The Financial Brand Insights - Summer 2022

Matt Luhn

Ginger Hardage

Omar Johnson

Duncan Wardle

Daymond John

Magic Johnson

Open finance means that companies, financial and otherwise, can build and offer consumers and businesses digital products that help them understand and manage their financial lives better. For instance: • Banks and credit unions can collaborate with various providers to deliver a wider variety of services based on consumer data. • Nonfinancial institutions and fintechs can gain a broader and more accurate basis upon which to create consumer-centered financial technologies outside of a bank. • Consumers can choose the data they share, decide how they engage with their finances, and gain unparalleled access to products and services they may not have otherwise had access to — resulting in greater control over their financial future. Open finance is about extracting more value from consumer financial data so that banks and credit unions can create exceptional customer and member experiences, discover new business models, make smarter decisions, mitigate fraud and risk and support financial wellness. It’s time for both financial institutions and fintechs to focus on how they can adopt methods and practices that will drive innovation internally, and create loyalty externally with consumers. Consumers want to know who is going to help them solve a problem. That way financial institutions are not competing on just the price of their service, but also on who can solve the most problems and drive positive outcomes for the consumer. With open finance, you can unlock the power of financial data to meet those needs and change lives. ▪ About MX MX powers the open finance economy by unlocking the value of financial data with secure and reliable financial APIs. MX is enabling trusted access to financial data and making it actionable for intelligent decisions and personalized money experiences. Our ecosystem connects more than 13,000 financial institutions and fintechs.

Financial institutions and fintechs that embrace open finance will be better positioned to deliver personalized better consumer experiences, tap into new business models and discover new sources of revenue. How Open Finance Differs From Open Banking Open finance is the next step beyond open banking, enabling access and sharing of consumer data to more financial products and services — not just banking. This includes loans, consumer credit, investments and pensions. It also enables wider integration of financial data with nonfinancial industries, such as healthcare and government. If we truly want to create an open financial ecosystem, we need to enable the entire financial footprint of consumers. And consumers want a more unified and complete picture of their finances: 90% of people said it would be valuable to see their finances in one place; however, only 40% said they could currently do it, according to an industry survey. The Benefits of an Open Finance Solution Open finance is the great amplifier to help empower the world to be financially strong — and lessen that financial stress we talked about earlier. Open finance enables this by effectively putting financial data in the hands of consumers and enabling them to choose the financial services that best meet their individual needs — both inside and outside of the bank or credit union. Customer Experience Mismatch: Nine out of ten of people would like to consolidate their finances in one place, but just under half say they can do that now.

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THE FINANCIAL BRAND INSIGHTS SUMMER 2022

THE FINANCIAL BRAND INSIGHTS SUMMER 2022

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