With a trio of ex-PayPal executives at its helm, financial data aggregator MX is making a big push to up its game in the open banking space. Plaid and others aren't sitting idly by, however.
How does this trio of former PayPal execs plan to lead MX to dominance in the banking data space? To answer that, I sat down with Magats at MX’s recent Money Experience Summit. Here are some excerpts from that conversation:Magats: The challenge that we face today is data has been siloed, unusable, and kept at arm's length from the people who actually need it. If we are able to properly serve customers from the end customer perspective, data will be the key to unlock that.
Q. How would you grade MX in terms of its capabilities around connectivity, insights, and creating experiences. And in doing so, we create the reservoir of data in a manner that you can then add insights and experience on top of it. So it's really important for us to think about that as a base level of service. We believe that if we can move the industry along to do it in the right way, the experience piece can be better and done with greater efficiency.
An FDATA study found that consumers experience connectivity failures 40% to 50% of the time they first attempt to link their accounts to third-party sites using tools from data aggregation firms.Three variables influence this lack of connectivity success:This reflects the number of financial institutions that can be accessed with a high degree of reliability.
The insights layer is where much of the innovation in open banking data aggregation is happening. Open banking data aggregation helps create new insights regarding consumers’ income , cashflow-based credit worthiness, and financial health.
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