What M&T's Digital Banking Director Had To Say At The MX Money Experience Summit

Last week, financial data and connectivity platform MX held the Money Experience Summit at Snowbird Resort, Utah.

Benzinga had a chance to interview M&T Bank’s SVP, Director of Digital Banking Mary Kate Loftus, one of the many financial executives, influencers, and fintech leaders in attendance.

About: Founded in 1856, New York-based M&T Bank MTB is a Fortune 500 company and emerging fintech leader.

The company’s growing focus is centered around a specific problem; specifically, M&T is concerned with financial experiences.

“We really meet the needs of clients across all of our communities,” the 20-year financial services veteran told Benzinga. “We’re in the middle of this shift from products to experiences and we’re looking at it from how do we create those experiences customers need.”

“Customer’s don’t need a mortgage. They need to buy a home.”

Focus: When asked about vision and approach, given a future that merges digital with human interaction, Loftus explained M&T’s intent to personalize.

“Our sole focus is making a difference in customers’ lives,” she said. “For every person that’s uniquely different, it’s understanding how we enable them to be able to achieve their goals through a digital-plus-human experience.”

The Benzinga Global Fintech Awards return Nov. 9 for a full day of Dealmaking, Networking, and Recognition

Disruption: The COVID-19 pandemic accelerated the digital disruption in finance.

According to one survey, Americans are generally more accepting of fintech with younger Gen Z and Millennials owning the most fintech accounts.

When asked about delivering increased value for customers, in light of the aforementioned disruptions, Loftus said a key is to keep gaps in financial goals small.

“We do a lot of customer journey mapping,” she said in a discussion that mentioned M&T’s involvement with embedded banking and the implementation of forward-looking, predictive solutions such as those powered by MX. “We do a lot of listening to the voice of the customer … and, from there, we may build something or partner with somebody like an MX.”

“It’s not about the customer coming to us. It’s about meeting the customer wherever they are.”

Outlook: Coming out of the pandemic, there has been a mindset shift; customers are more so inclined to save and invest rather than spend and borrow. M&T is aware of this trend.

“We see customer mindfulness toward preparing for the unexpected," Loftus said. "That shows itself in higher deposit balances.”

In helping people remain grounded in purpose, M&T is, as a result, looking to meet customers (retail and commercial) wherever they are.

“We’re doing a lot of work on how we deliver experiences for our business banking clients,” Loftus said in an example. “We’re evolving our experiences to help customers when they’re forming a business … smoothing out their cash flow as they grow, and advising them every step of the way.”