mx analyst deck

Jeff Meredith, Director of Analyst Relations

February 9, 2017

Forrester Briefing

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.

Year In Review


The 3C’s


The 3C’s: Cleansing, Classification & Categorization

• 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 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


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

Aggregation Can Still Be Frustrating For Users

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

Discovered Accounts


Innovative UX / UI


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


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


The Importance of UI: Which Account is Over Budget?


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.


Advocacy Platform


“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


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.


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

mx analyst deck

Data & Analytics