mx analyst deck
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MX Technologies © 2016
For financial institutions that want to becometrue advocates for their end users, MX developed a revolutionary category of data-driven money management that combines a world-class user experience with the power of analytics.
• Between March and November 2016, MX migrated away from Intuit, utilizing partners such as
Finicity, CashEdge and its own connections to achieve a higher level of reliability than any
aggregation provider
• The market is quickly realizing this
MX Technologies © 2016
MX offers the option to code to a real-time version of MDX.
Whereas older APIs like OFX can only pull data, the real-time
version of MDX can push data immediately. This way users
will see transactions appear from any aggregated
account right after those transactions occur. Real-time
functionality is where the world is going and this feature is a
key differentiator for MX.
From Batch to Real-Time
MX Technologies © 2016
Our first implementation of PFM was working on a batch process. We were uploading data at night. If you want to provide effective and accurate hints to customers, you need real-time data. You must be providing feedback in real-time.
– Head of eBusiness
The Market Is Flooded With Poor User Experiences
Both the Delta Sky Miles card and Chase card have existing balances that do not appear on this screen
MX Technologies © 2016
Accounts
A single view of a user’s internal accounts
(“held”) and external accounts (“held away”)
• Users can change the account name, account
type, interest rate, credit limit, original
balance, and account purpose
MX Technologies © 2016
Budgets
A visualization of a user’s data on a monthly
basis
• Users can change the account name, account
type, interest rate, credit limit, original
balance, and account purpose
MX Technologies © 2016
The Value of Digital Money Management
Mountain America Credit Union wanted to know what would
happen to a savings account when someone became a user of
MX’s data-driven money management (DMM) tools and
contrast that with a non-user over a four month period (August-
November 2015). Users increased their savings rate by 18
percent in that time frame while non-users demonstrated a
2 percent decrease in savings — a difference of 20
percent.
Savings activity within a financial institution carries an
advantage over emerging third party apps. A savings app like
Digit doesn’t pay customers interest on their money, extracting
what would’ve been earned as a fee. In contrast, customers of
institutions like Mountain America get to keep that interest.
MX Technologies © 2016
“Financial institutions that use insights
gained from money management to
deliver more relevant offers or
personalized marketing messages
should be able to cross-sell more
effectively and increase the average
number of accounts per customer.”
- Forrester Research
MX Technologies © 2016
Amazing
Odosjamie – Mar 18, 2016
This app is the bees knees. … It is so convenient to be able to deposit checks,
move money, and check your balance all at the palm of your hand. It’s quick
easy and secure. A true lifesaver sometimes.
Love this app
K_yokes – Mar 15, 2016
I don’t know any other bank that has an app with this much depth. I can set
budgets for spending and it alerts me when I am close to going over, I can see
a breakdown of what I have spent money on (i.e. shopping, food, travel, etc)
and I have set it to send alerts to my phone for larger purchases to better keep
track of any fraud that may occur. Love this app!!
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.
MX Technologies © 2016
BECU Implementation of Helios: Eight Months of Success
• 28.4% increase in mobile users
• 138.6% increase in bill pay
• 79% increase in users aggregating
external accounts
• 78% increase in external accounts
• 11.9% increase in remote deposit
completion
• 14.6% increase in check deposits
• 36.6% increase in transfers
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