015 0:00GMTMX Top 10 assets of 2020 for Banks and Fintechs13 May 2015 0:00GMTVision for 2021 Banking and Beyond: Lessons from a Fintech CTO13 May 2015 0:00GMTMatthew McConaughey shares an inspirational journey as he explores insights from his new book, Greenlights, in the MX Visionaries Forum.13 May 2015 0:00GMT6 Open Finance Insights for Bankers and Fintech Developers13 May 2015 0:00GMT2021 Bank Innovation: Banker + Consumer Survey13 May 2015 0:00GMTSmall businesses too often feel misunderstood by their bank. Specifically, only 37% of small business customers say they feel their bank appreciates their business and only 32% say they feel their bank understands their business, according to a J.D. Powers survey.13 May 2015 0:00GMTHow Can Data Power the Money Experience?13 May 2015 0:00GMT3 Banking Lessons from Industries Beyond Banking13 May 2015 0:00GMT2021 Banking Data Priorities: Survey Results13 May 2015 0:00GMTThe financial industry was no exception. By March and April, the industry experienced seismic shifts. Deposits at the largest banks ballooned by more than $1 trillion, offices went empty, remote work became widely acceptable, drive-through banking made a comeback, and the primary reliance on digital services was swift and decisive as mobile banking activity rose by 50%.13 May 2015 0:00GMTHow to Keep Relationships With Your Customers Alive? The Money Experience.13 May 2015 0:00GMTNew Money, New Problems: How Covid-19 Has Accelerated the Move to Digital Banking13 May 2015 0:00GMTNo matter the details of our lives, we all want to improve our relationship with money. We look at the apps that make life easier — from ride sharing to grocery delivery — and we want the same easy, customized experience with our finances.13 May 2015 0:00GMTInnovation Amidst Uncertainty: 3 Lessons from a Bank CEO13 May 2015 0:00GMTWith tens of thousands of fintech companies and banks around the world, the financial services industry is fragmented. There’s a near limitless combination of services in the space, which can feel overwhelming. This is one reason why web-based bank APIs are increasingly standard. All of the largest banks in the United States have implemented them, 53% of credit unions have, and 21% of community banks have, according to research from Cornerstone Advisors.13 May 2015 0:00GMTInstant account verification helps financial institutions quickly verify and fund new accounts. How does IAV differ from microdeposits?13 May 2015 0:00GMTHackers Know Your Organization. Do You Know Theirs?13 May 2015 0:00GMTBig Data, Big Opportunities, Big Responsibilities: Navigating a Mutually Beneficial Path13 May 2015 0:00GMTWill Banks and Fintechs Create the Experiences Needed for the New Normal?13 May 2015 0:00GMT3 Insights About How Banks Are Responding to COVID-1913 May 2015 0:00GMT2020: The Make or Break Moment for Fintech13 May 2015 0:00GMTDigital Transformation in Banking: Insights from James Robert Lay13 May 2015 0:00GMTFrank Abagnale, subject of the movie Catch Me If You Can and Cybersecurity and Fraud Prevention Expert, recently spoke at our Money Experience Summit event where he shared important lessons from his time spent working with the FBI, to help prevent fraud and educate organizations on best practices.13 May 2015 0:00GMTCOVID-19 turned banking digital practically overnight. But what is the new normal in banking? And how will financial institutions rise to meet the challenges?13 May 2015 0:00GMTHere we list the major financial data aggregators in the United States. These aggregators enable customers to see all of their financial accounts in one place.13 May 2015 0:00GMTThe Color of Money: Explaining the Racial Wealth Gap — Mehrsa Baradaran, professor at UCI Law13 May 2015 0:00GMTWant to Offer a Better Money Experience? Start With Better Data.13 May 2015 0:00GMTHow Can Financial Institutions Thrive in an Era of Open Finance?13 May 2015 0:00GMTOn the Edge: The Art of High-Impact Leadership13 May 2015 0:00GMTRon Shevlin’s Wins & Fails for 202013 May 2015 0:00GMTIt’s a fine balance between convenience and security; unfortunately, current security measures compromise the user experience and don’t effectively protect users.13 May 2015 0:00GMTDefining Moments that Lead to Greatness: Gabby Douglas13 May 2015 0:00GMTThe Psychology And Future Of Money: Stephen Dubner13 May 2015 0:00GMTAs we wrap up Money Experience Summit with an incredible day two, we’ve highlighted some of the most memorable keynotes and breakout sessions below. From actionable takeaways and engaging interactive sessions to one-on-one live networking — it was an event to remember. Some of the most memorable moments included Frank Abagnale’s iconic story of how he turned his life as a conman around and became a renowned fraud detection expert and Allison Levine’s journey of what it takes to be a leader who possesses the courage, perseverance, and dedication to overcome what might seem as insurmountable challenges.13 May 2015 0:00GMTToday we announced three product advancements that will change the way your users experience their money and will differentiate your organization from the fierce competition that exists in mobile banking. Helios 5, Marketing Hub, and FinStrong13 May 2015 0:00GMTMX announced a wide range of advancements in banking and finance technology on the first day of the Money Experience Summit. See an overview below, and request a demo to experience anything for yourself.13 May 2015 0:00GMTWith 30+ presentations and discussions from leaders inside of and outside of financial services, Day 1 of the MX Money Experience Summit was full of actionable insights. Common themes included how to excel at customer advocacy, understand consumer psychology, overcome seemingly insurmountable challenges, and lessons learned over the course of a career in financial services. Register for free to get full access and see it all.13 May 2015 0:00GMTRegardless of the specifics, today’s digital banking innovations all rely on a foundation of connectivity and data. Take cryptocurrency, chatbots, voice assistants, aggregation, mobile banking, virtual banking, and personalized financial automation. Without the foundation of data, the latest digital initiatives at financial services companies will remain limited in the experiences they offer.13 May 2015 0:00GMTIf history is a sign of things to come (and it is, as you’ll see below), companies that ignore fintech do so at their own peril. Luckily, there’s still time to get ahead of the curve and start innovating. Forward-looking financial institutions will reap rewards for years.13 May 2015 0:00GMTEconomists have long predicted monumental economic change due to modern technological innovation. For instance, John Maynard Keynes wrote in 1930 that modern innovations would result in a 15-hour work week within two generations. And Juanita Kreps, economist and commerce secretary under Jimmy Carter, predicted in 1970 that the rise of computers would enable people to retire at the age of 38.13 May 2015 0:00GMTBanks have traditionally used vaults to uphold the highest level of security standards because they deal with one of the world’s most valuable assets — people’s money. Now, with data becoming the new currency, security measures are changing fast to keep up with the pace. Over the last few years, data security has become increasingly important as data sharing and open banking are becoming the new norm. Naturally as access to data opens up, the potential threats also increase.13 May 2015 0:00GMTCatch key takeaways from the MX Ultimate Guide to the New World of Banking, which looks at how consumer expectations shifted throughout 2020.13 May 2015 0:00GMTAs part of our ongoing research on what consumers want from banks and fintech companies — featured in our ultimate guides — we recently took a dive into financial account aggregation. First, we asked people about their primary means for checking their financial account balance and found that 95% of people use a digital channel: 55% say mobile, 40% say website.13 May 2015 0:00GMTIf you’re a long-time reader of you undoubtedly already know what fintech is. Still, this primer can help solidify your understanding of the term, where it comes from, and why it matters.13 May 2015 0:00GMTWhat’s the difference between screen scraping and APIs? And how does the evolution from one to other lead the industry to open banking?13 May 2015 0:00GMTBrandon Dewitt, CTO and Co-founder at MX, and David Whitcomb, General Manager at MX, announced Path by MX — an API driven solution that powers modern banking and data access, making it easier for financial institutions to seamlessly integrate with the services and apps they need. The discussion, moderated by Shayli Lones, Director of Product Marketing at MX, was full of client use cases, exclusive insights and real-world examples about what Path makes possible for financial institutions as they grow and scale.13 May 2015 0:00GMTFinancial advocacy is a term commonly used and heard amongst financial institutions — and for good reason. Financial advocacy is centered around helping people become financially strong through the use of technology and financial literacy. Although this is widely practiced across financial institutions, fintechs are not always as well known for emphasizing this need for their customers.13 May 2015 0:00GMTThink COVID-19 has changed our preferences for fast food? We analyzed data from more than 6M consumers’ spending habits to find out. Americans love fast food and have frequented their favorite drive-thru restaurants throughout the COVID-19 restrictions. At the initial height of the pandemic, fast food transactions dipped by more than 45%; however, in the weeks and months since late March, transactions have exceeded pre-pandemic levels, increasing by more than 60%.13 May 2015 0:00GMTJason Henrichs, CEO of Alloy Labs, and Ryan Caldwell, Founder and CEO of MX, led an exclusive roundtable for CEOs in the financial industry. The entire discussion was packed with practical insights for executives at banks, credit unions, and fintech companies. Watch the discussion and read key highlights below to know what bank CEOs must do in 2020.13 May 2015 0:00GMTAs part of our ongoing effort to help financial services companies navigate the COVID-19 crisis, we’ve created a series of digital discussions on the topic. Attendees collaborate over breakfast (provided via a GrubHub gift card) around best practices for engaging customers and improving outcomes right now.13 May 2015 0:00GMTBanking Transformation Week was full of insights that can put you in the lead, whether you work at a bank, a credit union, or a fintech company. The experts who joined us were from all over the industry, and they clearly and succinctly spelled out precise ways you can excel no matter where you’re starting from. Here are highlights from seven of the presentations, along with the full videos.13 May 2015 0:00GMTAs Covid-19 continues to change the banking industry, it can be hard to know what the future holds. To help make sense of banking today, we surveyed more than 1,000 random US consumers and asked them to list which of eight features they would be most interested in.13 May 2015 0:00GMTAs part of our ongoing effort to help financial services companies navigate the COVID-19 crisis, we’ve created a series of digital discussions on the topic. Attendees collaborate over breakfast (provided via a GrubHub gift card) around best practices for engaging customers and improving outcomes right now. This week’s roundtable was led by Shane Evans, Chief Revenue Officer at MX, and James Robert Lay, CEO of the Digital Growth Institute and author of the new book Banking on Digital Growth.13 May 2015 0:00GMTMX breaks down how the four largest banks in the United States - JPMorgan Chase, Wells Fargo, Bank of America, Citigroup - generate income and revenue.13 May 2015 0:00GMTMX surveyed over 1,000 consumers to see how their behavior on digital platforms has changed since COVID-19.13 May 2015 0:00GMTAs part of our ongoing series to highlight specific presentations from Banking Transformation Week, we’re featuring three interviews by John Maxfield, Editor in Chief of BankDirector.com. Each interview is full of amazing practical banking advice for 2020 directly from innovators in the industry. We’ve included two excerpts from each below.13 May 2015 0:00GMTAs part of our ongoing series to highlight specific presentations from Banking Transformation Week, we’re featuring an interview with Doug Nielson, SVP at US Bank, and Jane Barratt, Chief Advocacy Officer at MX. The interview is titled “Value-Added Banking: A Win-Win for All” and includes discussions around innovation in financial technology and banking.13 May 2015 0:00GMT“The future of work won’t be about degrees,” says Stephane Kasriel, CEO of Upwork. “More and more, it’ll be about skills.” She adds, “The fastest-growing segment of the workforce — freelancers — have realized more than most that education doesn’t stop. It’s a lifelong process.” Jamie Dimon, CEO of JPMorgan Chase, agrees. “The new world of work is about skills, not necessarily degrees,” he says. “Unfortunately, too many people are stuck in low-skill jobs that have no future and too many businesses cannot find the skilled workers they need.”13 May 2015 0:00GMTJane Barratt, Chief Advocacy Officer at MX, Yemi Rose, Founder and CEO at OfColor, and Lucy Marcil, Pediatrician and Social Entrepreneur explored the topic of humanizing the digital banking experience in the New World webinar series from MX. The discussion was full of key insights that banks and credit unions can use to reimagine the way they approach not only digital, but the human experience of money as a whole.13 May 2015 0:00GMTBrandon Dewitt, Co-founder and CTO at MX, and Daniel Rosen, Founder and General Partner at Commerce Ventures, took the stage at the New World webinar series from MX to discuss the shifting landscape in the financial industry and the disruptive role fintechs will play today and in the coming years. Shayli Lones, Director of Product Marketing at MX, hosted the discussion.13 May 2015 0:00GMTRyan Caldwell, Founder and CEO at MX, and Sam Maule, Managing Partner at 11:FS, launched the New World webinar series from MX with 6 bold predictions for financial services. Nate Gardner, Chief Customer Officer at MX, hosted the discussion, which was full of actionable insights for the rest of 2020.13 May 2015 0:00GMTHere are a few things you can do to work through the COVID-19 crisis and set yourself up for better financial success in the future.13 May 2015 0:00GMTAs part of our ongoing series to highlight specific presentations from Banking Transformation Week, we’re featuring an interview with Corinne Bartow, Director of Business Development at MX, and Cosme Salazar, Product General Manager at MX. The interview is titled “Future of Fintech and 2020 Predictions” and includes discussions around innovation in financial technology as well as comments on investing. You can watch the video or read a few highlights below.13 May 2015 0:00GMTAs part of our ongoing series to highlight specific presentations from Banking Transformation Week, we want to feature John Derrico, Vice President of Data Strategy at Mastercard. John presented on how to create a sustainable data culture, and he compares data strategies to cooking and ingredients.13 May 2015 0:00GMTMilitary personnel put their lives on the line every day for all of us. A four-year survey found that 65% of military families experience financial stress.13 May 2015 0:00GMTAs part of our ongoing series from Banking Transformation Week, we’re highlighting an interview with Sherrie Krizic, SVP of Financial Wellness at Local Government Federal Credit Union (LGFCU), and Erin Caldwell, Director of Client Voice at MX.13 May 2015 0:00GMTAt times it may seem like there’s an enormous gap between focusing on consumer advocacy and focusing on driving revenue at financial services companies. After all, banking is a fundamental utility rather than a form of entertainment or hospitality. What do consumers need beyond basic products and services?13 May 2015 0:00GMTLike every other field, marketing has evolved over the years. A big part of the shift is due to the transition from in-person communication to digital experiences. Not only that, but with so much noise on digital channels, people have become very good at tuning things out. What this means is that old marketing efforts that focus on mass messaging and one-solution-fits-all tactics will no longer cut it. With people being more aware and attuned to what’s around them, and with information being more readily available, the stakes are higher than ever before — with consumers in the driver seat.13 May 2015 0:00GMTWhen it comes to user experience, financial services companies have made enormous improvements in the past decade. The Qualtrics XM Institute surveyed more than 10,000 US consumers and found that the banking industry “has improved their benchmark rating more than any other industry,” rising from 11th place to 3rd place of the 20 different industries Qualtrics surveyed over the past nine years.13 May 2015 0:00GMTAs part of Banking Transformation Week, Ryan Caldwell, Founder and CEO at MX, sat down with Omar Hatamleh, Former Chief Innovation Officer at NASA, to discuss disruptive innovation. Since the digital event aired, we’ve been presenting highlights here on MoneySummit. You can see the video below, as well as a few insights from this discussion that will help you lead the future of financial services.13 May 2015 0:00GMTLike so many nations around the world, the United States is in pain. Over the past 8 weeks, 36 million people have filed for unemployment, a level unseen since the Great Depression. Tragically, 40% of low-earning households have lost a breadwinner, and nearly 20% of adults say they can’t pay their current bills in full. People are in dire need of financial assistance.13 May 2015 0:00GMTHere’s a breakdown of the different ways financial stress affects people’s lives at work, across generations, and more. 13 May 2015 0:00GMTCOVID-19 caused fundamental and lasting changes to the economy. See how spending and saving behavior changed during COVID-19.13 May 2015 0:00GMTAs part of our ongoing effort to help financial services companies navigate the Covid-19 crisis, we’ve created a series of roundtable discussions on the topic. Attendees collaborate over breakfast (provided via a GrubHub gift card) on how to engage customers and improve outcomes right now.13 May 2015 0:00GMTJohn Maxfield, Executive Editor at Bank Director, recently interviewed Brandon Dewitt, CTO and co-founder of MX, as part of BankDirector’s Experience FinXTech 2020. You can watch their presentation titled “Using Data for Good” on BankDirector’s site here and read a few highlights below.13 May 2015 0:00GMTFor years, people have been using fintech apps to access their financial data via a variety of means, the most common being screen scraping. Recently, many countries have passed regulations to enable more secure methods of data sharing. The US has been comparatively slow to adopt consistent data sharing regulations, instead relying on industry solutions such as the FDX data API standards.13 May 2015 0:00GMTAs part of our ongoing series from Banking Transformation Week, we’re highlighting an interview with Brent Beardall, CEO at WaFd Bank, and John Maxfield, Executive Editor at Bank Director.13 May 2015 0:00GMTOpen Banking is the structured and secure consumer-permissioned sharing of data via open banking APIs between financial service providers.13 May 2015 0:00GMTAs part of our ongoing series to highlight specific presentations from Banking Transformation Week, we want to feature Ron Shevlin, Senior Contributor at Forbes and Managing Director at Cornerstone Advisors. Ron presented on five debates that will shape the future of banking.13 May 2015 0:00GMTAs part of our ongoing effort to help financial services companies navigate the Covid-19 crisis, we’ve created a series of roundtable discussions on the topic. Attendees collaborate over breakfast (provided via a GrubHub gift card) around best practices for engaging customers and improving outcomes right now.13 May 2015 0:00GMTChick-fil-A is nailing their digital strategy by focusing on three things: safety, speed, and long-term convenience. First, they’re complying with CDC recommendations by closing their lobbies in an effort to keep their customers safe. Second, they’re moving immediately to optimize their digital processes by making the mobile experience easier and by installing capacity for mobile. Third, they’re creating a new system that they’ll be able to use for years to come (not just during the months of social distancing). As a result, Chick-fil-A is well positioned to outperform the competition indefinitely since more and more people will prefer this new streamlined process compared to the old way of doing business.13 May 2015 0:00GMTAs part of our ongoing effort to help financial services companies navigate the Covid-19 crisis, we’ve created a series of roundtable discussions called Rise & Shine, Breakfast & Advocacy. Attendees collaborate over breakfast (provided via a GrubHub gift card) around best practices for engaging customers and improving outcomes right now.13 May 2015 0:00GMTAmid the COVID-19 crisis businesses are finding ways to give back where and how they can to their customers, employees, and communities. Now is perhaps one of our nation’s most vulnerable times. According to Johns Hopkins University, as of April 14th, there have been more than 500,000 confirmed cases of the virus in the United States and nearly two million people infected around the world.13 May 2015 0:00GMTAs part of Banking Transformation Week, Theodora Lau, founder of Unconventional Ventures, interviewed Jill Castilla, President and CEO of the Citizens Bank of Edmond, about data, analytics, innovation, customer service, and more.13 May 2015 0:00GMTThe lifetime value of banking customers can be significant. Explore ways to measure banking customer value and how to grow it.13 May 2015 0:00GMTAs part of Banking Transformation Week 2020, Jane Barratt, Chief Advocacy Officer at MX, led a panel featuring: Josh Rowland, President of Lead Bank, Liz Wolverton, Chief Strategy and Customer Experience Officer at Synovus, Ramona Ortega, CEO of My Money, My Future13 May 2015 0:00GMTAs part of Banking Transformation Week 2020, Jane Barratt, Chief Advocacy Officer at MX, led a panel featuring: Adam Miller, Director of Branch Small Business Strategy at Regions Bank, Sam Taussig, Head of Global Policy at Kabbage, Steve Roberts, CEO and Co-Founder of Autobooks, and Curt Queyrouze, President of TAB Bank13 May 2015 0:00GMTWe developed the Easy SBA Portal to help financial institutions and their small business customers with the Paycheck Protection Program (PPP) application process. To see the product in action and hear some client questions, see the webinar above and read the full transcript below.13 May 2015 0:00GMTAs part of Banking Transformation Week 2020, Ryan Caldwell, founder and CEO at MX, sat down with James Dotter, CFO at MX, to discuss best practices for banks, credit unions, and fintech companies during the covid-19 crisis and economic downturn. They discuss what they’ve been hearing from leaders in financial services, the importance of data in offering optimal digital experiences, and how MX is responding.13 May 2015 0:00GMTMX analyzed our database to understand where Americans overspend. In the spirit of college basketball season, we've shared our results in a tournament-style bracket.13 May 2015 0:00GMTFinancial data aggregation brings all sorts of advantages for both the customer and the institution. For instance, customers can see their full financial life in a single glance and make smarter financial decisions based on what they see.13 May 2015 0:00GMTDay 3 was short and simple. In an introductory video, Shane Evans, Chief Revenue Officer talks about the most pressing needs in business during the Covid-19 crisis. He says, “People are scared, and businesses have started preparing for many downside scenarios.13 May 2015 0:00GMTBanking Transformation Week is now more than halfway through, and the second day was full of insights about how to optimize digital banking experiences right now.13 May 2015 0:00GMTJoin the banking industry’s most elite online event—created exclusively for leaders on the cutting edge of disruption in banking, finance, and fintech.13 May 2015 0:00GMTIf you want to thrive during this time, the safest route is to commit to digital. Whether it comes to data aggregation, data enhancement, data analytics, optimizing the user experience, or more, MX can help on this front.13 May 2015 0:00GMT3 Guidelines to Building Open Banking at Your Institution. If you want to be an advocate for open banking and data sharing within your organization, you should know that there’s already a lot of activity going on in the marketplace.13 May 2015 0:00GMTThe Office of the Comptroller of the Currency (OCC) issued Bulletin 2020-10 addressing third-party relationship risk management.13 May 2015 0:00GMT10 Takeaways from the MX Fintech Festival 2020 to Help You Lead Digital Integration13 May 2015 0:00GMTDebt reached a new high in Q1 2020 for the 22nd consecutive quarter. 13 May 2015 0:00GMT5 Reasons It’s Urgent to Create a Culture of Data13 May 2015 0:00GMTBanking has changed dramatically over the past few decades, especially compared to the centuries before the digital age. For hundreds of years, banking was about physical branches, physical currency, and face-to-face relationships. Now it’s increasingly about mobile apps, digital currency, and algorithms.13 May 2015 0:00GMTMillions of consumers fall victim to cybercrime daily. But with so many e-commerce sites and online stores, becoming a victim of a data breach is the last thing on most people’s minds. When a data breach does occur, it doesn’t just have a devastating impact to your customers, it also hurts your financial institution.13 May 2015 0:00GMT'We created the Ultimate Guide to Digital Transformation, which pulls data from a range of sources, including an original survey of more than 1,000 random U.S. consumers, to get a clear sense of what leaders in financial services must do to make the most of the digital age.'13 May 2015 0:00GMTIn an increasingly connected and data-driven world, it’s more difficult to protect customers from cyber security attacks. Financial institutions can implement solutions to decrease chances of fraud.13 May 2015 0:00GMTFinancial literacy is a critical part of making smart decisions about money; only 57% of American adults are financially literate.13 May 2015 0:00GMT'Pete Kight, founder of CheckFree and board member at MX, spoke at MX headquarters about his journey from startup to a $4.4 billion exit. If you're invested in banking and fintech, this summary of his writeup of his speech contains dozens of lessons about how to be innovative and scrappy as you build the future of banking.'13 May 2015 0:00GMTTechnology can fundamentally improve people’s quality of life. Here are five ways financial professionals can drive inclusiveness within their institutions.13 May 2015 0:00GMTCan banks and credit unions be trusted stewards of our data as well as our money? It's a hot topic we explore in this month's EFN.13 May 2015 0:00GMTWith insights from 24 of the brightest minds in banking and 50 downloadable content pieces, Digital Banking Week 2019 exceeded all expectations. It was a one-stop opportunity to get informed about the latest industry trends on a range of fronts.13 May 2015 0:00GMTNot having the financial education necessary to make important life decisions can be detrimental in the long run.13 May 2015 0:00GMTFintech companies have undeniably transformed the financial industry. However, new entrants are realizing the growing pains.13 May 2015 0:00GMTDigital Banking Week, Sept. 17-19, includes 20+ presentations with new ideas and strategies with actionable takeaways that banking, credit union, and fintech execs can bring back to their institutions. Visionary speakers include Dan Ariely, Brett King, Jim Marous, Theodora Lau, Brad Leimer, Ron Shevlin, Adrienne A. Harris, Ryan Caldwell, JD Schramm, Dan Latimore, Neff Hudson, Emma Steeley, Andrew Yarrow, and more. The virtual event is free and will be recorded and distributed on-demand afterwards. Secure a spot at www.digitalbankingweek.com.13 May 2015 0:00GMTDigital experiences are becoming the preferred method for consumers across various industries, including banking.13 May 2015 0:00GMTAs of August 2019, for the 20th consecutive quarter, debt has reached a record high — and is $1 trillion above the debt levels at the beginning of the 2008 recession.13 May 2015 0:00GMTWe start aging the day we’re born; but the cumulative effect of gender and age bias against women renders them more vulnerable to financial insecurity as they age.13 May 2015 0:00GMTCheck out four trends that show how younger generations’ approach to wealth is changing and will continue to change in the coming years.13 May 2015 0:00GMTSince we last reported in our industry’s “surge in fintech funding and M&A” the trend has only increased. In May alone a number of fintechs received13 May 2015 0:00GMT As the use of mobile continues to skyrocket, financial professionals will need to redefine (again) how they can consistently deliver exceptional customer experiences in ways that attract and retain customers using technologies that jive with how people interact with the world around them today. 13 May 2015 0:00GMTTo branch or not to branch? That’s the hot topic of this month’s EFN, as we distill recent industry discussions to three insightful news articles specifically about the future of bank branches.13 May 2015 0:00GMTThe banking industry, like many others, is poised to experience unprecedented change as it moves towards a digital industry.13 May 2015 0:00GMTThe traditional banking model will soon be a thing of the past as technology innovations continue to redefine what it means to be a financial institution.13 May 2015 0:00GMTAs reported previously, venture capital-backed fintech companies raised more than $39 billion in 2018, up 120% from 2017.13 May 2015 0:00GMTWith the acceleration in technological innovation, financial institutions are well positioned to help customers build better financial habits.13 May 2015 0:00GMTAlthough payday loans are one option people rely on, financial institutions are well positioned to become the primary lenders.13 May 2015 0:00GMTWhy are Americans in more debt today than any other time in history? A large part of the problem is the lack of financial literacy.13 May 2015 0:00GMTA quarter of the way into 2019, our industry has already been a hotbed of activity. Here’s a snapshot of some trends and news from March:13 May 2015 0:00GMTOn the heels of a busy January, the world of fintech turned even more interesting in February with a blockbuster banking deal and other big news13 May 2015 0:00GMTMillennials shoulder a heavier financial burden due to soaring college tuition, higher health care insurance, and increasing childcare costs.13 May 2015 0:00GMTAs of February 2019, for the 18th consecutive quarter, household debt reached a record high — $865 billion above debt levels at the beginning of 2008 recession. 13 May 2015 0:00GMTStudent loan debt is the second biggest source of household debt, following mortgages. On an individual basis, Americans have more student loan debt than credit cards or auto loans.13 May 2015 0:00GMTWhat is the actual impact of being poor? The primary things that affect the working poor are higher costs of living, paying more for basic needs, and higher interest on lending.13 May 2015 0:00GMTOur industry is abuzz with news as we kick off what has already begun as an exciting year in the world of fintech.13 May 2015 0:00GMTWith cyber attacks becoming more frequent and sophisticated, passwords are no longer sufficient for keeping customers’ information safe. Enter biometrics.13 May 2015 0:00GMTA recent survey from PWC highlights that dealing with personal finances is the single largest source of stress for employees in America. 13 May 2015 0:00GMTMobile banking is becoming the new norm among consumers. According to a recent survey, 64% of millennials and 59% of Gen X have at least one full-service banking app on their phone.13 May 2015 0:00GMTWelcome to the Thanksgiving edition of Essential Fintech News, your source for the latest trends in fintech. As we pause to reflect this week on all we are thankful for, we call attention this month to our gratitude for three important areas in which the fintech industry is making slow13 May 2015 0:00GMTOpen Banking is gaining fast momentum as the best way to securely share customer data with third parties via APIs.13 May 2015 0:00GMTWelcome to the Thanksgiving edition of Essential Fintech News, your source for the latest trends in fintech. As we pause to reflect this week on all we are thankful for, we call attention this month to our gratitude for three important areas in which the fintech industry is making slow13 May 2015 0:00GMTDebt has returned to levels last seen before the recession, but the makeup of that debt has changed significantly. 13 May 2015 0:00GMTOctober is where ideas coalesce! It seems every bank is on the road in in October—from Money 20/20 in Las Vegas (where MX is) to the American Bankers Association (ABA) conference in New York—all happening at the same time!13 May 2015 0:00GMTSix weeks after the Office of the Comptroller of the Currency (OCC) opened its door to formal applications, the 'fintech charter' has been slow to elicit many takers.13 May 2015 0:00GMTHow you and your partner can get on the same page when it comes to finances and money management: it all starts by setting a financial date.13 May 2015 0:00GMTIt''s been a big few weeks for regulatory announcements. The Treasury released the long awaited Fintech report, and the OCC announced their much rumored fintech charter13 May 2015 0:00GMTToday’s tech-savvy consumers expect highly engaging experiences across all platforms and at every touchpoint. And delivering on their growing demands starts with clean data. It’s at the foundation of everything—from chatbots and analytical reports to targeted marketing and alerts. If the data isn’t clean, chatbots can’t answer even the most basic of questions, analytics dashboards aren’t useful, digital marketing isn’t personalized, and alerts are inaccurate.13 May 2015 0:00GMTIn the wake of today''s announcement that the OCC will begin accepting national bank charter applications from financial technology companies, one thing is for sure: the demand for consistent governance and security has been heard. For the past eight years, MX has been helping financial institutions navigate the ever-changing technology and regulatory environments. We're here to help. OCC Begins Accepting National Bank Charter Applications From Financial Technology Companies13 May 2015 0:00GMTMoney is the biggest concern for Americans today. Financial wellness continues to play a role in the quality of life of many individuals. What can be done?13 May 2015 0:00GMTIn a changing world where 50% of home loans and 38% of auto loans are provided by a non-FI, how do you compete? The answer lies in how you collect, analyze and act on data. In this July 19 webinar James Dotter, CFO, MX walks through how to lay the foundation for an AI-driven approach to big data.13 May 2015 0:00GMTWhat's coming for the financial institution? This generation has moved traditional banking to the backdrop, demanding a way to get the necessary financial services from a faster, more effective solution -- apps, websites with services and applications online, and the investment in customer service that is always available.13 May 2015 0:00GMTIf you didn''t get a chance to join this year's Fintech Festival, ask your MX rep and look for information coming soon about our next one being planned for September.13 May 2015 0:00GMTBy reducing your financial stress, you''ll improve your quality of life and your health. These tips can help you to turn your financial health around.13 May 2015 0:00GMTIf you're in town for our Fintech Festival at Sundance Resort, Utah, we welcome you!13 May 2015 0:00GMTHow will GDPR impact your bank? Are you ready for it? And, does it mean you shouldn''t use data? Here’s what banks need to know about GDPR’s impact even as a US-based company.13 May 2015 0:00GMTWe’re half way through. What the banking industry looks like after the first half of 2018 – it’s all about disruption, deregulation, and customer service.13 May 2015 0:00GMTFinancial companies are heavily investing in developing sophisticated AI algorithms across every sector of the industry. But are they using the data in the right way?13 May 2015 0:00GMTThe future of banking is very much focused on technology, innovation, security, and AI. Here are a few of the innovative banking tools and resources we are seeing across the industry.13 May 2015 0:00GMTKeith Armstrong, Co-Founder of Abe.ai, goes on air with host Jason Henrichs of the Breaking Bank podcast, together with John Schute, CIO, Mercantile Bank of Michigan, and talks about how Mercantile''s chatbox powered by MX has helped the bank.13 May 2015 0:00GMTAs chatbots continue to rise in popularity (think Amazon Echo or Google Home), so does the need to have clean data feeding that chatbot. MX cleanses, categorizes, and classifies all transaction data -- so voice searches bring up real transactions vs. garbled feeds of letters and numbers.13 May 2015 0:00GMTEver find yourself wasting too much time putting all your transactions into the right categories? MX runs all transactions through our cleansing, categorizing, and classifying process. This means that we take the garbled mess of a typical transaction feed and make it useful.13 May 2015 0:00GMTMX 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 MX Insight to place the right offer in front of the right account holders at the right time.13 May 2015 0:00GMTCleansing, categorizing, and classifying lays the foundation for you to make data useful ... while avoiding misunderstandings and potentially embarrassing (or painful) situations! Note: This is the second in a series of 'It starts with clean data' videos we premiered this week at @FinancialBrand Forum. #cleandata13 May 2015 0:00GMTAnyone familiar with transaction feeds knows that the raw data isn''t pretty. It''s often indecipherable and confusing for users. With MX, you can offer transaction data that has been cleansed, categorized, and classified.13 May 2015 0:00GMTWhat value does artificial intelligence (AI) bring to the customer? In the average bank or credit union, day to day transactions seem simplistic and standard. Why invest in AI if it will not benefit the customer? There are numerous applications in which the customer – whether a loan borrower or a checking account user – benefits from the adoption of AI.13 May 2015 0:00GMTFinancial Literacy Month is a wonderful opportunity to pause and focus on the rising generation. As the ability to understand and earn money, save money, and budget and use it wisely is so important to our happiness in life, it''s worth focusing this month on what we're doing to teach children, teens and young adults wise financial best practices.13 May 2015 0:00GMTBanks continue to be limited by delusions about what data can really do for them -- and when they need to apply this technology on a broad scale. Here is a look at three key delusions financial companies are facing right now.13 May 2015 0:00GMTIn this webinar, James Dotter, CFO at MX, shows you how to get started with big data, including how to set up the right metrics to succeed on a large scale and prepare for the future of financial services.13 May 2015 0:00GMTWhat is the real value of fintech? It can be difficult to convince staff or investors that fintech offers an incredible ROI, but that is the truth. Here is a look at how every bank can see bottom-line improvements with the investment in data-based fintech solutions and what the direct impact may be. It’s simply not something financial institutions can overlook.13 May 2015 0:00GMTWhen choosing ways to improve your customer service skills and abilities, aim higher. During tax season, customers need more help and support as they navigate complex financial situations. Employees need to have ample training and the right financial management tools to make this possible. With the right tools, it is possible to support account holders during tax time, and, as a result, build a solid reputation and relationship.13 May 2015 0:00GMTKPMG: “In our view, few mandates are more important to the banking industry right now than a relentless attention to connecting with customers as a means of building new revenue streams.”13 May 2015 0:00GMTThe mx mission: empowering the world to be financially strong13 May 2015 0:00GMTCleansing transaction data is imperative to building a proactive, competitive business. Raw data is only so beneficial. But gathering and applying that data to your business ahead of the competition means you are providing a better service and enhancing profit goals.13 May 2015 0:00GMTBank revenue models are shifting, and the implications are potentially enormous for traditional institutions. In this post we look at what financial institutions must do to survive.13 May 2015 0:00GMTToday’s consumer is looking for a financial partner — an institution to not only hold their money and lend them money, but to help them be effective with their money. Market yourself as such (and back it up with action!) to win new users.13 May 2015 0:00GMTMX recently hosted another Fintech Festival in the beautiful mountains of Sundance, Utah. See their survey results here.13 May 2015 0:00GMTThere are many ways that data is accessed, and there are a variety of tools that are available for gathering and analyzing it. But how does a bank use data to improve its operations? Get four suggestions here.13 May 2015 0:00GMTFintech overseas money transfer companies have done well to capitalize on the shortcomings of banks.13 May 2015 0:00GMTLast week's news talked about banking consumers technological expectations and how clean data might mean getting more out of you digital banking technology.13 May 2015 0:00GMTDigital banking has become one of the most important investments for financial institutions today. From the onset, it seems simple enough to put in place the right tools, gather data, and then use that data to make decisions. Yet, like with anything else, you get what you put into it.13 May 2015 0:00GMTThis week look back on the rave reviews coming from AFCU''s mobile app and the scary thing about 2018.13 May 2015 0:00GMTThis week we look into what Amazon did to get their foot in the metaphorical door of mortgage financing and the MX and Coast Capital partnership.13 May 2015 0:00GMTFrom Bank of America's Erica to Capital One's Eno to JPMorgan's Coin, leading banks are developing chatbots to make finances hands free and easier than ever.13 May 2015 0:00GMTLast week Yahoo Finance is rolling out a new savings app and the OCC is asking banks to proceed with caution.13 May 2015 0:00GMTLast week in banking we looked into the 3 crucial challenges facing banks in 2018 and more on the CFPB legal battle.13 May 2015 0:00GMTThis week we take a look at the tech giants in financial services competing for your customer and how AI is being used in banking today.13 May 2015 0:00GMTTraditional value propositions such as privacy and security are a given for account holders. Millennials demand more.13 May 2015 0:00GMT2018 promises to bring new focus to mobile, blockchain, rewards, and more. These banking trends show that it's an exciting time to belong to the industry.13 May 2015 0:00GMTSee how you can get the funding and mentorship you need to boost your startup's growth with one of these 7 fintech accelerators.13 May 2015 0:00GMTHow can banks connect with today's Millennial customer and get them to switch? Here's are real-world solutions.13 May 2015 0:00GMTHere are 3 trends in social media that the banking industry is missing out on.13 May 2015 0:00GMTMX, Yodlee, Geezeo, Strands, FinanceWorks — here is a list of PFM (or digital money management) providers in the United States, coupled with a short description of each.13 May 2015 0:00GMTTech giants vs banks, devices and the future of banking, FinovateFall: Essential Banking News13 May 2015 0:00GMT'There isn't a business you can come up with that's more obviously going to be digital than all of banking,' Kight said.13 May 2015 0:00GMTFintech valuations have nearly tripled, bank branches have been slashed, and Stripe has a stunning amount of profit.13 May 2015 0:00GMTWe met up with Nancy Harhut, Behavioral Science Marketer, to talk about the field of behavioral economics. It's a field that can bring big results to financial institutions, enabling them to make real use of data. You can watch the interview and read the full transcript below, which includes examples from Merrill Lynch and Cornell University.13 May 2015 0:00GMTRon Shevlin says he's “never seen a solid analysis that attributes bottom line results to PFM usage.” We've gathered data points to share what we've seen.13 May 2015 0:00GMTThis week we have stories about machine learning, PNC, and mobile banking preferences.13 May 2015 0:00GMTDan Marks, CMO at Hancock and Whitney Bank, talks to us about how marketing automation has changed, the results he's seen from using HubSpot, and what's been most effective in the campaigns his team has run.13 May 2015 0:00GMTWe talk to Shara Evans, technology futurist, about how digital devices will change over the next 10 years.13 May 2015 0:00GMTThis week we talked to Johnny Hanna, the CEO of a company called Homie. Homie is changing the way people buy houses by streamlining and digitizing the experience. Users can log in to Homie to get help with the home buying process, advice from attorneys, guidance on determining home value, and so on. A user who buys a $300,000 home with a 30-year mortgage, can end up saving around $15,000 because there's no need for a realtor. The experience is free for buyers. Johnny Hanna walks us through the details of how it all works.13 May 2015 0:00GMThttps://www.youtube.com/watch?v=9dHRIt-4w_c&t=7s13 May 2015 0:00GMTWe've found that it's often harder than it should be to find data on banks in the United States. Because of this, we've compiled simple views on data.13 May 2015 0:00GMTWe’ve gathered 10 excerpts from interviews on MoneySummit to call attention to the various ways that data will open the floodgates of change in banking. These quotes all point to the importance of taking data seriously.13 May 2015 0:00GMTMaking the transition to a culture of data analytics and targeted marketing can give your company the upperhand against the competition for years to come. We've condensed the process into 5 essential data characteristics to help give you a jumpstart.13 May 2015 0:00GMTWe've gathered data on both interest income and non-interest income from the National Credit Union Association (NCUA) and displayed it here. Feel free to use it in your research.13 May 2015 0:00GMTFinancial institutions and aggregators once again collide as they respond to a CFPB request for information around consumer access to financial records13 May 2015 0:00GMTNavy Federal was named the Best Overall Online Banking Leader by Javelin13 May 2015 0:00GMTWill US banks maintain strength via open API innovation or will foreign competitors, like EU-based banks, poach these lucrative data and revenue streams?13 May 2015 0:00GMTBanks examine their performance and sales metrics in the aftermath of Wells Fargo, Venmo grows rapidly but is the app making money for PayPal?13 May 2015 0:00GMTIf banks want to maintain societal relevance and the revenues associated with that position, they need to create an API hub...13 May 2015 0:00GMTCross-selling has been a great way to develop customer relationships and generate revenue from lower cost targets, but it can be improved with data analytics.13 May 2015 0:00GMTWe interviewed Susan Wolfe, VP of Compare Media at Mintel about how banks and credit unions can optimize each channel to best serve the end user.13 May 2015 0:00GMTCustomer service, whether in-person or digital, can be enhanced by developing empathy with customers.13 May 2015 0:00GMTBanks are beating credit unions in mobile banking utilization and it’s not even close. As a group, banks with a mobile app boast 27% enrollment whereas credit unions stand at 12.6% enrollment. In an age where mobile banking has a huge impact on overall customer satisfaction and plays a vital role in capturing the millennial and emerging affluent segments, the quality of one’s mobile offering is crucial. Moreover, increased mobile banking usage drives improved financial performance for FIs. A successful mobile banking app drives customers to a lower cost channel; Chase cites a cost of 65 cents for each teller deposit vs only 3 cents using mobile. As big bank customers have flocked to the mobile channel and become less dependent on in-person interactions, that has allowed these institutions to eliminate branches and reduce cost structure.13 May 2015 0:00GMTThis week we look at how financial institutions can appeal to the underbanked and millennials, as well as the latest on mobile wallets and bank applications.13 May 2015 0:00GMTWe talked to Chris Snook, executive at Ethology, about how financial institutions can increase empathy for their account holders.13 May 2015 0:00GMTAt MoneySummit we interview thought leaders to highlight great ideas and projects in financial services.13 May 2015 0:00GMTWe talked to Dave DeFazio, partner at StrategyCorps, about a service that's so valuable that customers willingly pay a fee for it every month, resulting in immediate ROI for StrategyCorps's clients.13 May 2015 0:00GMTThese apps and services from Acorns, SaveUp, LearnVest, MindBlown Labs, and Khan Academy will help you get out of debt and stay financially strong.13 May 2015 0:00GMTWe talked to Safwan Zaheer about the future of financial technology and how fintech companies and financial institutions can better work together.13 May 2015 0:00GMTWe review Augmented, the latest book from Brett King.13 May 2015 0:00GMTIt’s no secret that the traditional retail banking is struggling. How do these banks turn things around?13 May 2015 0:00GMTFICO factors have some merit in predicting credit worthiness and we don’t think they’ll disappear anytime soon. However, these factors certainly do not give lenders a very wide snapshot of a borrower’s likelihood to repay.13 May 2015 0:00GMTAs wearable technologies and point-of-sale technologies rapidly converge, it’s important to understand where they started.13 May 2015 0:00GMTBlockchain offers safe, secure, and low cost payment solutions for the global unbanked.13 May 2015 0:00GMTConsumers are hungry for advice to help manage and improve their financial health but a hesitance to aggregate accounts could reduce the usefulness of potential insights.13 May 2015 0:00GMTWe talked to Brock Blake, founder and CEO of www.lendio.com and a contributor at Forbes.com, about the state of small business lending and financial technology in general.13 May 2015 0:00GMTIt turns out that millennials generally want to support locally owned businesses, but they want convenience more. It follows, then, that millennials would understandably be more likely to choose big banks because the big banks invest more heavily in the financial technologies that make banking more convenient13 May 2015 0:00GMTIn the age of Google, account holder expectations have changed. See how your financial institution can use the lean startup methodology to exceed those expectations.13 May 2015 0:00GMTFinancial institutions risk not being found without a proper SEO strategy. Here's how to get in the lead.13 May 2015 0:00GMTWe recently caught up with Bradley Leimer, a thought leader in fintech, to talk about the future of banking.13 May 2015 0:00GMTMoneySummit was curious about the future applications around location data and recently sat down with David Kaplan, Managing Editor of GeoMarketing, the media and content arm of Yext.13 May 2015 0:00GMTIf you want to offer a powerful digital banking experience, plan for mobile first and then make the experience seamless across all devices.13 May 2015 0:00GMTAnthony Thomson, the Former Chairman and Founder of Metro Bank, talks about his new mobile-first bank named Atom Bank.13 May 2015 0:00GMTSession 2 was full of companies continuing to innovate around the use of big data, ID verification, payments/payment processing, mobile wallets…and PFM! Presentations from CUneXus, Quisk, and Interactions invoked interesting thoughts on the space, while I take a look at the challenges faces each.13 May 2015 0:00GMTThe August 10 acquisition of financial data mining and personal financial management solutions provider Yodlee by Envestnet sent shockwaves across the industry. Here's an overview of the situation.13 May 2015 0:00GMTBy 2017 millennials will have more buying power than any other demographic in the United States. That means that banks and credit unions can’t risk ignoring this demographic.13 May 2015 0:00GMTCustomer advocacy has become a hot topic, but there is some ambiguity about what it really means. This post gives tips on how to best serve your account holders.13 May 2015 0:00GMTHere are five ways to amplify your design chops and make your financial institution a leader in innovation.13 May 2015 0:00GMTFrom leveraging technology to enhance personal relationships to running smarter usability tests, here are five ways banks and credit unions can win millennials.13 May 2015 0:00GMTWe talk to Parin Kothari, leader of strategy and communications for digital channels at TD Bank, North America, about how the bank uses analytics.13 May 2015 0:00GMTCatch the latest fintech debate and read an analysis of what the future holds.13 May 2015 0:00GMTAn interview with Michal Panowicz, Managing Director for Products, Marketing & Digital at mBank13 May 2015 0:00GMTRon Shevlin says that the traditional business model for banks is no longer viable. Read his reasons why, as well as his suggestions for change.13 May 2015 0:00GMTWhether financial institutions know it or not, the fight to remain top of mind and be the primary financial institution for account holders is THE (or one of the) biggest challenges they face. See why here...13 May 2015 0:00GMTWe’re excited to announce our first white paper. Based off of research and blog posts from Money Summit, the white paper “7 Tips to Lead the Digital Banking Revolution” shows banks, credit unions, and industry analysts how to succeed in the new world of banking.13 May 2015 0:00GMTWe talk to Chris Skinner, Chairman of the Financial Services Club and author of the book Digital Bank, about why banks should focus on relationships.13 May 2015 0:00GMTForrester unveils its predictions for the future of digital banking, including the role digital money management will play in enabling financial well-being.13 May 2015 0:00GMTPersonal financial management (PFM) software has existed since the the earliest days of the PC, and yet consumer adoption of the products has often been lackluster. Here's why.13 May 2015 0:00GMTWe recently caught up with Mohamed Khalil, the Head of Product, Data & Marketing at Moven, to talk about user experience.13 May 2015 0:00GMTWe talked to Kenneth Lin, CEO of Credit Karma, about how the rise of fintech has given consumers more access to their data than ever before.13 May 2015 0:00GMTA new theory of consumer segmentation not shaped by age or income per usual, but instead breaks down the general public by regular use of online and mobile banking. The group that represents the apex of this digital-first mentality has a truly sexy name: Moneyhawks.13 May 2015 0:00GMTWe caught up with Lani Hayward, EVP of Creative Strategies at Umpqua Bank, to talk about the innovative ways that Umpqua has navigated the shift to the digital age.13 May 2015 0:00GMTFor small financial institutions, local marketing provides the foundation for all digital marketing efforts. These 4 pillars of successful local marketing will provide marketing teams in financial services with the tools to effectively build their foundation.13 May 2015 0:00GMTMoven, the digital banking service created by Brett King, has chosen to power their platform with MoneyDesktop’s API.13 May 2015 0:00GMTMany community banks and credit unions have become primary FIs in name only as a significant number of their customers turn to secondary FIs for credit cards, mortgages and other loans.13 May 2015 0:00GMTPicture this: You have two financial apps on your smartphone. One lets you aggregate all your accounts in one view; the other doesn’t. Which one do you think stands the best chance of becoming your primary financial application?13 May 2015 0:00GMTWe spoke with Alex Waters, CEO of Coin.co, about how bankers have started to use Bitcoin.13 May 2015 0:00GMTHere are a five tips that can help you make the transition to a digital banking culture.13 May 2015 0:00GMTOverall, Illustrator is a great tool, but out of the box it’s optimized for print design and illustration. Swatches are set to CMYK instead of RGB, graphic styles are preset with busy patterns, and the stock set of symbols is hideous. (I mean, who uses a “Gerbera Flower” or “Vector Grime”?)13 May 2015 0:00GMTBuilding relationships and targeting Millennials should be priority, prove to us you know who we are and what we’re concerned about and you’ll find we could be your most profitable customers yet.13 May 2015 0:00GMTAn analogy to aliens and journalists can help explain the basics of cryptocurrency.13 May 2015 0:00GMTRyan Key details a few ways that banks can best meet the needs of millennials.13 May 2015 0:00GMTWe talk to David Gerbino about the relationship between fintech and financial institutions.13 May 2015 0:00GMTWhat can banks and credit unions do to help alleviate Millennial mortgage anxiety?13 May 2015 0:00GMTMobile messaging is a way for banks and credit unions to cement their status as the customer’s primary FI and be their go-to option when that customer looks to open a new account or take out a loan. But it will require a change in the kind of messaging FIs employ.13 May 2015 0:00GMTSuccessfully merging fintech innovators and banking stalwarts is not an easy proposition. However, the benefits offered by successful mergers certainly outweigh the risks.13 May 2015 0:00GMTSocial media is a relatively new and quickly evolving field — especially as it relates to the financial industry. Here are 5 tips to get you started.13 May 2015 0:00GMTEvents are still pivotal to good marketing, and digital is only enhanced by real-world efforts.13 May 2015 0:00GMTThe mx mission: empowering the world to be financially strong13 May 2015 0:00GMTWe talk to Brett King about a range of topics including how financial institutions and fintech can better work together.13 May 2015 0:00GMTIn order to tackle the shift in demographic expectations, financial institutions and retailers need to address the needs of every generation (and every account holder).13 May 2015 0:00GMTThe mx mission: empowering the world to be financially strong13 May 2015 0:00GMTThe book outlines the changes banks face and what bankers should do about it. It's a how-to guide for the age of digital banking.13 May 2015 0:00GMTThe mx mission: empowering the world to be financially strong13 May 2015 0:00GMTAs Brett King says, “banking is no longer somewhere you go, but something you do.” This sentiment reflects why account holders increasingly demand a consistent banking experience across devices and platforms. However, as anyone who has worked on a cross-platform app knows, building a consistent experience across channels is a challenging problem to solve. More devices are entering the market every week, and each device comes with its own challenges.13 May 2015 0:00GMTThe mx mission: empowering the world to be financially strong13 May 2015 0:00GMTThe mx mission: empowering the world to be financially strong13 May 2015 0:00GMTThe state of digital banking is in flux like never before. It has only been five years since Bank of America launched the first mobile banking app on the iPhone, and users are now demanding new functionality faster than financial institutions can typically provide it. Today, users want a powerful digital experience, and they’re willing to switch banks to get it.13 May 2015 0:00GMT