Realizing the ROI of Big Data and AI in Banking: The Foundational Steps

Financial stress can drastically impact employees’ wellbeing and work performance. In fact, a recent report revealed that 60% of employees facing financial issues were unable to focus during work. Financial institutions are well positioned to help employees manage their finances more effectively with the right education, tools, and guidance.

When employees are financially stronger, they become advocates that can help your members make well-informed decisions about their financial goals. Strengthening your members’ financial literacy, strengthens your credit union as a whole.

Data-driven member advocacy is the new standard for success. In this webinar you'll learn how data can help you become member-obsessed, what steps to take to maximize your member advocacy, and why there's no better time than right now to pivot your business model to be data first.

At MX, we set the bar for data cleansing and classification higher than anyone else on the market—because 50% cleansed data is simply not good enough. We help fintech innovators act on their data quickly, so they can spend less time cleansing transactions and more time executing on strategic initiatives.


Join Mike Bates, Product Manager at MX for our webinar The Importance of Data Quality in the Digital Age on Thursday, December 12th at 1:00 PM EST.

In this webinar you’ll learn what high-quality data makes possible:
Understand your customers’ expenses and their type of debt to income ratio
Provide customers with recommendations based on their behavioral patterns
Increase engagement and boost adoption with relevant digital experiences across platforms and devices

The quality of your data is directly related to the success of your business. When your data is properly cleansed and accurately classified, you’ll power better user experience, insights, and data analytics.

Traditionally, the financial industry has been primarily focused on shareholders’ wealth over consumer advocacy. Today, we’re seeing a shift in the financial industry—well-funded startups and big tech innovators are winning consumers’ hearts by using data to promote advocacy and deliver better experiences. Overall, there are two main trends that are driving change: increase consumer choice and decrease in friction to change. To become an innovator in the space and disrupt the norm, financial institutions must shift to a data-driven mindset—inherently focusing on consumer obsession and putting the customer first.

In this webinar we’ll discuss:

Why customer advocacy matters now more than ever before
How data helps financial institutions drive customer advocacy
How financial institutions’ focus on customers drives higher ROI

You’re sitting on a goldmine of data—it’s time to convert it into ROI.

Join James Dotter, CFO at MX and Howie Wu. Head of Consumer Digital Banking Strategy at First Republic Bank for our webinar: Data Is the Answer: Will You Be the Disruptor or Disrupted in 2019? on October 30, 2018 at 1:00 p.m. EST to learn how you can turn your goldmine of data into profit. In this 45 minute webinar you’ll gain three main valuable insights:

- How you stack up in your peer group among 1400 financial institutions
- How to transform your financial institution into a data-driven organization
- How to identify consumer trends and become an innovator in the marketplace

Business as usual will be anything but in 2019—so if you’re planning on growth in the next year, you need a data-driven strategy. With unprecedented choice and virtually no friction, your customers can easily switch to data-savvy competitors or big tech solutions for their banking needs. Leverage all the insights you’ve gained by acquiring customers to become the primary financial institution.

Financial institutions that effectively use data will increase revenue, reduce cost, and deliver truly amazing customer experiences—winning new business and driving growth.

To become an innovator in banking and disrupt the status quo, financial institutions must shift to a data-driven mindset, with a relentless focus on putting the customer first.

How are Amazon, Apple, and Google winning consumers’ hearts and minds? With data.

Join James Dotter, CFO at MX and Howie Wu, Head of Consumer Digital Banking Strategy at First Republic Bank for our webinar: Data Is the Answer: Will You Be the Disruptor or Disrupted in 2019? on October 25, 2018 at 1:00 p.m. EST to learn how you can turn your goldmine of data into profit. In this 45 minute webinar you’ll gain three main valuable insights:

- How you stack up in your peer group among 1400 financial institutions
- How to transform your financial institution into a data-driven organization
- How to identify consumer trends and become an innovator in the marketplace.

Small and medium-size financial institutions are under attack by big tech companies and large financial institutions. Data-driven, consumer advocacy is how the big players are winning the customer engagement game—and how you can too.

With unprecedented choice and virtually no friction, your customers can easily switch to data-savvy competitors or big tech solutions for their banking needs. It’s time to leverage all the insights you’ve gained by acquiring customers to become the primary financial institution.

Financial institutions that effectively use data will increase revenue, reduce cost, and deliver truly amazing customer experiences—winning new business and driving growth.

Data is an integral part of the Financial Services industry and players who have shown their prowess in being data-driven are ahead of the pack. Join this interview where Jane Barratt, Chief Customer Advocacy Officer for MX discusses:

-Banking hasn’t historically been as involved in the financial wellness and sustainability aspect that’s trending now. What’s driving that change?
-What effect has the smartphone had on banking -- any effect that is maybe less visible
-Other than regulation, why do you think the financial industry has been slower to move to a data-driven strategy than other consumer industries
-Where do you see the industry in 3-5 years?
-What difference is the younger generation having on banking as consumers/employees?
-How can government help consumers with better financial management?

From the adoption of emerging technologies like AI, blockchain, and disrupting legacy systems, the Financial Institutions are making investments to become more digital for both their customers and the organizations themselves.

Join this live panel streamed from Money20/20 Vegas where our speakers will discuss:
-Are banks ready for digital transformation?
-Best practices for using data to deliver a better customer experience, cut costs, and implement strategies in a timely manner
-The API revolution
-Overcoming challenges with legacy systems
-Adopting emerging technologies for a more holistic offering

About the Presenters-
Keith Briscoe leads Ethoca’s global product and marketing functions, a role spanning the development of Ethoca’s suite of collaboration-based fraud/chargeback mitigation and transaction acceptance solutions, as well as integrated marketing programs. His mandate includes product strategy and management, new product innovation, competitive analysis, experiential marketing, integrated marketing campaigns, public relations, analyst relations, content strategy and stakeholder communications. Keith has more than 20 years of experience in the payments and fraud industry.

Consumers’ expectations for simplicity and convenience is at an all time high. To meet these growing demands, financial institutions must embrace AI-driven messaging applications and voice-activated devices. And it all starts with clean data. Without clean data, chatbots can’t answer basic questions and AI is anything but intelligent. Leverage the learnings from Mercantile Bank of Michigan to find out how your financial institution can use AI-driven technology to successfully drive customer engagement and loyalty.

Join Keith Armstrong and John Schulte to find out how they use AI technology to increase engagement and reach new customers.

In this 60-minute webinar, you’ll gain 3 main insights:
- How to evaluate your organizational readiness
- how to select the right digital channel to start with
- How to drive adoption through product marketing

In 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. James will walk you through how to lay the foundation for an AI-driven approach to big data.

What You’ll Learn:

- Why data-driven financial institutions get better results
- How to build a foundation for a data-first approach
- How and when to use AI and Machine Learning in your financial institution

About the presenter:

James Dotter, Chief Financial Officer at MX, brings more than 16 years of management experience and financial expertise with industry-leading, billion-dollar technology companies. Previous to joining the MX team, Dotter managed finance and operations at InsideSales.com, one of the fastest growing tech companies in the US. He led InsideSales.com through five years of more than 100 percent revenue growth, directed talent acquisition of more than 100 employees per quarter, and raised more than $140 million in private equity financing, while building and maintaining strategic partnerships.

Come join the conversation with Don MacDonald and Jim Marous as they discuss the Digital Banking Report and the rich information it provides on how to survive in the data age.

It’s all but a foregone conclusion that financial institutions need to make the transformation to digital. In fact, many have already made huge strides and have become digital-first. But, once you’ve made the transformation, there’s a huge difference between having and using data.

Online banking providers often serve as the financial hotspot for account holders today. So how can banks and credit unions join forces with these providers to make the most of the age of analytics?

Don Parker, EVP of Partnerships at MX, tells what you need to know to bring these partnerships to a new level.

Gartner estimates that over 60% of big data projects "will fail to go beyond piloting and experimentation."

How do you ensure your projects are part of the 40% that succeed? Better yet, how do you ensure you're in the top 10%, so you edge out your best competitors?

In this webinar, Brandon Dewitt, CTO at MX, will outline what it takes to launch from a place of vision rather than delusion — resulting in successful data-oriented projects again and again.

With these principles soundly in place, you'll easily outshine your competitors and exceed user expectations.

Many analysts across various industries have said that data is the new oil. And yet financial institutions are sitting on billions and billions of datapoints and often don’t know how to put them to use.

Join James Dotter, CFO at MX, to see how to get real revenue gains from the data you already have on hand as well as from data that’s easily within reach.

You’ll learn:

- How to stitch disparate data sources together
- How to get started with data structuring and architecture
- How to define the right metrics for the projects you’re working on

The digital transformation has laid the foundation for the most important stage in banking's history — the age of advanced analytics.

In this webinar you will learn how to:

- Gather more internal and external data
- Clean, view, and analyze this data
- Create a 360-degree view of each user and personalize their experience in real time

Join Don MacDonald, CMO at MX (former CMO at Intel), as he discusses the opportunities in this new age and what you can do to win the future of banking.

“Banks are at a tipping point. Their historically stable customer base could erode steadily if banks cannot deliver the service proposition that customers demand.” — Accenture Research

How do you use data to exceed user demands?

Join Erin Caldwell, Director of Client Education at MX, and John Schulte, CIO at Mercantile Bank, to see what it takes to better leverage your data and exceed user demands.

You’ll learn:

- How Mercantile Bank uses AI and data analytics to improve the user experience.
- How to maximize every touchpoint with relevant, targeted marketing campaigns.
- How to use data to win long-term user loyalty and drive up ROI in the process.

When users see dirty transaction data, they don’t get upset with the vendor or the card provider. They get upset with you. They dial up your call center and drain your employee’s time, trying to figure out what the transaction refers to.

How do you take garbage data and turn it into something users can actually make sense of?

In this webinar, you’ll learn how to:

- Clean dirty data descriptions such as “CSTxx 04ROTER XXX726” so users just see the company name. (In this case, “Costco.”)
- Categorize all transactions with the greatest accuracy on the market — a full 30 percentage points more accurate than the closest competitor
- Classify transaction data by type (such as fee, bill pay, remote deposit, and more)

You’re sitting on a goldmine of data, but if the data isn’t clean, categorized, and classified, it’s no good to you or your users.