In an interview with Benzinga, Brandon Dewitt, co-founder and CTO at MX Technologies, a platform that helps businesses act on financial data, said his organization is helping fintech companies and financial institutions improve their bottom lines.
About MX Technologies
Founded in 2010, MX Technologies is a financial data solution for institutions that wish to analyze and act on aggregated data.
MX partners with over 1,800 financial institutions, helping create digital banking solutions and provide customer-centric client services and marketing.
Who’s Brandon Dewitt?
Dewitt, prior to co-founding MX, worked in financial services for 15 years.
He told Benzinga he saw demand for platforms that offer continuous delivery with zero downtime.
Being a nerd to his core, Dewitt said he built a platform that would increase data connectivity and management; this was the inception of MX.
MX's Use Cases
MX aims to improve financial management and access to real-time data insights.
Unlike its competitors, MX houses a back-end digital data solution for existing infrastructures.
MX has previously served institutions like Ally Financial Inc ALLY, Banco Bilbao Vizcaya Argentaria SA BBVA and the National Bank of Canada NTIOF.
Dewitt said his organization has made major progress with credit unions, enabling them “to improve the lives of membership, by potentially finding who needs assistance on refinancing their mortgage because they may have lost an income in the household."
Such relationships are a positive for MX as a technology provider; a positive for financial institutions in that it helps them manage potential downsides; and a win for consumers, the CTO said.
Product Development
MX recently introduced Pulse, a financial wellness tool that empowers users through increased engagement, AI-driven insights and financial advice.
Pulse “marries all the data, not only financial data but also preferences and specifics of data,” Dewitt said.
“We call it Pulse because it is a pulse of consumers' finances. Basically, we do tons of number crunching, doing comparisons of equal demographics against the geographies, and then offering hints or guidance based on how the individual is doing in their financial lives.”
Basically, Pulse does all the heavy lifting, he said: it leverages AI to personalize banking, allowing institutions to improve financial lives.
Sustainability And Prospects
"[We're] living in the golden age of financial data connectivity and financial services innovation," Dewitt said.
The "biggest struggle is finding out what to say no to because we simply can’t focus on too many things," he said.
MX has plenty on its plate. The company is developing algorithms that, based on cash flow, determine when somebody should be saving or investing.
Going forward, MX's CTO said the company is looking to enhance advocacy in the banking space.
Products like "alternative asset investments ... are going to contribute to the future of how we do finance.”
A major push is underway to leverage global data connectedness to increase the accessibility and practicality of financial services, Dewitt said.
"If consumer advocacy is not your strategy, then it should be."
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